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Here's my take.
I only run one forum, and it's more for fun than profit -- forums.urbanpug.com.
The forum doesnt have that many users, but it gets a decent amount of search traffic. I view running the forum for the users as a way to generate searched for phrases.
I believe that search referrals are much, much more likely to click ads. I also believe that once users are USING your site, they become ad blind. They are there to read your forums, not click your ads. They're already at their destination. Search engine referrals are not necessarily at their destination yet.
So, what can you do?
Do direct ad sales. You can help other sites search rankings, you can send some traffic their way, and you can do a monthly/weekly "thank you sponsors" post. This is more effective than adsense for sites, because it generates good will with your users.
"Thank you to redwidgetseller.com -- they have great service, great prices, and support this community. Show your support for this board by checking out their products and buy from them when you need a Red Widget"
Why do you think companies advertise on NASCAR? People are really loyal to the brands that support their favorite driver.
Try to sell some direct ads in your niche.
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