Generally, I manage affiliate programs using PPC methods, so that's the basis of my experience. What common mistakes do enthusiastic newbies make? Here are a few.

1. Minimal keyword research. You wonder why there are no clicks. Do the work in the beginning to create a kick butt keyword list!

2. Bid way too much and drain your budget. You then declare your campaign a failure. At first, high bids work, but watch your campaigns closely. Adjust bids accordingly.

3. Test ONLY ONE thing at a time. Think of it like a controlled experiment. Start testing different ads with one landing page. Next, try to establish a good ctr. Then, if possible, a good conversion rate.

4. Once you have an ad that performs... test different landing pages so you know the best converting one.

5. Continue keyword research. Look through your weblogs...you'll find diamonds in the rough. Use the same technique to find negative keywords. These are keywords you want to avoid for your ad! If you have a big list of negative keywords, it may mean the difference between a successful campain and a failure.