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I run a forum for non-mainstream sport as a side personal project. The site is the largest and busiest of its kind in Canada.
And guess what... when I tried out Adsense it was terrible as well (not as bad as yours but still). As JoeStec said, the problem with forums is that you get a lot of return visitors who are concentrating on content. i.e – High pages views with low click through.
Typically I would say don’t concentrate on CPC. Unless you are getting some absurd CPC rate, the low click through will make for a poor e-cpm. CPM campaigns are definitely nice, especially with the page views you get on a forum.. but a lot of networks won’t run CPM on a forum and if they do it is for a substantially reduced rate. Still it’s a guaranteed income.
After my brief Adsense experiment I switched to a hybrid of advertising models. The majority of my sites traffic is males, age 14-25. So I started running some CPA email submit ads for relevant programs "Win an Xbox 360" "Discount sports jerseys" etc etc. As well I sold inventory for flat rate placement. After that, the small amount of inventory I have left I fill with CPM and CPC campaigns.
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