Alternatively, you can try enhancedCPC bidding (as long as you have conversion tracking installed), which still works on manual bidding but will adjust your Max CPC bid on the chances of the ad converting.
EnhancedCPC – AdWords can automatically adjust your Max CPC up to 30 percent if you’ve enabled this option. Similar to enhancedCPC, bids are adjusted in real time when the data are available and the preferred audience is available, including:
The major caveat to using EnhancedCPC is that you must have AdWords conversion tracking installed as the AdWords system will use historical conversion data to increase or lower your CPC bid by up to 30 percent.
Are you confused by Google's recent announcement of EnhancedCPC bidding? What is EnhancedCPC? EnhancedCPC is a new feature available to those who use Google AdWords conversion tracking on max CPC campaigns.