Hello i am relatively new, i have previously bid on heeps of keywords, all that have little competition but are related to my product. I was just wondering if anyone has had any success with this technique.
We had a success for loan related keywords... but basically if those keywords have searches than it's useful. Try Google Keyword tool and change the Choose data to display: as Search Volume trends that should help.
It's generally the best way to get cheap traffic and conversions, particularly if you've got a tight budget. The more specific (and obscure!) the search term, the cheaper it'll be, and in many cases, the better the conversion rate will be (since the searcher has a clearer idea of what they want - someone searching for a 16 inch red widget will be more likely to buy than somebody searching for widgets in general).