Hi guys, I am just starting to get requests from people wanting to advertise on my site. I don't know what to charge them! How much do banner ads cost these days, bearing in mind I get about 300 unique, highly targeted visits a month? Any advice appreciated!
Although I can't really advice to your specific situation since I don't even know what the niche is, you can always ask them how much they're willing to pay and then go above that since they're going to lowball their estimate anyways.
The problem with asking is it shows that you're not really that experienced, otherwise you may know a price. To then go higher further reinforces the idea of inexperience and someone who just wants money fast. If you're going to ask, I'd just accept. If they are willing to get more advertisements afterwards, then would be an idea time to increase the price. Perhaps state that you're offering them a lower price as it's their first time, so they're expecting an increase later down the line. Alternatively, just set a price. Maybe keep it low, then increase later if it gets clicked a lot or not. Easier to start low and increase than to go high and then send a pathetic sounding email saying 'no no, dont go, ill do it cheaper'.
I have two suggestions: 1. See what similar websites charge and charge accordingly. 2. If you're starting this new for this website, get the number of ads you can place and take 20% and price it very low. Once it's effective and traffic increases, you can charge much more for the remaining 80% of ad space.