If you have not tried the Google Conversion Optimizer with AdWords you may want to give it a try. As opposed to monitoring your bids daily, you can try to let Google monitor them for you. I say you may want to try it as you should always not just blindly believe anything will work without first testing it.
How it Works
That being said, here is how it works, you set the maximum cost per acquisition (CPA) that you would like to pay. Instead of constantly monitoring your ad campaigns and adjust your cost per click (CPC) you let the conversion optimizer monitor and adjust for you while attempting to maintain your CPA.
The conversion optimizer has access to data you do not have. From that data it is able to predict your likelihood of obtaining a conversion. It looks at the search query of the user utilizing past history of conversions for you, the location of the user, and conversion history of particular sites. Therefore these factors that allowed you to obtain past conversions are weighed before your ad is placed and the ad is only placed if the factors lead the optimizer to believe a conversion is possible at or below your CPA.
First you have to be using the AdWords conversion tracking, the code AdWords provides that is placed on the page after a successful conversion on your site alerting AdWords of a conversion. Secondly, you must have received conversions already, the optimizer needs past data to be able to start predicting the likelihood of success. Once you have at least 30 conversions in 30 days you can utilize the conversion optimizer. Lastly, your conversions must be at or near a similar rate for the past couple of days.
It is worth giving it a try, first you obtain conversions yourself and be sure you are using the conversion tracking code. Then after you have data and stable data, you can utilize the conversion optimizer.