https://www.logos.com/product/40122/classic-commentaries-and-studies-on-mark-upgrade
Today it crossed 100% at $30 but I think that $24 is totally possible. We just need a few more bids.
I'm in at 24
I'm in at $30.
[Y[ 24 [Y]
I just went down to 27
I'm in at 24.
I'm in. It's good to see the price going down.
It is now at $27. So I dropped my bid to $24. If the price does not go down by Thursday, I will raise it back up to 27. However, I think if enough are focused on this resource, it should go down to $24
Lowering your bid has no effect on the price - check the math.
It is now at $27. So I dropped my bid to $24.
I disagree with this strategy. Leaving your bid at $27 has a greater chance of seeing the actual price lowered. I just checked a few minutes ago and the price was up to $30 again.
Edit: It is down to $27 again now.
Sounds like the Logos private investor is involved.
Thanks for the thoughts. I will raise my bid, then to $27. I confess, however, that I dont understand why lowering the bid to $24 is not a good strategy. I guess I think that if 1000 more people jump in at $27, the final price would be $27. But if all those people dropped their bids to $24, then the final price would be $24. My thoughts was to drop the bid to $24 to encourage others to jump in at $24. And if on Thursday night, the price was still set at $27, then I would change the bid on Thursday night.
I dont understand why lowering the bid to $24 is not a good strategy
Because all you do is take away a bid at $27. You don't add any at $24, because it was already there.
Mark ... the computation is simply what's the lowest price, adding up the bids at that price and above, whose sum would equal the cost of production?
If everyone bid $24 (a point below the breakeven), that would not move the equating price down (since you'd be 10% short of the production cost).
You'd need 10% more bidders (approximately). 10% is hard to come by unless it's a popular CP. I'd assume Mark would be.
But I'd bet there's a silent investor involved.
So a bid of $30 or $40 or $100 is also okay? Are you saying that if 1000 more join the bid at $27 then the price would be lower than $27 because there were more than enough bids?
Mark ... the computation is simply what's the lowest price, adding up the bids at that price and above, whose sum would equal the cost of production? If everyone bid $24 (a point below the breakeven), that would not move the equating price down (since you'd be 10% short of the production cost). You'd need 10% more bidders (approximately). 10% is hard to come by unless it's a popular CP. I'd assume Mark would be. But I'd bet there's a silent investor involved.
Denise, I understand this. Changing a bid to $24 may attract newer people to bid at $24. If enough do, then the price comes down. If not, then I change the bid back to $27 on Thursday night. That was my strategy.
I understand you're thinking, but as fgh notes (a) your bid is no longer a player in the breakeven computation and so (b) the breakeven moves UP ... the opposite of your desire. Moving you're bid down is the equivalent of canceling a bid until such point as there's many more bidders.
The key is to ballyhoo the product/price. I don't have this CP but the ones I like, I try to point out to potential bidders features on why a resource needs to be in their library.
Mark, a bid at $27 is also a bid at $24 and every lower level. Reducing it to $24 doesn't change the percentage position of the $24 price - it only may draw down (if many people do so, even below 100%) the percentage of $27. I don't see why this would attract people to bit at $24.
Additionally, if the product is worth $27 to you, it's unwise to bid at a lower price point which hasn't made it - in case real life sets in, or your internet connection goes down or you simply forget, you may be unable to change the bid back to $27 and thus lose on the resource on Friday.
If we had a thousand more bidders at $27, the price would probably be closer to $10 than to $20.
Changing a bid to $24 may attract newer people to bid at $24.
It won't attract anyone. If it's visible at all, it will make it look less likely to go down to $24, thus scaring people off rather than attracting them.
This whole discussion confirms my thinking that many people don't fully understand how Community Pricing works and especially what strategies to employ to get the best price. That's why we need to have this discussion fairly often on the forums.
It certainly isn't intuative - is it!
Shalom
Bruce, what is your bid? You are hoping to get the price down to $24. So what is your bid?
Any new bid $27 or above will help lower the price and assure you will get the book.
Any new bid between $24 and $27 will decrease the number of bids needed to lower the price but not assure you will get the book.
Lowering any bid currently $27 or above may cause the price to rise if there are no longer enough purchasers at the $27 level.
Raising any bid currently below $27 to $27 will decrease the number of bids needed to lower the price and assure you will get the book.
@ 27
So what all need to understand is that if EVERYONE made a bid for $27, the final price will either be $27, or if there are enough people, the price could be much lower even if no one bid lower. That appears to be what you are saying.
I originally bid $24 which was my hope for it to be at when it crossed 100%. But as soon as it crossed 100% I changed my bid to $30 (where it crossed) and it remains there now. Does that help?
Yes that helps but I am not done with this thread.
So the price at the moment is $27. What would need to happen in order for the price to possibly get down to $24?
What would need to happen in order for the price to possibly get down to $24?
More bids at $27 and $24.
Somewhat related ... To reduce the overall price, it might help to get the bid increments to be less than $3.
It may be that we are at $26 ... or lower and don't know it.
It is now at $27. So I dropped my bid to $24. Leaving your bid at $27 has a greater chance of seeing the actual price lowered.
Leaving your bid at $27 has a greater chance of seeing the actual price lowered.
Please follow Bruce's recommendation. At $24 you risk missing out. Raise your bid to $27.
Steve
I am in at $27. But this thread has not yet made sense to me. It seems to me that what is being said in this thread is that if the price could be $24 or $26 even if no one bids those amounts. If everyone bid $50 and enough people did so, this thread is communicating that if enough bids came in, even if they were all at $50, the price could be $24 or $27 or something smaller than $50. If this is how CP works, then it is indeed new to me. I simply dont believe at the moment that this is how CP works.
The way I understand CP is that we bid the price we are willing to pay for the resource. If our bid falls below the current price, we lose out. If we bid the current price or higher, we will get the resource at the CP price. If enough people bid $1, then the CP price would be $1. If the current price is $27 and enough people begin to bid $24, then the price would drop to $24. If enough people did not bid for $24, then the only way to get the CP at $27 would be to change the bid to $27 before Friday afternoon.
Looking at the graph shows that a lot of people bid at $27 and also at $24. So if there was any hope of getting the price to $24, more people would have to change their bids either to be higher ( to $24) or more people would have to get on board to want the resource, and bid $24. If more people came on board and bid $27, the price would go off the graph, but the CP would be set for $27. That is my understanding of the process. Apparently a flawed understanding as I am gathering from others in this thread. I just have not been shown it clearly to abandon this way of thinking.
Steve I am in at $27.
I am in at $27.
At $27 you are doing everything that you can do. Bruce is exhorting those that have bid lower than $24 to consider raising. He is also encouraging those who have not bid to get in at $24 or more.
Thanks for making your bid at $27.
If everyone bid $50 and enough people did so, this thread is communicating that if enough bids came in, even if they were all at $50, the price could be $24 or $27 or something smaller than $50.
If estimated production cost for a resource is $ 50,000 then 1,000 bids of $ 50 would be enough to cover 100 % of estimated production cost. If 1,852 bids of $ 50 were placed, then the closing community price would be $ 27 since $ 27 * 1,852 = $ 50,004 that covers 100 % of estimated production cost.
The way I understand CP is that we bid the price we are willing to pay for the resource.
Prudent to bid maximum amount willing to pay for a resource. If closing price is higher than bid, then can pray for a future sale or bundle deal. If closing price is lower than or equal to bid amount, an order is created for closing price.
Keep Smiling [:)]
I think $6 is doable if we can just quadruple the number of bidders in the next 36 hrs.!! Rah! Rah! Rah! [<:o)]
It seems to me that what is being said in this thread is that if the price could be $24 or $26 even if no one bids those amounts. If everyone bid $50 and enough people did so, this thread is communicating that if enough bids came in, even if they were all at $50, the price could be $24 or $27 or something smaller than $50. If this is how CP works, then it is indeed new to me. I simply dont believe at the moment that this is how CP works.
But it does.
You may want to watch the video. In "former times" there was even a numerical example, but they took if from the site to dumb down the explanation. The reason for this is that by bidding X$ you tell logos that you will pay up to X$ and therefore your bid is a bid for every price point up to your maximum bid.
Using your example: if the production cost was 2,400$ and 100 people bid $50 each, the $24 would be at exactly 100%. $27 would be at 113% and $21 would be at 88% (if $21 was the price - and everyone pays exactly that amount, regardless what they bid higher - the 100 bidders would pay $2,100 together, which is 88% of the $2,400 needed).
In reality the number of bidders for lower prices is higher than the number of bidders for higher prices.
Thanks Keep Smiling and NB Mick for the clear explanation and confirmation
One of the interesting features of Logos, due to the large customer base, is that a whole lot of people bidding (any amount) would allow Logos to produce CP's at $1 per volume or less. That was Bob's point I think (the Logos CEO).
But most people stick with a narrow range of interest and get picky about the amount ($9 vs $11), which means the price/volume tends to be around $20 or so overall, plus or minus.
Pre-pubs are another curiousity. They seem to get a fairly high starting price, and then go to sleep. Apparently the projected customer count isn't sufficient for a lower price to be offered.
I've often wondered what would happen if you had a subscription to pre-pubs with a large number of subscriptions (probably wouldn't work).
Only a few more bids to lower the price to $24.
1. if you want the book, just bid to the max (furthest right) and go to sleep. no need to change or worry about the bid.
2. otherwise if you just want to help the book to pass, then bid at 100% line and cancel later at production time.
simple.
Given that a bid is essentially a promissory note telling Logos that if they produce the resource you will buy it on release, many find this tactic dishonest. see James 5:12 for details. As Logos certainly builds in a margin of cancellation into their production costs, you are raising the cost bar on all resources for all of us.
Let's get this one down too: https://www.logos.com/product/38447/classic-commentaries-and-studies-on-the-epistle-of-james-upgrade
1. if you want the book, just bid to the max (furthest right) and go to sleep. no need to change or worry about the bid. 2. otherwise if you just want to help the book to pass, then bid at 100% line and cancel later at production time. simple.
Not really. If you "want it" you may realize that Community Pricing is a collaborative effort. The max bid of even a sizable number of bidders will usually not be enough for a reasonable percentage. Thus you may want to:
All this has the potential to attract more bidders and thus to have the resource cross the line at all/much earlier than otherwise.
Also, bidding max may not be prudent even if you are willing to pay it. It may mean that the maximum or a very high price point is establishing as the going price (which has happened before, and is likely since some who think as in your #1 will find it and bid fast, and then others who think as in your #2 will bid without considering the price and thus fixing the going rate even though they don't intend to pay it).
If this going price in the eyes of many potential bidders is absolutely far out, they will be scared away and not bid at all. It may take a long time to get the resource into production (has happened with CCaS Revelation).
Thus, bidding what one is ready to pay for the resource, considering the CP process in doing so, is the simple and intended approach.
No offense to Bruce, but titles like 'Let's get this one down' doesn't really speak to how you get the price down .... more bidders at or above the breakeven point. Presumably if there's a chunk of below-breakeven bidders (the line bends above the lower price points), then maybe.
But the key is to 'sell' more bidders ... (a) what resource/package people may loose out on, and (b) what's unusual about it. This also does a favor to dopies like me, who don't regularly check CP offerings.
That's what I want to hear.
I need persuaded.
No offense to Bruce, but titles like 'Let's get this one down' doesn't really speak to how you get the price down .... more bidders at or above the breakeven point.
Sorry Denise. I will try to do better next time. I never originally intended that this would become a discussion on how CP works or strategies to employ. I was just trying to remind people to take a look. In the future I'll try to be more specific.
Now is the time for a few more of us to raise our bid to $27. If you do the resource will probably go down to $24 but time is running out. It is so close. Act quickly!
mission accomplished!
https://www.logos.com/product/40122/classic-commentaries-and-studies-on-mark-upgrade Today it crossed 100% at $30 but I think that $24 is totally possible. We just need a few more bids.
Good job, Bruce!
Bruce ... no apologies to me .... I just couldn't make the comment without inherently offending. Your interest in the collection is what's most important ... and money saving too!
Great news! Thanks everyone.
Bruce ... no apologies to me .... I just couldn't make the comment without inherently offending.
Sorry for apologizing......Oops [:S]
I can't help apologizing...after all.....I'm Canadian! [:D]
