I'm asking because I'm thinking of bidding in a very competitive industry. I'm trying to figure out how long I could/would have to sustain a high CPC.
thanks
Start small, in the max cpc way. Work on sustaining your ad at a specific position. Try creating different ads/creatives and rotating them the same to see what performs better. You can do this by editing the campaign settings and unchecking the box that allows Google to optimize you ads.
As you will find out, different ads will perform differently at different positions. Sometimes what works fabulously at a low position performs like @#$% in a premium spot. However, starting small and working your way up will teach you most everything you need to know. That and the information in this link: [google.com...]