I just went to use the Google keyword tool today, and can't find how to display CPC values for keywords. I remember being able to set this under "columns" before but now I don't see the option to. Anybody know how to ?
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It is the "Adwords Keyword Tool", not the "Free Keyword Tool That Google Provides Out of the Goodness of Their Hearts." No surprise that they would give a subset of features to Adwords users only.
1) First of all, they're estimates.
2) The exact amount an advertiser pays per click varies and is based on several things - this video explains it.
3) They're estimates for the search network (ads which show as result of a google search), not the content network (ads which are displayed through Adsense).
There's no way to trace a single keyword to a particular content network ad (advertisers supply a group of keywords and google tries to find pages which are a contextual match.)
So as an advertiser "your mileage may vary" and as a publisher you shouldn't assume CPC from the AKT is more than a general "high-medium-low" indicator.
But a lot of people don't "get" that, which may be why G. took the metric out of the public version.