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This could include initial keyword research, writing effective titles and descriptions and monitoring campaign on an ongoing basis. Not to include obviously the client's click through costs : )
Thanks for your suggestions on how to price this out.
The easy answer is an hourly rate.
Keyword minning takes the bulk of the time.
Depending on the competition, monitoring can get expensive as well. This can be a 24x7 event.
PS: The client MUST KNOW their conversion rate before ya start.