Google AdWords and Yahoo! Search Marketing don't provide much in terms of bid management tools, but thankfully several software packages have emerged that fill the gap quite nicely.

What is bid management software?

Bid management software provides a wealth of functionality aimed at streamlining and simplifying the process of managing your click bids. Features typically include: 

• Cross-engine campaign management: Manage bids for AdWords, Y!SM, MSN, and others all from one interface!
• Automated bid management: The "beef" of any bid management package! Automated bid management tools monitor your positioning and dynamically adjust to fluctuations, including rank management, gap management, bid jamming and dayparting.
• Campaign monitoring
• Global campaign editing
• Conversion tracking tools
• Keyword suggestion tools
• Click fraud monitoring
• Reporting