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I have been using banners, text links alone and banners and text links combined to see what works best. I have found that text links get the most clicks but unless the text is descriptive of what the surfer will find the conversion sucks. However, if the text tells it like it is the click throughs are far less but the conversion ratio is much higher. Text/banner combinations don't appear to do much better than just banners alone. Niche sites promoted using text convert best.
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