I listened in to the Perry Marshall this afternoon.
At the end of the day, his advice was pretty much the same as the work needed for an
SEO campaign.
1. Find your niche market
2. Make sure your landing page is 100% focused on the ad content - different pages for different phrases - even to the point of different pages for colour options
3. Better to work on phrases with low numbers of searches that are targeted to your niche
4. Sometimes use words that show the old and existing product and new products and offer your visitors an ebook or leaflet of why they should look at the new and better product. Don't expect to sell a new product that no one has heard about before: it needs marketing.
5. Monitor the CTR and knock off low CTR phrases that are not matching your services. Promote the higher CTR so that the CPC comes down.
6. Run separate campaigns for Google, Search partner and content sites - best results typically from Google - if you manage the content sites and limit to those which perform well, this can work for you too.
7. Image ads can carry more message than text.
Considering the amount of work required, I think I prefer to do it once and
SEO a site that I can then forget about for a couple of years. Rather than have to spend every day worrying about how each phrase is performing.
The other option is the long recommended one for a new niche: to do a test run with a few phrases in a CPC campaign and then write the site around the phrases that get the best conversion.