Thursday, June 23, 2011

1,000 platinum and market approaches

As of today I have reached my next goal of 1,000 platinum. Since this is a rather important milestone I wanted to take the time today to talk about the different approaches I've been taking in addition to giving you all a list of the hottest items that I've been selling. The biggest difference in moving from wow to rift is that every profession has so much that they can sell.

The only exception to that is an apothecary because their most popular items to sell (dyes) are used frequently for cheap skill ups. They do however have full dominion over a certain niche market which I'll be covering at a later date once I look into it more. When you have such a wide variety of items to craft, flip, and refine there is only two approaches that you can take that are viable. This is what I want to cover today along with the pros and cons of each one. First I'll go over the approach that I'm currently using: the blanket approach.

The blanket approach is the easiest one to understand of the two. When you have a large amount of options of things to sell, you simply sell all of them. That's it. While this is incredibly easy to understand, it is actually a little harder to pull off properly and be effective at it. The blanket approach is only for those who are capable of being highly organized. Here's a few reasons why you will not succeed at this approach if you are not very organized. When taking the full on blanket approach you have to constantly keep track of all of the following:

~ 20+ different items
~ Thresholds of each item
~ Fall back prices of each item
~ No less than 3 different materials needed to craft
~ Stokpiles of all the necessary mats
~ Material overlaps for over half of the items
~ Which banker is supposed to be selling what
~ Which toon has what 2 or 3 professions
~ Where to farm the mats if there are none to buy
~ Every competitor in every market for every item you sell

That's quite a lot isn't it? Granted some of that you don't have to memorize, but if you don't that adds a good amount of extra time looking things up. For example when you have to craft another ebony hatchet you'll have to cycle through your trade skill book, identify what mats you need, filter through your inventory and bank for all of them, and then double check what vendor mats you need to buy and how many. That can take upwards of a minute to do and if you multiply that by 20 items you can tell that it is no small length of time. But if I just said "ebony hatchet materials" and you immediately think "2 dark metal, ruby, minor flux, 2 enduring dust" you're good to go.

That's the biggest draw back to the blanket approach right there. You will have an absolutely massive inventory to keep track of which translates into needing an equally massive stokpile of raw materials (plain, vendor purchased, and refined) along with a serious need for bag space. While it takes a bit to explain the draw backs of it, the benefits that this approach gives you are very straightforward. You have tons of options of things to sell and never miss a chance to make some cash.

The other viable approach that you can take for making money in rift is the specialized approach. This is somewhat akin to the blanket approach in that you make a lot of everything, but as the name might imply you specialize in what you sell. How you specialize is entirely dependent on personal preference and shard economy. How you specialize is entirely at your own discretion and each section of the market that you focus on will have exactly the same pros and cons as the others. So first I'll give you the good and bad of the specialized approach and then I'll list off what I've found to be the best things to focus on.

The biggest benefit of specializing is the simplicity and ease of use that it offers. You are working in a small to moderate sized market in only one or two professions which means that the material overlap will be very limited. That makes keeping track of what you need to stokpile, farm, or buy more of very fast and easy. The other benefit is that it is very easy to keep track of who has what and what you need to craft more of.

A specialized approach typically doesn't deal with more than a dozen different items or so and only from a single profession. With low material overlap and compact enough to fit in a single toon's bank and bags makes this approach ideal for those with only one character or lack of organization skills. And now to wrap this all up with a simple list of the areas that I recommend to specialize in.

~ Epic gear
~ Refined materials
~ Gear for specific level ranges
~ PvP oriented goods
~ Level 50 blues (high end or entry level)

Thanks for stopping by!

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