I've stopped chasing the lowest CPC because it usually backfires. Instead, I look at cost per conversion. I've had campaigns with higher CPCs that made far more profit than the cheap traffic sources I tested. Sometimes paying a little more for better visitors is worth it.
 
I had the same experience with a few low-cost ad networks. The clicks looked great on paper, but the bounce rate was terrible and hardly anyone converted. Since then, I only test new platforms with a small budget before putting in any serious money.
 
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