The hard part is having a solid hold and body control, reading the wind, and having super consistent ammunition that you intimately know all the elevation adjustments for. The remainder is how much money you spent on your barrel and how many rounds it has down it. A tight shooting coat helps a great deal, too.
I got bored with the whole thing when it occurred to me that I was just throwing money at barrels and other gear. Not to say that the game isn't highly competitive, but like auto racing, it's a money thing. Similar to many such pursuits, to take it to the max you will pretty much end up divorced.
And if you want to throw some money into the bow, you can put together the same bow that Olympic shooters are using for about $2000. The compound bows you see on the World Cup circuit are a bit more, perhaps $3000. Keep in mind that's for very top-end gear. (See [1] for examples of what I'm talking about.)