The "Steady Eddie" approach to bidding is one of my favorite bidding techniques. Steady Eddie says, "I want to bid a certain amount and not mess with it every day." For some campaigns this is exactly what I want to do, and is what I do.
The benefits of Steady Eddie are obvious, you don't to spend time managing a campaign. When your time is valuable (time is money, usually) you probably have other things you would like to spend it on, even if that is just relaxing with your family.
Other benefits are stability. You can easily see what is happening at a quick glance. For one of my campaigns I know how many clicks I should get each day, and I know how much it should cost. I don't have to look at keywords or CTR because it is the same every day. This saves me a lot of time since I have a few of these campaigns.
The downsides are few, but so is the potential for profit. If you are in a static market that never changes, good for you, but most people aren't. There are always new competitors, new ideas, new price increases or decreases and all of these things require a different bidding strategy.
So is Steady Eddie right for you? Possibly, but that is for you to decide!
If not, check out:
Steady Eddie
Vulture Bidding
The Cheapskate
Always #1
Quick Spender
