So many companies have become allergic to using AdWords. The reason? With the ability to track exactly what ads and keywords one uses in their campaigns via tools like SEMRush maintaining an advantage over time is highly difficult. A winning approach is to use AdWords as a competitive intelligence research tool.
By the time one stops a campaign with adwords they would have accrrued a lot of useful data. On the content network, using conversion tracking, you will have found websites that generate sales. With the search network, you would have found keywords that provide revenues.
Because Google Adwords are a competitive marketplace, every time you bid on a placement or keyword you are limited. You are limited to the rules of the game that the AdWords supply and demand market creates. This market place merely replaces two other marketplaces that are significantly less competitive. Those are: search engine optimization and media buying.
By using AdWords as a research tool and not as a channel, one can fine out what keywords are worth hunting and what ad placements one should acquire with niche websites by going for a direct media buy.