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First of all, pageviews from your web stats is not the same thing as total impressions from your adsense account. If you have 1,000,000 pageviews check to make sure your total impressions is somewhere near that amount. If it's far lower, it's because a lot of your pages on your site that are being accessed don't have ads.
Secondly, yes with 1,000,000 impressions/month, you *should* be able to get more than $200 per month... as long as you don't have a site based on REALLY low paying keywords, like ringtones or something.
So if you are getting as many impressions as you are pageviews, and you don't have content based on ultra-lowpaying keywords, I would then check the following, in order:
1. Ad placement. Ads usually don't do that well in the sidebar, header or footer of your page. Better to place them either immediately below the header / primary navigation bar, above the fold, where the content begins, or to blend them into the content itself or immediately following an article/document page.
2. Ad blending/coloring. Make sure the background and border of your ads are the same as the background of the page, so that the border doesn't show and the ad looks like it's part of the surrounding content. Make the font AND color of the link text match the font/color/size of other links on the page. If possible make the body of the ad the normal text size/font (black unbolded most likely) for however the main content of your site is shown (same font/color article text would be displayed).
3. Ad targeting. I wouldn't spend a lot of time here. Trying to block certain advertisers, etc is a waste of time. Adsense filters its own stuff pretty good and displays the highest paying advertisers first anyway. All you want to do concerning ad targeting is making sure your ads ARE being targeted. If you have any pages that have none or very little content on them, Adsense may not easily be able to tell what the page is about, consequently the ads will make little sense in the context of the page and your performance will suffer.
4. Channels. You should have a url channel for each site, and for any particular site that is getting a lot of traffic (like if your 1 mill impressions comes from one site), you should have custom channels set up, probably one custom channel for every different ad space on your site. This means that a busy page with 3 normal ads and 1 link ad would need 4 custom channels. It's the only way to actually tell, which things are making your revenue, and if you change this particular ads location or blending, does it make that ad's revenue go up or down?
You can't just change things willy nilly, you MUST have a way of measuring your results or you won't know if you're improving things or making them worse. On non-busy pages of your busy site, you can just have 1 custom channel for the whole page, but for busy pages I always do one channel per ad, so I know exactly what the performance of that ad space is.
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