Yes, you can increase your maximum Cost Per Click for a keyword.

This will allow Google to show the ad above the competition’s. To get a good idea of how much you should increase it with, look at the average position of the ad for that keyword. If it is sitting at around position 3 then you do not need to change it since it is a pretty comfortable position when compared to the costing. If your ad is always at position 1 then you Cost Per Click might be too high and you can lower it and see which position it falls into.

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