If you are going to play "The Price is Right," at the very least play smart. I think I should teach a course on how to increase your chances of getting off Contestants' Row and up onto that oh-so-sought after game stage. This whole "class" idea is brilliant, but I'm going to give you some advice free of charge. If you play and win, don't forget to mention me and my classes when you're on stage with Bob! OK, HERE WE GO!
So you've gone to Hollywood seeking fame and glory by becoming a contestant on The Price is Right? Good for you. Getting your little price-tag name badge and getting through that door at CBS Television City is the hardest part, and sadly there's not much I can do to help you with that part. Once you're inside, I also can't help you get your name called, but if you are so lucky, then you've got double-luck because I can tell you how to bid smart and get up onto the game stage.
Let's imagine that you've just heard your name called down to Contestants' Row... OH THE EXCITEMENT! After you jump up out of your chair and scream like a little girl, waving your arms wildly in the air, and start to stumble down the stairs in your mad rush of excitement, just be careful not to fall. That's the last thing you would want.
Phew, you made it safely and the time has come to start the bidding. As the newcomer, sadly, you have to be the first to bid. This is the hardest bidding spot because the "win" can easily be stolen from you. While there are a few strategies that can help you maximize your chances off the bat, really you should expect to remain on Contestants' Row for at least one more round of play. Here are the "First Round on the Row" tips:
- Pay attention to the product. Don't just sit there smiling and giggling to yourself because you're on TV. Nobody cares that you're on TV, OK? All they care about is being smarter than you, so don't be an idiot.
- Think about how much you would be willing to pay for the item. Then add 20% because you know they are using MSRP on this show, not actual retail cost.
- If you don't know enough about the item to make a good guess, NEVER BID $1. This is the stupidest possible bid you could make as the first bidder, so NEVER DO IT. You will lose. In this case, think of the item in a "price class." If you think the item is in a low price class, bid somewhere around $400. If it is in a "moderate" price class, bid $700. And if it is in a "high" price class, bid $1200. If you can't even guess the price class, you shouldn't be playing this game at all, so just go home.
OK, surprise surprise, you didn't get off the row on that go. Hopefully the person to your left did, though. If that's the case, you will be the last bidder in the new round, and that's the strongest spot to be in. Luckily, though, you'll never again be the first bidder. But if you bid like a retard, you may as well have gone first. Let's push on here and learn about "Second Bidder Strategy."
- Assess the first bidder's bid. Don't just have a number made up in your mind and spew it out right away. If you do that, you may as well have bid first. At least in the second position you have some control over the game.
- If you think the first bidder bid too high, you're in luck. There's one contestant that can't beat you. Sadly, though, if they are too high, you are about as vulnerable as if you were the first bidder. The trick here, though, is to make a "49/99" bid. Let's say you think the actual price is $1325. In this case, you should guess $1299. Doing this almost assures that nobody will guess $1300 (this is just a psychological issue that marketing research seems to suggest will be true). If you guess $1300, though, there is a very likely chance that someone will bid $1301.
- If you think the first bidder bid too low, you are in luck because you can eliminate the player's chances of winning easily and you know that you are closer to a victory yourself. Let's say you think the actual price is $1300 and the first bidder bid $1000. Should you be sneaky and bid $1001? NO! That is just inviting another player to bid $1002. In this case, it doesn't really matter what the other player bid as long as it was too low. Forget their bid entirely, but pray that it will act as a red herring for other bidders. The strategy here is to bid approximately $75 less than what you think the actual price is. In this case, you should bid $1225. This way you leave yourself a decent range of accuracy but it puts you close enough to the actual price that the liklihood of being beat is decreased. Be careful not to bid with zeroes, though. A bid of $1200 or $1250 is a disaster waiting to happen, so don't do it.
- NEVER BID $1. You will lose.
Now on to "Third Bidder Strategy."
- This is the second most powerful bidding position on the Row, so don't waste it. Pay very close attention to the other two price points. If bidder number two took my class (and believe me, they will have once people here about this thing), then you know how they bid, right?
- If, somehow, both bidders are too high, you are in a sticky spot. You want to avoid guessing too low and leaving room for the final bidder to swoop in and steal the win, but you also don't want to over-bid. Here you have to try and get as close to the price as possible, but you need to throw off the final bidder. Imagine you think the price is $850. You should probably guess something like $832. This leaves a fairly reasonable cushion, but only a moron would bid between $832 and $850, right? Well, not really, but this is your best chance. 2's and 7's are good bids as the third bidder, avoid 0's, 5's and 9's. Never bid what you think the actual price is... you are probably a dollar too high.
- If you think one bidder is too high and the other is too low, obviously you need to bid between them. Let's say you think the price is $1400 and there is a bid of $1300 and a bid of $1500. Don't guess $1400 because that would be stupid. Also, don't bid $1301 or you are inviting a $1302 from the final bidder. You should probably bid $1370 here. A zero bid is actually probably your best bet here, but never a 50/100. Also, take a 60 over a 40, unless you think it's a 50 price, then bid 40.
- If both bidders are too low, subtract $23 from the price you think it is and bid that.
- NEVER BID $1. You will lose.
And now, "How Being Last Will Make You First Every Time."
- As the last bidder you have the easiest job AND the most powerful position. You are in luck because, unless you have grossly misjudged the price of the item, you are going to win.
- There is never a reason to bid more than $1 more than the person you think is closest. Let's say you think the price is $1700 and there are bids of $1400, $1557, and $1900. Does it make any sense to bid $1600? NO! While $1600 is still less than what you think the actual price is, what if the price is $1599? If the actual price is between two other price points, always bid $1 more than the lower of the two price points. In this example, bid $1558. ($1557 was probably the third bidder's bid and they probably thought they were going to win, but you are smarter than they are so don't be surprised if they are shocked at your bid.)
- If everyone is too low, there is never a reason to bid more than $1 more than the highest bid.
- If everyone is too high, there is never a reason to bid more than $1. ALWAYS BID $1 if everyone is too high. You will win.
As you can see, for the final bidder, $1 is the magic amount. If you are the final bidder and your bid is neither $1 higher than another bid nor $1 flat out, you deserve to lose for being such a fool.
For those of you who are interested in learning about how to win at the various games, at spinning the wheel, or in the Showcase Showdowns, please take my course. The cost of the course is only $300. Or is it $299?