All of this is correct, but there's a monster hiding behind this paragraph:
> "It’s probable that unoptimized ads/landing pages will show that a lot of keywords have NO profitable bid opportunities. By improving conversion rate, quality score, ad copy, or any number of things, it’s possible to change the shape of the ad keyword profit curve, which necessitates recalibrating the keyword bid."
Your bid is just one of many factors that affect your cost-per-click and cost-per-conversion. When you're optimizing only a single variable you're only climbing the nearest hill, not the nearby peak. And climbing that little hill can cost you thousands of dollars in test campaigns.
> "It’s probable that unoptimized ads/landing pages will show that a lot of keywords have NO profitable bid opportunities. By improving conversion rate, quality score, ad copy, or any number of things, it’s possible to change the shape of the ad keyword profit curve, which necessitates recalibrating the keyword bid."
Your bid is just one of many factors that affect your cost-per-click and cost-per-conversion. When you're optimizing only a single variable you're only climbing the nearest hill, not the nearby peak. And climbing that little hill can cost you thousands of dollars in test campaigns.