Sunday, May 5, 2013

Welcome to the New WowProfitz.com!


Welcome adventurers!
I'm very pleased to announce that after a couple weeks of working through the WordPress installation (the actual installation only took a couple minutes and that's with getting a couple cups of coffee, smiling at myself through the built-in iSight camera on my Mac, and blowing up balloons), checking out all the of features (seems endless on what you can do compared to my older blogger site), installing some plug-ins and getting some AMAZING assistance from Kazy in the IRC channel, it's finally arrived. Ladies and gentlemen, the new very clean looking WowProfitz.com!

Why did I change from Blogger?
I changed for a few reasons. First, Blogger was an excellent starting point for my journey. It provided an easy avenue to post thoughts quickly and provide some general informational details. Second, I have quite a few more projects in store and I wanted a more powerful content management solution. WordPress is by far exceeding my expectations and I'm amazed at what you can do with it. I've only scratched the surface on a new exciting site of activity folks so put on your seat belts and enjoy the ride!

Additionally, I was getting tired of the old-look and wanted to be more than just a 'blog' site. I wanted a super-clean looking site (professional to some extent) that could feature my projects, be robust enough to add additional widgets/plugins, easier to integrate with podcasting, content, etc. After speaking with several folks in the community (thanks to Accomp, Cold, GoblinRaset, Kazy and a slew more) I decided to make the change and started doing some side work on it with my hosting service. All the while not affecting the existing Blogger site.

Until finally, after fixing it all up, going through some technical issues and back-end db changes, file changes on the way my hosting service had it setup, and redirecting, it's done. *wipes sweat* Again, thank you Kazy...you're definitely an amazing person and I'm glad to have you in our IRC channel. I would still be messing around with it. You provided me with some great insight and a huge walk through on WP in general. *salutes*  

What have I been up to?

Folks, the warm weather is here and I can't help but be outdoors. I really enjoy the warm days and mix in a nice cold beverage and hell, I'm calling it heaven! (wait, did I just say heaven and hell in the same line? Oh snap, I've made someone's list for sure...*looks around*). Anyways, I've been spending a lot of time on the site, enjoying the weather with the family, and also working through my psychology course (first time I've been back in school for over 20+ years and I'm loving it). Also, I've been finalizing some settings in WireCast (which I bought because I love streaming. Yes with my own $$$. I just didn't like Adobe Encoder and CamTwist).

Also, I just installed a new ISP connection which has increased my connection speeds! I'm not running (2) ISPs until my contract runs out on my older line....or I might just keep it for my XBox's, wireless devices, etc. My son is also a huge gamer (FPSer with XBox360 so might leave it solely for him and my daughter. Look for his site too which I'll be helping him setup and doing his own live-streaming of XBox360 style gaming). My connection speed went from 10Mbps/1Mbps (downstream/upstream) to 36Mbps/3Mbps!! Yes, I'm loving the speed.

Guilds/Alts and More
 I've also been creating a couple new toons on different realms from some good friends of mine on Twitter. I was pleased to have been invited into the Murderous Gummy Bears (Jaedenar-Alliance) with @ShammyRen and Wicked (Malorne-Horde) with @LowPopWow. It's fun to sometimes get away from your main realms, increase your social-network in-game and enjoy a new fresh experience with friends of like minds. Those who simply enjoy the game in a friendly environment. *hats off to you two*. Thanks for allowing me to be a part of your world.

Where am I at Gold Wise?
I'm very happy with my progress as I've reached over the 800,000 gold marker and the gold-cap goal is in sight!! I'm estimating I should be there within 3-4 more weeks and then, I'm going to check this gold-cap mission off the list and continue on to bigger and better projects within the community. *smiles* It's another reason for changing over the theme of the site...it's more than just a gold-making site. I'm turning it into a resource site for my projects, community efforts, podcasting, live-streaming, and everything wow.

In conclusion, I want to thank all for your continued support. The #FF shoutouts, the continued tweets, emails, PMs in-game and more. First, I'm doing this for myself as an outlet for creativity but I'm also doing this for those who enjoy World of Warcraft and a different perspective on things. A 'fresh-look' if you will at a great game.

I wish you all the best, 

~Profitz (Ray)  

Saturday, April 27, 2013

The Cross-Realm Podcast #9 with Jules Burt!

"Be stilled by the rain, the fog rolled over the hills like a blanket being pulled up over a child.  It seemed as if it was providing warmth and at the same time, coverage from what was coming from the valley.  The sounds of drums and the stampeding of hundreds of horses.  The sound of steel, clanging armor, and soon war tapestries emerging from the haze.  Was this an invasion or an escort of a nobleman?" ~Profitz

Ladies and Gentlemen, it is my distinguished pleasure on podcast #9 of The Cross-Realm, to bring you my VERY FIRST gold-maker from the EU realms, Mr. Jules Burt!  Hailing from the UK, he shares some of his fascinating hobbies (check out his personal website here) and discusses his own personal journey to gold-cap!  You don't want to miss this one!

The Cross-Realm Podcast 9 with Jules Burt (MP3) (Play directly with Yahoo's Player)

As always, I hope you are enjoying The Cross-Realm Podcast series.  I love doing interviews with people and I have a lot more planned out!  Stay tuned!

If you have any questions, suggestions, or feedback, I always enjoy reading them.  Send them in via email! Do not forget to follow me on Twitter!  Join us in IRC Chat!

Best regards and happy gaming!

~Profitz

"I value the friend who for me finds time on his calendar, but I cherish the friend who for me does not consult his calendar." ~Robert Brault

Wednesday, April 24, 2013

The Psychology of Price - Increase Your Sales

"While wandering the cobblestone streets of Hil'thra, my eyes were wandering here and there but suddenly came to an abrupt halt.  Affixed on a beautiful sword of northern hand.  I have never seen such craftsmanship before.  The blade glistened from the morning sun almost with a holy glow.  The handle finely wrapped with dark scribed leather.  The hilt inlaid with gems that tickled my insides upon sight.  I motioned to the merchant and started inquiring.  The price was just right." ~Profitz

When is the last time you have been shopping at the local store, mall, or outlet and came across some merchandise you said, "Wow! That's a great price!" ?  We all do it from time to time, even when shopping online.  Those bargains seem to catch our eyes and almost make us buy it on impulse.  I wonder why...  Well, there is an entire science behind this my friends.  One that even if you know about, you will still buy.  Welcome to the world of Numbers and the Psychology of Price.
Psychology of Numbers = Profits

In The LightHouse Project introduction back in March, I was helping Cynful price items and talked a little about numbers.  I was explaining that if you mark items right on the Auction House, they will sell faster simple by changing the last-digits of the price to a "9", "5" or a lower number than 5.  Our minds perceive numbers and cause impulse.  Have you ever noticed the 'type' of music that is played when you are shopping at the mall or certain stores?  It's not there just to tickle your ears my friends.  It moves you to action.  Relaxes you.  When you are comfortable, you are a 'happy' buyer. *chuckles*  What about the color of the paint on the walls or the floor layout?  Folks, this all plays into marketing analysis and making the shopper (AH buyer) see what you want them to see, walk the path you want them to walk in the store, leading them to sales items they previously bought based upon their own shopping habits, and be comfortable by seeing and hearing (some of our most important senses for emotion) throughout the entire experience.  (I wish I could paint the walls of the auction house right now!!)
Buy Price

Sell Price
What does this all mean to me and how can I increase my sales?
I conducted an experiment with my own sales, using historical data pulled from TradeSkillMaster's Accounting module.  Take note to the last digit in the sale prices in the image to the left.  Notice anything?

On the same note, look to the right image.  I pulled records of my own purchases and sure enough, I was doing this without knowing even though I knew about numbers. *blinks*  (Wait, how did....who...what....wait a minute...even ME?  Yes, even I was pulled into buying because of price.)

Without making this article too technical, think about some of these common questions/statements when pricing your next items on the auction house.
  1. People do not like to think too hard - if you can keep the price flat, keep it flat!
    (example: Pricing an item with a zero:  130gold, 12,500g, flat pricing works!)
    We read left-to-right so in our mind it automatically takes into consideration the most-important numbers left-to-right and even rounds the ending numbers.
  2. Think about the last-digit of your priced item(s)
    Think about sales prices always being 14.95 or 14.99.  Our mind processes it automatically and even dismisses the last digits even though it could be priced HIGHER or just 1 copper difference.  So if someone has the item you want to sell already listed, use the numbers game to sell yours faster.  Change a single digit and win!
  3. Pricing is reality
    It does not mean you have to sell things cheap!  By creating a notion the price is valuable and 'rare', you can set prices accordingly.  By listing 10 of the same items, it reduces the 'perspective' of that item being of 'rare value' and that affects pricing.
    Also - don't always rely upon an addon to place your price simply to undercut by 1 copper.  If you want sales, think a little further and name your price!
 Wait...am I using a list of numbers to show some things to think about too?  HOW SICK!  Numbers own our lives...run!!  *winks*

These are only a few of the things to keep in mind in this huge science of numbers.  I hope this article helps increase your sales or at least gives you some insight into the psychology of numbers.

Best regards and happy sales!

~Profitz


"An inch of time is an inch of gold" ~Chinese Proverb

Saturday, April 20, 2013

The LightHouse Project #2 with Cynful (A Beginner's Gold Making Tutorial)


The LightHouse Project Episode 2 (MP3) (Play directly with Yahoo's Player)

The LightHouse Project
The LightHouse Project RETURNS with Cynful!  It has been thirty days (30) since our initial kick off of this project.  Our introduction post was back on March 19, 2013.
  • Where does she stand?
  • How much has she made?
  • What did she struggle with or learned in this time frame since our last show?
  • Is she excited or ready to give up?
  • What new markets will she learn?
ALL this and more is discussed in episode #2!  I hope you enjoy this podcast series geared for beginners and walking them step-by-step through entering markets, flipping items, and making gold with ease.


The LightHouse Project Episode 2 (MP3) (Play directly with Yahoo's Player)


Have feedback?  Comment below, email me, or follow me on Twitter!

Happy listening!

~Profitz

The Cross-Realm Podcast #8 with Fellow Gold Maker: Phatlewts!

"The clock struck the top of the hour and two cloaked figures entered the bustling tavern and claimed a table in one of the dark corners.  Something was different about them.  Silence was only broken by the squeal of bar wenches getting their tushes pinched and the general buzz of drunkards musing themselves over their tall tales to impress the ears of any who would give a listen.  The cloaked figures though were serious.  They did not give any attention to the commoners.  One slid across the table to the other some parchment and in return, a bag which sang of coins, was given in return.  The deal was done finally."  ~Profitz


The Cross-Realm Podcast #8 brings you another exciting behind-the-scenes exclusive interview (this is his first appearance on a podcast and I'm honored to be doing it) with fellow gold making contributor and pioneer, author of Phat Lewt's Gold Blog, Phatlewts!  This is a man who has helped me greatly with not only understanding key aspects of gold making like the transmog markets but also some philosophy on gaining suppliers, manipulating markets, and leading with great posts within the community.  It is examples like this gentleman provides, that keeps me doing what I'm doing and I'm pleased to have had the time to sit down, get to know him a little better, and provide this podcast for you to appreciate.  I hope you enjoy!

Without further ado, Mr. Phatlewts ladies and gentlemen!


The Cross-Realm Podcast 8 with PhatLewts (MP3) (Play directly with Yahoo's Player)

I hope you enjoy this podcast!  If you have any comments, please send them in and provide some onsite feedback through the comments section of this blog.

Best wishes and happy gold making!

Profitz




"Making money is art and working is art and good business is the best art." ~Andy Warhol


Sunday, April 14, 2013

The Cross-Realm Podcast # 7 with The Drunken Mogul, GoblinRaset!

"The bottle became empty and the last drop landed on my craving tongue with delight.  I wasn't satisfied and sought out more.  The warmth of my insides blended with my blurred vision carried my stumbling body across the floor boards freely floating to the left and then to the right.  They creaked in a way that almost sung to me a memory that brought me back to my childhood.  Unsure of my whereabouts I dismissed and mumbled out with a wrinkled nose, "bll oooddy...gahh....blin....".  ~Profitz

The Cross-Realm Podcast #7 strikes with the introduction of The Drunken Mogul himself, GoblinRaset!  He's a gentleman and a scholar in the gold-making community and is really providing some good content on his newly founded blog.  Additionally, he just started live-streaming too which was great to see and is placing his drunken mark with a smile across the community.  I look forward to great things coming from him and wanted to share this up-close and personal behind-the-scenes interview...without further ado, The Drunken Mogul ladies and gentlemen!!

The Cross-Realm Podcast 7 with The Drunken Mogul, GoblinRaset (MP3)
(Play directly with Yahoo's Player)

Thank you fellow gold makers and adventurers.  I hope you found this podcast an entertaining one!
I also love hearing from the community.  Send in your feedback and comment below.

Happy profits!

Best regards,

~Profitz


“Business is all about solving people's problems - at a profit.” ~Paul Marsden

Thursday, April 11, 2013

The Art of Patience

“Injustice’, the crowd roared.  A cloaked figure emerged from a golden archway high above the crowds and threw up his arms with force yelling, “Behold!  Your impatience will become settled!”  The crowd suddenly hushed and stared up in awe.  From the man’s hand he flung into the air several pieces of shining objects that, with disbelief from the crowd below, transformed into birds of prey with an appetite for the weak.”  ~Profitz

THE ART OF PATIENCE
In the end, it's not about which markets you are in or how much gold you have invested in items, mounts, rares, or those precious and funny little grays (I recently sold a Dead Mole from Blingtron for 25gold and it scares me what someone wanted this for…back in the Ultima Online days you could actually use items found in-game and lock them down around your house…maybe a sea of dead moles to welcome incoming visitors?), it comes down to patience.

Think Smart - Sell Smarter
You can have all the above but if you're not patient enough to sell items in various markets, including highly competitive ones, then you'll lose out on maximizing profit and will settle for mediocre sales or even be swayed by the influx of market snipes.  (Snipes are folks who inject themselves into markets for short periods of time simply to make quick coin or to defoil the strategies of existing marketers.  Peskly little fellows like elves…oh wait..did I say that??) I’m first to admit that every copper counts but I’m also an advocate for working smarter not harder and being in the know.  Knowing when to post items is JUST as important as how much to sell for and in what quantities.

Patience is an essential part of gold making.   Here are a few questions that I ask myself when posting items and maybe they can be of use to you as well.



·      How many of the same item is already listed?
o   LISTED?
§  Is the value of that item accurate?
§  If the value of that item is NOT accurate and undercut, should I buy that item and flip?  This is where you have to evaluate cost and look to other resources available to come to that conclusion.  I personally like using Wowuction.com and TheUnderMineJournal.com.
§  Is there a TON of the same item?  If there is, then you might want to consider holding off and stockpiling or banking the item(s) until value rises or you’re in a position to reset the market if the values drop down to your buying threshold.  Remember patience.  Everything sells in time believe it or not.

o   NOT LISTED:
§  ALWAYS do your research and know the estimated value of the item before listing.
§  OVERCUT market price and sell higher
(Yes I said OVERCUT.  This means when you find the value of the item through the resources you use, there is nothing wrong with taking control of that item’s price and increasing.  Basic supply & demand model)
§  UNDERCUT market price and sell cheaper
(I’m sure some serious AH pioneers might not agree here but there are times when you want to UNDERcut item market values.  A quick example that I posted previously is to simple drive down prices of an item that’s currently flooded on the market to your buying threshold then buying to reset.)

TIP:  NEVER go by what’s currently listed as actual value.  The value of items sways every day and ride up and down a lot and most of the times aren’t accurate or as high as they should be. Don’t be so anxious so sell the item, do some research and it’ll benefit you in the end….trust this clown!

·      What level item am I trying to sell and whom am I catering to?
Always take into consideration your buyers and the ability to actually sell the item to them.  Many people have alts (I for one have so many I’m at the point now where I’m deleting one to create one sad but I know there are quite a few reading this article shaking their head in agreement) so think about the economy of the server you’re on and the value of gold in circulation.  Most people have no issues buying items from their mains and sending to their alts for that extra boost.
Everything Sells - patience!

For example, if you’re trying to sell a low level green, it doesn’t mean you have to sell it cheap even though the AH might have it listed that low.  Buy the inventory and relist.  Low-level greens are important simply for the fact that people like that extra boost while leveling if they’re not in full bind-on-account (BoA) gear!  Also, some of these items might cater to the transmog market, which is higher in price naturally.

·      How long should I post the item for?
This is a VERY important question to always keep in mind and you shouldn’t be posting all your auctions at the same listing time.  I started out this way and based upon markets, it changed my mind pretty quickly.  After I changed, I didn’t have to relist items as much and sales started to flow in.  Let me explain.

If you’re in an aggressive market, like glyphs or gems, then listing your auctions for 48 hours will most likely not produce any sales.  In volatile markets like these, you would want to list at 12 hours to maximize your potential in sales and profit.  The market flips so often and items are relisted so fast, having longer auctions will just collect dust on the shelves while others are moving product fast and furious. 

TIP:  It’s always a good idea to do a general search prior to posting.  Where does the market stand now?

On items that you know are truly unique and the only one in that market, a 48-hour listing period makes sense.  You don’t have to worry about undercuts and you also don’t have to worry about relisting and spending more coin.  So stop and think about the item you are trying to sell and the current state of that item on the market.  Use the Auction House to your advantage.

·      How many of the item should I list?
There is nothing that amazes me more than someone who lists items in eaches 100 times.  Understanding proper stack sizes can make you a fortune!  Don’t follow the trends folks.  If you see someone listing, for example a single piece of ghost iron ore 50 times instead of selling (2) stacks and the rest after, is only making a fool of themself never mind wasting coin on sales that won’t sell.  There are times when you would want to list eaches, don’t get me wrong, but not that amount of the same item.

Having enough patience to flow through pages is also important when looking for market value and seeing stacks and identifying weak spots in the market that you can take advantage of.

In the end fellow gold-makers and adventurers, I hope you continue to demonstrate patience and gain your wealth with a smile.

Best regards,

Profitz

“Genius is nothing but a great capacity for patience.” ~Georges-Louis LeClerc Buffon