Using manual bidding on LinkedIn ads often leads to much lower CPCs than automated strategies like maximum delivery. Here's my approach to setting manual bids:
1) Optimize towards the desired action (options vary by campaign objective and ad format).
2) Switch to manual bidding by going to "Show additional options" in the bidding section.
3) Turn off "Enable bid adjustments for high-value clicks."
4) Set your bid 30-50% lower than the lowest recommended bid.
5) Monitor performance; if you're not spending your daily budget, gradually increase your bid until your budget is fully utilized.