Why max CPC is the number that matters
Chained conversion rates decide everything: at a 10% visitor-to-lead rate and 25% lead-to-sale rate, one sale needs 40 clicks — so a £2 CPC means £80 to buy one customer. Whether that is good depends only on your gross profit per sale, and repeat business raises the ceiling: a customer who returns for years can justify a CPC that looks reckless on the first order alone.
The practical use: if your calculated max CPC is below what clicks cost in your market, do not conclude "ads don’t work" — fix the conversion rates first. Doubling a landing page’s conversion rate halves the effective cost of every customer, which no amount of bid tweaking can match.