Is domain backordering an effective way to secure a domain when it expires?

I want to register a domain that will be expiring in the next few days. The domain status has moved from “redemptionPeriod” to “pendingDelete” so it should be available soon. I want to register it as soon as it becomes available I expect some competition for the domain, but I am not certain of that. What is the best strategy to get the domain as soon as it is dropped? What is the best service to use? Is Godaddy’s backorder service effective? Please advise. Thanks.