Google webmaster tools together with analytics are as you have mentioned essential.
Working with the non-adword campaigns in Google analytics to track your back link performance can really help you better understand where to spend time and money. Just make sure to setup a good routine of how to tag your links: http://www.google.com/support/googleanalytics/bin/answer.py?answer=55518
Working with an affiliate program that can serve your content needs is as well very important – Banners and text links are standard but its content that will make your rank higher on Google.
Br, Joakim