I made the mistake of calling the Google AdWords team today. So much for 'Do No Evil'... Their rep advised me to bid at $5 per click. I said that was crazy, it would make no economic sense given the price of our product and conversion rates. He stuck too it - talked a pile of ****.
The conversation really annoyed me. Taking his advice would be more $$$ for Google but would have bankrupted us.
HighRankings has a wealth of great info. I found a link here that had a great article that listed average PPC paid per industry/sector:
Finance -- $3.09
Jobs & Education -- $1.80
Business & Industrial -- $1.67
Computers & Electronics -- $1.39
Internet & Telecom -- $1.11
Beauty & Fitness -- $1.11
Autos & Vehicles -- $0.97
Home & Garden -- $0.76
Travel -- $0.29
Shopping -- $0.25
It's "nice" the Google rep recommended we (our business is very small, part-time, home run) pay more per click than Wall St Finance powerhouses - very nice indeed.
Given typical conversion rates, if I took the his advice (and paid $5 per click), we'd be out of business pretty damn quickly.
I wonder what training these people get. Do they care at all. There's no way our search term is worth $5 per click.
I did get a $100 AdWords promotional voucher out of the conversation (I asked for it as I read they were available - all you have to do is ask). I'm going to go ahead with my original plan (not discussed with the Google rep since he was on his own speech) of putting in a 11c PPC bid. If that does nothing I'll steadily raise our bid to our max: 25c. If Google deems that too low then so be it. I will of course carefully monitor our conversion rates - we have a great landing page.
Just beware the reps and take what they say with a lot of caution. ...And ask for a promotional voucher.