Hello! I've been running Google ads for many years for many companies now and it definitely still works.
Things have changed a little bit over the years, especially since the implementation of more AI, but most things still work the same.
One major change is the importance of broad match keywords. While in the beginning exact and phrase match were the way to go, I've noticed that broad match works better BUT you have to combine it with negative keywords. Meaning that you have to remove unnecessary keywords as the campaign matures. If you fail to do that you'll be wasting a lot of money.
The very first step is to make sure you set up your conversion tracking the right way. This is important because it gives Google data to know if the campaign is doing what is supposed to be doing.
The next step is to make sure you do proper keyword research. Knowing what your potential customers are searching for is another key to a successful.
Then make sure you write compelling ad text. If you're good with ChatGPT this is going to save you a massive amount of time. Give it the right prompts and watch it work magic. I've been testing it for a couple of months now and most of my ChatGPT campaigns outperform my own headlines and descriptions, and I'm not bad at thgn ose at all. AI is really changing the game in this domain.
After that you have to make sure you have a good landing page. People click on your ad expecting something on your website. Make sure those two things align.
For the Bidding type you have to choose it highly depends on your website. If you have a lead generation website you can choose Conversions, if you have a ecommerce website it would be better to choose Maximize Conversion Value.
Last but not least, the budget. 5K is more than enough to test it for a couple of months. I would even go as far as to say that the first couple of months you should only be spending a couple of hundreds of dollars to find your most successful campaigns. After you find it you can gradually scale the budget. Don't increase you budget too fast though. If you're spending $10 a day and want to scale it to a higher budget I would increase it with 10-20% every week until you reach $100. Once you reach $100 a day you can scale it a little bit faster with like 25-50% a week.
There are of course a couple of other things, but I think this covers the most important parts of a successful Google Ads campaign.
People will always be searching for something, and as long as you can provide what they are looking for, there will always be a need for (something like) Google.
Feel free to ask questions and I'll do my best to point you in the right direction. Good luck!