How do you price ad space on a site?

Google Adsense is meant for remnant inventory or for ad space publishers cannot sell. For quality publishers, the clearing CPMs on google absolutely do not represent what clearing CPMs are on average. Adwords is efficient in one sense; but totally inefficient in another. It is very difficult for an ad buyer to connect in any meaningful way to a site he/she wants to buy. The placement interface is inefficient. Take a certain Health Publisher. Ad Revenues close to 250 mill per year. Clearing CPMs through direct sales avg $40 (as high as $100). On AdSense $4 and less. If trying to sell ads, 1) direct sales will yield highest CPMs - hopefully you have a very niche audience; 2) alternatively sell all site advertising to 1 sponsor and avoid CPM game altogether; 3) List your site on places media buyers go to find relevant ad placements I see/ have all Publisher numbers. Generally: 1) not so niche audience, ROS (run of site), $10 CPM, (general medical sites) 2) very niche, ROS, $35+ (FT, WSJ) 3) niche plus section/geo targeting, $40-100 (ie AIDS section in New York)