One thing I do is use OpenX (until I get my own adserver coded up), so I can rotate banners. Besides that I also tend to float sponsors around a lot with it, I have some tools that will dig through the stats and for each main 'niche' will find me the sponsors that perform best, will keep the top 2 and disable the rest. Does this each week. Then same for the sponsors that are active, will check CTR on banners (sort-of normalised/averaged out for impressions and banner type and weight), and the top 4 in the CTR game get twice the weight (yes, self-fulfilling prophecy there almost), and they're all reset back to 0 at the beginning of each pay period.
Works for me, the average CTR for the last month across the whole thing was 2%, highest CTR to sponsor around 3%, highest CTR for a banner: 7%.
Those numbers are awesomesauce.
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