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We're spending anywhere from £700 to £2000 a month on AdWords in a competitive industry.
Someone has suggested investing in a click fraud detection tool and monitoring our clicks. When a particular IP looks suspicious we plan is to add them our AdWords IP Exclusion list.
I was wondering if anyone does this or is it overkill?
As with site exclusion, Google may extend it to being unlimited soon.
Try site exclusion and instead look for sites that don't convert for you.
There was a day when we used to spend your budget in an hour, so it's all about ROI and the effort it takes to get things done. Consider this before going to any great effort and expense.
Google has some pretty good help topics that can allow you to make a lot of savings yourself, or to get more traffic for the same price!