I think his point is more that adwords, as an auction marketplace, represents the higher end of what it costs to buy a customer, so if you underwrite conservati

I think his point is more that adwords, as an auction marketplace, represents the higher end of what it costs to buy a customer, so if you underwrite conservative numbers for buying customers with adwords, and used that number as the threshold of the minimum price you have to charge. This number is a great bottom line margin to build your product around.