It doesn’t matter how much you monetize your website , but if your not getting any traffic you want be earning anything.Thats why I find it very strange when relatively new blogs have around four 125×125 banners in their blog with nothing but “Advertise Here” in them.If I visit a blog like that my initial reaction is “This guy cant find a single advertiser for his blog ? 
” , and I think this is what most new visitors feel as well.So unless your getting some decent traffic its best to stay away from private advertising.
Even if you have a blog with some great traffic its pretty hard to find your initial advertisers.Advertisers are also human and like most humans they are also afraid to take the first step.Different people take different approaches and ultimately its up to you to find the best one suited for you.Below are few options you can try.
Make the Advertisements super cheap
This might look like an easy way out but by offering it cheap for a month and then increasing it gradually you will be able to find the prize that best matches your blog.The drawback of this method is in case the advertiser don’t agree to the increased prize your back to where you started from.
Exchange Ads
This is another method used by bloggers and of course for it to be beneficial the other blog your exchanging with also should have a traffic level that is better or close to your blog.Try looking for blogs that are only promoting affiliate products and you will find people who are willing to exchange ads.After doing this don’t forget to leave one space saying “Advertise here” so you’ll get the real deal.
Fill them with Affiliate Links
With many ways to cloak your affiliate links theres no way that users can say this is your affiliate link , so if you cant find any advertisers this is one of the best ways to fill them.Done correctly this has the potential to earn more than private ad sales 
.
Promise a review and some link love to advertisers
Good way to attract advertisers if you have good PR , little incentives like this which costs nothing for your might just be the thing to get your advertising campaign going.
Give some spots free to some super bloggers in your niche
People have done this and have gotten results from this.This will give you nothing but bragging rights but depending on the blogger who are advertising you can expect to charge a decent amount for that one spot left ,Now who’s going to give me that free advertising spot so you can brag about it 
Do you sell ad spots in your blog ? If so how did you manage to find the advertisers and how did you determine the prize ? , I’d love to hear about it.
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Selling ad space never worked for me, although selling direct sponosred reviews worked for sometime. Usually travel based companies grab the deal. Contact them through their website.