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Jakez, I think not everything is as black and white as you say. I understand you like the "go for all fishes and 1 will got stuck in the net" approach. That's OK, but some people likes to aim and target. So yes, they will know they're clicking on a banner, who leads to a pay site, which will require a credit card to access the content. Pretty obvious and straight to the point. Hence conversions MIGHT be better.
Problem is when the surfer clicks on the amazing banner and the tour is crap, no banner will save that. If you have a great banner that screams YO GOTTA PAY BUT THIS IS THE SHITNIZZ and the surfer clicks, he's almost there to buy. Then he sees some crap... (same old content, or a design that doesn't inspire security, dated stuff, xsales, whatever) and the sale is lost.
Anyway, I don't understand the "catch as many fishes as you can" approach, I could easily make (I DID IT SEVERAL TIMES) an ad piece that will get a 30-35% CTR.... and no sales. After all, it's almost the same as a blind thumb, so why don't you simply trick the surfer with a blind thumb? After all, you might get a 100% CTR . The problem is that surfer that clicks a banner MIGHT give the site a second chance. The surfer that was tricked will NEVER trust you and if possible he'll spread the word saying your site is crap or whatever he feels.
Again, not saying you're wrong, I just don't get it
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