I have a few hundred different products in my store (all jewelry). I had originally set up ad groups for different categories of product (for example "bracelets") and then used exact match & phrase match keywords & DKI to cover all the different bracelets I have. Would it be more effective to create a separate ad group for each product in my store? I'm on a *very* tight budget and I've already seen what a runaway freight train adwords can be, so I really appreciate any help or advice you'd care to offer. (And please forgive me if this question is already covered here but I searched and didn't find it). Thank you.
"Would it be more effective to create a separate ad group for each product in my store?" You should have done that long time ago, when you started your campaign. That's vital.
yeah it is vital to create separate ad groups for each of the products. if you haven't already you should also look into optimizing the phrases, for example: '"diamond bracelets" or [diamond bracelets]