Google promised more targeting options for Ad Words and they delivered. 

The company now offers Google Site Targeting.  You can benefit from this new feature in two new ways.

First, you can select specific sites you wish to advertise with.  Until now, AdWords campaigns have been based on keywords, but now you have much more control over your campaigns.  Now you can select where you want your ads published.

The second benefit is paying on a CPM basis (Cost Per Thousand impressions), rather than paying per click.  In the past, many advertisers shied away from publishing on Google's site network because their ads would show up on underperforming sites.  Now the advertiser has more control over this and can weed out underperformers and advertise more heavily on specific sites as you wish.

Google Site Targeting solves a common problem facing AdWords advertisers.  In order to have success in the past, the internet searcher had to be searching for exactly what you are advertising.  You may have a widget that solves a problem, but if people don't know about your widget, they are not searching for it, and hence your AdWords campaigns for your widget are not getting many impressions.  Now you can target sites related to your widget and reach a much wider audience.

But remember to pay close attention to CTR.  Even though AdWords charges you on a CPM basis, you want a higher CTR to get more visitors for your dollar.  Also, CTR is a good indicator of your ad campaign's relevance to the sites you advertise with.  If your CTR is not good from a particular site, that's a good sign the visitors of that site just aren't interested. 

It's probably not worth it to advertise there, even on a CPM basis.  Weed out underperforming campaigns and make sure your ads are getting displayed and achieving good CTR.

Google debuted Site Targeting at $2 CPM and later reduced the price to $1 CPM.  Now they have reduced the price again to 25 cents CPM. 

That really brings their CPM rate to a more affordable range for most advertisers.  If your CTR is 1%, then you are only paying 2.5 cents per click.  That's a good advertising deal no matter how you measure it.

Use the Google Site Tool to see traffic estimations for different sites.  You must know these estimations are not completely accurate but they may give you a general idea of the traffic numbers for a particular site.

One note to remember; Keep modest budget limits as you roll out your campaigns using Google Site Targeting.  This will ensure your costs stay within budget as you test this new feature.

Discuss Google Site Targeting and tons of other revenue-related topics in the ReveNow Forums.