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By increasing your cpc you will automatically gain more exposure as you will appear higher on the SERP and also your impression share will most likely increase (if your quality score is low). And increased exposure leads to increased traffic (both paid and organic) - this is really the basics of...
When we create keywords (I am PPC AM) we try to come up with as many possible combinations of searches as possible and set them in phrase. Campaign design usually goes through 3 stages review so if one person misses some obvious combos, the other one will pick it up. If this isnt enough, try...
Also, in order for AdWords campaign to be successful, it needs to be set up correctly and the right strategy along with optimisation needs to be in place. You also need a website with good selection of merchandise, or attractive prices. (fyi I'm a search account manager and some of my clients...
If Analytics shows data, and as you mentioned it does, it probably means it is set up correctly. Please bear in mind that it can take 24 - 48 hours for Analytics to show you updated information which means you may not see Fisicx visit until next day (or two).
Don't listen to those who reply with just "Don't do it". It just means they wouldn't do it. But its your idea... so dig into the subject, and if worth it... DO IT.
Are you sure there are visitors to the website? Based on what you are saying, lack of visitors may not necessarily be Analytics fault.
Not sure if just testing the waters is best idea as it may not give you enough data to make a decision. But as some users said, try adwords voucher and see if...
Google "adwords coupon" and the the google site on the top should link you with relevant information straight from the source. What guys above said is right