Most online media websites make money selling advertisements. If you are one of them, in times like this, it is getting extremely difficult to a) find more advertisers, b) charge more for the ad spaces, and c) increase the conversion rates.
What do you do?
Mistake #1: The false definition of “customers”
You think that because the advertisers are paying you, therefore, they are your customers. No, they are your partners. You real customers are their customers. You are working together to create a product(the ads) for their customers who might happen to be your readers, browsing your website, reading your content, at the time the ads are being shown. (umm..and you wonder why the conversion rate is low.)
Question: have you ever talked to your readers about what kind of ads they would like to see or do you just assume that they are interested in anything that you put out there?
Mistake #2: Taking whatever come in the door
I know times are tough, and anyone who is willing to send you a check is like a godsend. But the reality is that some businesses are meant to be average. They produce averages products, sell to average customers, and guess what, make average ads. While a paycheck is a paycheck, in the long run, if you keep running irrelevant ads that are average, your readers are simply going to ignore them.
Question: before sending out a contract, do you research the potential advertiser? Do you find out where the advertiser currently runs ads on? What the conversion rates are? And if they match what you produce on your website?
Mistake #3: Not relating performance with payment
The most successful online advertisement company today runs the pay-per-click model. I am not suggesting that you should do the exact same thing, but at least give it some considerations. I know it seems a lot “safer” to receive a fixed amount every month, but it also limits your potential income and makes you lazy.
Mistake #4: Ignoring the obvious
When an ad is not being clicked on or when the conversion rate is low on the advertiser’s side, take it down and request a new one, immediately. You should include that in your contract. Let the advertiser know that you share the same interest of creating a remarkable product for their customers who just happen to be your readers.
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