Monetizing website traffic

I'm searching for ideas and specifics and industry norms on monetizing traffic. Is $.01 per visitor good or bad? Put otherwise, can I earn $10 per CPM? What combo of approaches should I try?

1. Just park it. I have one parked domain that is now producing over $1 per click and close to .7 clicks per visitor. It is amazing. Should I just use my highly trafficed sites to send traffic to my parked domains hoping that the high $/click will pay-off? Seems simple and effective to me.
2. Do, as SEOProNews suggest, the right thing to monetize your traffic : Marketers will closely examinetheir traffic and then take steps to monetize it. It mayinvolve producing their own products or services to offerto these visitors. It may be using an affiliate program to offer a product...Domination of the main keywords in your market or niche willspell monetary success even for webmasters whose main goalmay not be making money from their sites… these strangecreatures do exist I am told!
   Aggressive marketers will take a different route, especiallyif they have gained domination in a niche area; many approachother businesses in their niche with offers of partnershipsand independent deals… they supply the leads or customersto these businesses in return for a percentage of the sale.
   I personally go for “residual income deals” where I get apercentage of the revenues generated for the life of theclients I refer. Large multinational companies in yourtargeted niches probably won’t give you the time of day,but smaller, lesser known companies will give you lucrativedeals if it is a “win-win situation” for both parties.This is my number ONE way to monetize my traffic.
3. I have tried adsense which produces steady income. I have tried affiliates and for the 20 programs that I've tried, I've found only one that consistently makes money. I have looked to build & buy my own products but so far, other than my original product line, I'm a one-trick pony.
4. What are decent monetization rates? Is $.01 per visitor good or bad? I see $5 per CPM impressions thrown around as a standard rate. But is it real and what does it mean? Is that the rate for each banner on the page or for the total advertising on a page? Does that mean that for every visitor, assuming each visitor views four pages and there are two banners on each page, that a visitor = 8 impressions paying 8/1000 of $5. Which equals 40/1000 or 1/25 or $.04 per visitor?
   

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