These things I would do after you have the basics done and considering you have proper conversion tracking implemented.
1. Day and Time of Day bid scheduling based upon conversion rates.
2. Location bid settings by State, City and zip code based upon order size and conversion rates.
You will get a huge amount of data here to work with.
Run multiple campaigns with the variations to get the cleanest data.
3. Location bid settings by average yearly income of residents per state,region city or zip code. You will begin to understand your client base on an intimate level. Once again run multiple campaigns with the variations to get the cleanest data.
4. Daily monitoring: Set tight daily budgets with conversion rate goals. If the campaign is at a high risk of not meeting the goal, lower the budget. If the campaign is surpassing the goal, raise the budget.
Done right you can see a 30/30 return.
30% decline in conversion rates, and 30% added sales.