Or in other words, spend your time and money not on advertising, but on making a product so compelling that your users/customers advertise for you. Think Dropbox, Instagram, Facebook, Twitter, Skype – no advertising, but a product that people will encourage others to use.
I would imagine that if you were entering a crowded market with an idea that simply cut costs, but provided no real unique consumer facing benefit, you could afford to ride on CPC.
Or in other words, spend your time and money not on advertising, but on making a product so compelling that your users/customers advertise for you. Think Dropbox, Instagram, Facebook, Twitter, Skype – no advertising, but a product that people will encourage others to use.