Bid Management is a very tricky subject to understand and when it comes to bidding try to let the machine work the job. The mechanical or automotive system will be best for the tedious work of calculating CPC. Management is not traditionally part of marketing bur marketers do research for the bidding as it will serve a great measure for the business development.
The appropriate answer will be the elusion of pay-per-click (PPC) from early 2000s and the introduction of new platform with a different language for the advertisers. Google Ads (Adwords) allows advertisers to set maximum cost-per-click (CPC), the companies advertisers represented and are more concerned about the driving visibility, generating sales and getting leads. For the target rank these things are that are helpful and there are other more like cost per acquisition (CPA) or return on advertising spend (ROAS).
Automotive or mechanical comes out of necessity because when pay-per-click acts as a bridge the disconnect there comes the people managing accounts to convert the business goals into the type of bids Google needed. This is why search marketing is a core part of bid management.
Once bid management was a simple setting of bidding maximum CPC, but with time and introduction of new levers for bid adjustments to control for day partying, geographical locations, devices, demographics and also custom audience made it complex. With the adjustments, a single keyword solitary could need upwards of 10,000 bids to account every possible scenario.
This take too much time and understanding so now machine learning makes sense for all automated bidding with better results. Search engines are on constant watch on to the ads that appear next to billion searches and to predict new searches for business. Those search engines are evolving constantly evolving based on how well predictions are matched with the world.
With the changing scenarios one should prefer computer working then manual bidding management. Even with the automating system simple throwing system is not the option, one need to consider different options for automating, both free solutions as well as solutions offered by engines along with third party system.
Google Ads script is an option for bid management or marcos spreadsheet to record and replicate the process. For improving the performance many black boxes need to be rendered and with transparency additional outputs can be taken from advertisers.
A significant role can be played by humans in bid management, but that role is not manage CPCs manually. Things need to focus:-
1. Selection of appropriate automation.
2. Installing the solution and implementing with tracking feature.
3. Operations need to be monitored regularly.
4. With the needs of advertiser better alignment can be done tweaking targets.