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I am not sure what the appeal to go to local businesses would be. Generally, they will not be able to pay as much. Also, since you're audience is worldwide, few people will actually click on those links so it doesn't do much good for the local business either. Feel free to try, but it seems you might have better results with other methods.
Anyone want to list some ways that might work better?
In a sense, this is what we do. We buy advertising space from websites both large and small, local or global, and use our targeting technology to place the right ads in front of the right audience to generate the maximum click through rate possible. Check us out if you want. www.PocketCents.com
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We are trying to raise enough money from a few ads on our site to cover some of our costs as we startup our website (that has worldwide appeal) to cover some of our costs. Has anyone had success targeting local businesses who pay a small fee for display advertising on the site with maybe a promise of cheap visibility in the future?