Some owners of content sites are earning four and  even five-figure incomes per month selling "nothing." They're doing this  by selling their targeted traffic to other websites through Google's  AdSense program. 
If you're not familiar with (r)AdSense, it's where (r)Google pays  website owners ("publishers") to run ads on their sites.  Google accepts  paid ads from advertisers, and then shares this revenue with the  publishers who allow these ads to be displayed on their sites.  They pay  based upon clicks generated from the publishers' sites. 
Many publishers have discovered that running Google AdSense ads is  more lucrative, and less trouble, than marketing their own products or  services. So an entire industry has sprang up around monetizing websites  using AdSense and other pay-per-click programs. 
The "industry" is mature enough that seminars are even held that  teach how to best monetize your content sites.  I'll be attending a  seminar, in New Orleans, Louisiana, on September 9th - 11th, 2005, that  has this very focus. You can read more about it at:  http://WillieCrawford.com/new-orleans-seminar.html 
Since MOST people I've communicated with aren't earning four or  five-figure incomes per month, let's examine how you increase your  chances of earning these amounts. 
First of all, your website has to be on a topic (a niche) where  people are spending lots of money.  There are niches where advertisers  often spend $40 - $50 per click... just to get visitors to their  websites. Obviously, these visitors buy "things" on these websites that  make it worthwhile to pay that much for the traffic. 
In case you're wondering what keywords any "sane" marketer would spend $50 on a single click for, read on... 
Certain visitors to websites, that later convert to customers, could  literally be worth thousands, even millions, to marketers. These  marketers know the lifetime value of their visitors, and have the  conversion rates calculated!  Markets where customers can be this  lucrative include legal/lawsuits, medical, higher education, real  estate, new and used vehicles, investments, travel, and products  offering residual income.  There are many others. 
I actually have a list of over 9000 keywords that I consult when  building a new site, or optimizing an existing site. Doesn't it makes  perfect sense to create sites that attract visitors with a high  value-per-visitor? 
You can grab a copy of my list along with a few personal notes on  how to monetize these high-value keywords at:  http://9000TopPayingKeywords.com 
The keywords on the list above range from 93 cents to $108 per  click. There ARE higher priced keywords but you probably don't want to  focus on them since the competition can be incredibly cutthroat.  There  are niches where your competitors will actually sabotage your efforts.  Money does that to some people  :-)  
It makes economic sense to build a site around topics where people are actually spending money already. 
It makes sense to target a market where people have money to spend -  and they expect to spend it on products similar to yours. In that  sense, you can even set up site designed to generate traffic for  governmental agencies, foundations, charities, etc.  It's all about  getting in front of the traffic and then re-directing that traffic to  those willing to pay for it. 
When setting up content sites, it's important that you not violate  the terms-of-service at the pay-per-click management firm that you plan  on using.  For example, Google actually tells you that you should not  build sites just for their AdSense program. Yet, they need sites to  display their customers' ads in order for their program to work. 
It's a delicate balancing act. Google wants to deliver relevant  clicks to their customers. They know that traffic coming from "junky" or  "spammy" sites may not convert as well for their customers. This would  lower their customers ROI, and lead to many unhappy customers.  This  would drive Google's customers to their ever-growing competitors. 
Google wants webmasters that have quality, targeted traffic to run  AdSense Ads. When you set up a free blog on Google's Blogger.com they  even have the AdSense invitation "programmed" into the signup process. 
So how DO you win the Google AdSense War and get your share of that  multi-billion dollar advertisers' revenue stream?  You build  high-quality content sites that focus on niches where people are  spending money. It's as simple as that. You let those already doing it  teach you what works best - it's a easy as that!   
 
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