New PPC Campaign

With a bid at a specific level and an average position at a particular range, only three possibilities exist for your new campaign: the bid is too high, too low, or just right. So what do you aim to do in the first few weeks?

If you:

Wait it out: If you wait long enough, you'll have statistically valid data (arithmetically) unless your business is seasonal. This makes waiting for valid data a wrong proposition.

Cluster "like keywords" together: keywords in an ad group should represent similar search intent. This means that clustering the data at the ad group level or even combining ad groups may allow you to make a decision faster.

Cluster at the campaign level: If the campaign was well constructed, one could make decisions at the macro level.

Try to attribute offline conversion behavior to the campaign at some level: Chances are you don't rank organically for most of your paid keyword choices anyway.

Use the click-forward rate (opposite of a bounce rate): The idea of determining which clicks stayed (instead of left) can provide a valuable data set.