As you may have noticed, John Chow dot Com is slowly moving away from advertising networks like Google Adsense and moving toward the much more lucrative strategy of private advertising. This is a fairly simple transition for a blog of this size, but if you don’t have the audience size of John Chow — most of us don’t — then it can be pretty difficult to solicit private advertising. What can you do?
To address this very need, PlaceMyProduct.com was created. It’s described as an online auction site for product placement, sponsorships, and ads. They work as an intermediary, but unlike other networks, PlaceMyProduct takes a cut that’s much smaller than 50%. Interested? Then check out the rest of this review.
eBay For Web Publishers and Advertisers
The major difference between the PlaceMyProduct online auction site and other advertising networks is that the pricing is not set in stone. When you list your site on ReviewMe or Text Link Ads, the price for a particular placement is what it is. With PlaceMyProduct, the arrangement is an eBay-style auction.
This accomplishes a couple of things. First, advertisers (the people who will be buying the product placement) can shop around for the best deal, placing bids on available advertising opportunities as they see fit. Just like on eBay, it’s perfectly possible to score an incredible deal that is considerably lower than the regular price.
On the other hand, product placers (the people offering the ad space) have a much better chance at selling their sponsorship or ad space than they may have through a more private configuration. This creates exposure and, with a little luck, a bidding war that could bring in more revenue than otherwise possible. And unlike other ad networks, PlaceMyProduct offers an 80% payout (20% commission) on all sales.
To further supplement their revenue, there is also an advertising opportunity on PlaceMyProduct: a series of 125 x 125 button ads that appear on every page. Prices start at $10.
Registering with PlaceMyProduct is a fairly straightforward process, but your account does not become live right away. After providing basic contact and profile information, you must confirm your email address. After that, your application heads into moderation.
My application was approved within a few hours, though your mileage may vary. The expediting of my approval may be because PlaceMyProduct is still new, so they didn’t have that many applications to review.
Create a Posting
Creating an auction on PlaceMyProduct is actually easier than doing the same on eBay. It just takes a single page, wherein you enter the following information: Category, Auction Title, Auction Details (description), Estimated Audience Reach, When Payment Will Be Earned, Auction Length, and Starting Price (at least $10).
Before we go on, let me provide a bit of clarification about when the payment will be earned. PlaceMyProduct holds the payment received from winning bidders (PayPal) until the product placer fulfills his or her side of the arrangement. Some publishers will ask to have payment right away and they would indicate this stipulation in the provided section.
As an added bonus, PlaceMyProduct also has a widget similar to the one offered by BlogRush. This can be placed anywhere you want to promote your online auctions and, by implication, the advertising opportunities on your website, blog, podcast, or other publication.
Here’s the auction and profile page that I have set up on PlaceMyProduct. I am currently offering an ad package consisting of a paid review on Beyond the Rhetoric, as well as a two-month text link ad in the sidebar. The auction ends on February 22nd.
One rather major gripe that I have with PlaceMyProduct is that while it is possible to edit your profile through the control panel, it is not possible to update any auctions after they have been posted. The only available option is to delete it.
Win 10% Equity For Free
Based on these early impressions, PlaceMyProduct.com sounds like it could be a viable option for any online and offline publishers looking for private advertising revenue. There are categories for blogs, TV, email newsletters, print, podcasts, and more. The 20% commission is higher than eBay, but you don’t pay any listing or final value fees.
To encourage people to come on board, PlaceMyProduct is holding a contest wherein the top prize is a lifetime 10% equity in their service/website. You will earn 10% of all future profits.
One John Chow Dot com reader will win 10% equity in PlaceMyProduct.com. That winner will get 10% of all future profits. Also(optional), he/she will get their photo, description, and link in our “About Us” page. Here are the rules: 1. When creating a profile, user must write JohnChow.com reader at the bottom of their profile description (This will be publicly visible) 2. User must have an ad sell for at least $15, paid for by the advertiser, and payment earned by March 9, 2008. 3. I will create a list of everyone eligible on March 10 and give it to John Chow to choose a winner however he wants OR I will choose the winner at random and announce it on the PlaceMyProduct.com blog I will sign over 10% equity to the winner and also provide a copy of the articles of incorporation.
Make sure you follow those instructions carefully. Good luck!
And don’t forget to check out the Beyond the Rhetoric auction!