My experience is very much the opposite. Large companies tend to overspend on adwords due to agency interference, ignorance, apathy, and organizational dysfunc

My experience is very much the opposite. Large companies tend to overspend on adwords due to agency interference, ignorance, apathy, and organizational dysfunction. Small businesses, like doctors, for example, can make a mint with AdWords. If you sell the right kind of product, it works exceedingly well even at tiny scales.