The ebooks say its as easy as finding obscure keywords that most people don't bid on
That is how its done. Easy, yes. Time consuming, very
Myth: CPCs are to high. You set your own CPC on AdWords. It doesn't matter what everyone else does. A click is still a click whether its from the #1 spot or the 4th page of results.
The belief that it is necessary to be in the top-3 spots or on the first page of ad listings is the fastest way to lose a fortune especially as an affiliate.
except in the rare case where you're promoting a digital product and getting 50-75% commission etc
Definitely helps if you can find programs like that but the commission doesn't need to be that high.
after all their affiliate programs are risk-free profit producers for them.
Not necessarily, when you consider the chunk CJ takes or other associated management expenses, monitoring affiliates, cracking down on abuse, there are some affiliate programs that run on CJ that have got to be very close to break even or operate at a loss. Repeat sales may make them profitable but if the customer the affiliate sends never buys again or renews, the merchant is gaining "branding value" but not making money directly on the affiliate program.
You need to track the ROI carefully and most importantly know when to pull the plug. There is no sense in making a lot of sales at no profit for you.