Advertising on my blog is getting more and more popular and as I browse around other blogs I try and see what ad pricing looks like and so far I’ve been impressed with some of the deals you can get but some blogs, I’m just not even sure how to describe it. The point is that, you cannot set your advertising prices at a level that is beyond what its worth. Same thing goes for any kind of commodity in your daily life. Example, if cereal was now $20 a box for something that originally cost $3-$5 a box, you’d either be really desperate to buy it or you’d stay away from it completely. Thats how advertising works. Maybe I can help you in setting your advertising prices:
1) Don’t Start Too Early – Sometimes, its not bad to advertise ads for 1 cent or $1 but you have to realize that it makes for a bad impression. Most advertisers may think that you perceive your ad to be worth nothing at all to be charging a dollar or less for it. Don’t start too early. Wait till the time is right.
2) Dont Start Too High – Problem is, that you don’t know what the right value is so you start off too high in the hopes that it might make advertisers believe that the benefit derived from buying adspace must be because of some great statistics. Don’t set your price at a certain level just because you think the ad is worth that much. Base it on actual statistics.
3) Look At Statistics - Look at what your statistics are and make sure that your statistics match the price. Think about whether the price is fair per subscriber or for your alexa and technorati ranks. I base it upon subscribers and unless I’m 250 and over, I won’t change the price of my ads. Even still they won’t increase by more than 20% if anything but even that is debatable. You want to entice your advertisers into realizing that the ad is a good value for the money.
4) Compare with Similar Blogs – Another idea is to see blogs that you believe are your competitors or are on the same level as you are. See their prices and compare them to what you had in mind. If your price is above average then you need to reconsider the pricing. If its below average then consider whether you want to sell it for that price or raise it to the average of other comparable blogs.
5) Would You Buy It? - The best way to see if your price is right is to decide (leaving your bias out) whether you’d be willing to pay that price for the ad. If you think that its a good deal then the price is right. If you think its over priced then its time to re-think the pricing. Its just that simple.
Is The Price Right For You?
So hopefully those of you, who don’t have your ads priced as yet or are re-thinking why advertisers are not sticking around, its time to re-evaluate your pricing based on my list. Have you seen overpriced ads? Do you think your advertising prices are worth it? Let me see!