Bid management is essential for a successful Google AdWords campaign. You can increase or decrease your bid according to your needs. It ensures that campaign tracking becomes quite easy and effective. If you are bidding too low, then CTR can suffer and if you are bidding to high without a decent CTR, then it will cost a lot. Manage your budget regularly, then bid accordingly. You can bid high for the exact match.
You can use automated bidding software without getting into a bidding war with your competitors. You can use advantage of bid modifiers for location and devices to increase or decrease the bidding price to attract relevant customers.