I think that it's undeniable that adsense can help you to earn money. It's really a lazy man's method to monetizing your sites. Yet it's per click basis. Whether it generates a sale or not, you still get paid. But it's very low.
With affiliate marketing's Pay per action (sale/lead) you get 10s to 100s per sale generated rather than adsense' cents and 1s. It's got a higher learning curve, which is why adsense may seem a better option... at first. But banner ads, text links and htmls, plus datafeeds and coupons deliver a higher level of targeted ads to match targeted content.
At the end of the day, it's about meeting a real need, which would encourage visitors to continue visiting your site and clicking on your banners. Throwing millions of people on adsense satisfies more of a different need. The need to be curious. After a while, people don't get as curious when no needs are met and they start overlooking these ads. Correct me if I'm wrong, but with affiliate marketing, you get to choose and select your merchants and ensure that your visitors visit well designed, good navigation, good offers sites rather than some of the crappy sites that adsense directs them to.
Still, adsense is easy and there will be many who will not take the time to learn.
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