August 19, 2008

Making money with Project Wonderful

Today we'll go over how you can use Project Wonderful to make a little moolah.

Like I said in an earlier post, you probably won't be able to quit your day job,
but at the very least you should earn enough to fun
your own Project Wonderful advertising efforts.


In order to make a little money with Project Wonderful, you'll first need to set up some ad space on your blog. If you have been following these posts for the past few days, you know these ad spaces are called Ad Boxes. It may take a little time (a day or two at most) to get your blog approved initially, since the PW staff needs to make sure your blog is valid and meets their criteria. (They don't like spam blogs or other bogus sites.) Once approved, you can set up your ad boxes based on your preferred size and location of the box on your site.

One last note, I have two ad boxes on this blog; one at the top and another in the sidebar. It took some experimentation to figure out that the best ad box size for this particular blog was to have one header ad at the top and one large skyscraper ad on the side. When I offer more ad boxes, I end up with fewer bids and the price drops. As my traffic grows, it may be worthwhile to increase the amount of ad space, but supply and demand has shown me that for now, two large ads work the best for me. What baffles me about this is that my personal blog, The Adventures of Pam & Frank, has very little traffic, maybe an average of 4 hits per day, but the ad box prices are generally higher there than they are here. My only guess is that different content from one site to another can also affect pricing. Oh. And for the record, I'm not saying the content over there is better than over here. It's just different.

Some things I recommend doing, especially if you're starting out are:

1. Be prepared to fiddle with your ad box over the next week or so until you find what size and placement work best for you. Keep in mind that the price your ad box demands is based completely on supply and demand. The more ad boxes you have available, the lower the bids will be. If you have a lot of traffic and only a few ad boxes, the price will go up as advertisers try to outbid each other for the coveted space on your site.

2. Regardless of how you set your preferences for approving ads, you will need to check your ad boxes every day for at least a few weeks. Why?
  • If you set your ad boxes to auto-approve every ad, you will get a lot of bids and ads in your boxes right away, but you will need to check and make sure the the type of ads shown in your ad box(s) are of a nature that you want showing on your site.
    My ad boxes were set up this way and despite designating them to be "Safe for Children" I was still getting adult-oriented ads showing graphic renditions of T&A (ummm, that's breasts and bottoms.) I immediately put up a notice on my profile explaining that ads not save for children would be canceled and the bidders would be banned from placing future bids on my ad boxes. Then I did just that. I still occasionally ban bidders for not following these rules.

  • If you set your ad boxes to approve every bid by hand, plan to check bids at least once a day to approve ads for your site. If you wait too long between checking bids, you run the risk of having no ads in your ad boxes, advertisers will retract their bids, or their funds could be depleted from other bids they have placed before the bid on your ad box is approved.

3. When you see an ad you like on your site, consider adding that advertiser as a buddy so at some point if you decide to only auto-approve ads from your buddies, their ads will continue to be approved for your site.

4. When you see an ad you like on your site, or if you have been earning steady payments on your site from a regular advertiser, go to your PW Admin page and click on their avatar. What you'll want to do next takes just a minute but can create a long term benefit:

Send them a message thanking them for advertising on your site and inviting them to continue bidding.

If you have any events coming up where you know your traffic will increase significantly, you may want to let them know ahead of time. Since a traffic increase can increase your ad price, your regular advertisers may appreciate knowing that their ad could be outbid and might want to adjust their bid accordingly to make sure that your extra traffic sees their ad.

This is a great way to develop a relationship with your advertisers and could pay off to your advantage in other ways.

Does your advertiser have a blog?

Do you think they may modify their bid to make sure they outbid any competition that comes along when your traffic goes up?
They may want to.

Do you think they may blog about your message, giving them a chance to get in on your extra traffic?
Possibly.

Knowing that you are keeping them in mind when conducting your business, do you think they would be more likely to continue advertising on your site?
Very likely.

What other kinds of things have you done or seen people do with their ad boxes or for their advertisers?

Next:
A quick and easy way to make PW ads (like the giveway one shown above)
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2 comments:

  1. WONDERFUL POST!!! Your insider tips are invaluable! Thanks Pam!! With gratitude, Laurie B. http:///www.lauriebethbeggin.etsy.com

    ReplyDelete
  2. Thanks Laurie!

    Since sometimes I feel like you are my only reader (because you are my only regular commenter), so I've started writing with you in mind.

    I picture us out for coffee somewhere with a laptop and wireless connection and I'm just sharing with you all the cool stuff I've discovered.

    Cheers!
    -Pam

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