Whether a bid works well for your campaign has to do with several factors:

Is your bid currently enough to meet your daily cap?
You can easily check thru the reporting and campaign interface.

Are you winning impressions?
Via the reporting interface check your win rate to see how competitive your bid is compared with other advertisers.
Learn how to measure your win rate

How steady is your win rate?
Keep checking your win rate daily and adjust your bid accordingly, win rates may change even hourly as campaigns get closed and reopened all the times, budgets run out, daily caps are met etc, and that means there would be less competition for the users you’d like to view ads for.

Are you generating conversions?
If so, great, start optimizing and weed out SubIDs that don’t work for you, but even more importantly duplicate your campaign and whitelist the SubIDs that worked well with a higher bid or use Micro-bidding to increase your bid on specific traffic sources.
If not, start optimizing and remove non-performing placements, read this tutorial for tips.
How to optimize creatives for push notification campaign

Is your campaign restricted to specific carriers or devices?
Consider starting with a stronger bid as carrier targeted campaigns usually more in a competition for traffic.

Continue reading about optimization techniques here

Related articles
Advertiser Reports Guide
Optimization Guide for Advertisers
What are the min. campaign limits (daily, budget,bids)?
How to blacklist/whitelist SubIDs?
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