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To make your Adwords money stretch even further, you are able to set demographics for each of your keywords. So if you are looking for visitors from a specific region or in a particular language you can tailor your adverts accordingly, which makes it easier to deal with those quirky problems normally related to cultural differences.
The most striking difference is that you don't have to pay most per click to get top advertising spot for a particular keyword! Your eyes are not deceiving you, a company will have to have more than deep pockets to be able to keep your site away from that top spot.
In theory, your position in order for sponsored links will depend on amount you are willing to pay as well as your click through rate. These figures are multiplied together to produce a rank, which is then used to determine your position in sponsored listings. So anyone fortunate enough to have a very healthy click through rate will be able to stay near to top.
Room for Improvement
While Google's Adwords Select program is likely to prove to be successful, I can see scope for improvement; that is, assuming they have overlooked one point that seems so glaringly obvious.
Anyone who is capable of writing a convincing advert for program can easily achieve a high click through rate. If positions are determined by click through and maximum price per click alone, then it could still be possible for a search engine spammer to come in and take best position simply by writing most convincing advert. If spammers can make system work for them, this could potentially be harmful to way that Google's visitors perceive them.
The fact that Google Adwords has immediate advertisement rotation removes a certain level of protection in that a human editor does not have chance to review advert and make sure that it is suitable. Perhaps what is needed is for each advert to be regularly monitored to make sure that keyword they bid on is deemed to be important in page that they link to.
Surely Google will have technology to be able to cope with such checks whenever an advert is submitted or changed, as well as to check that it is still relevant whenever Googlebot pays its regular visits. If they haven't implemented it already, then I think such checks will benefit everyone; Google, site owners and searchers alike!
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