Most people work backwards: they have a site and then think about monetizing it with AdSense and this is Google's preferred route.

However, a more rational approach would be as follows:

Find a series of related products or services that a multitude of companies advertise using AdWords and high value keywords.

Create a website that supplies a range of information about subjects commercially related to those products and services i.e. that people who buy these products or services are likely to seek out on the internet.

Submit the site to Google's AdSense program.

Promote the hell out of the site with ezines, viral marketing techniques (especially ebooks), AdWords, other pay per click systems, PR. In short, you name, you do it.

This process works because your site will then attract people who are likely to click on AdSense ads on your site, and these ads are likely to be linked to high value keywords and so your income per click will be highest.

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