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Ceo is right-on the topic. The success of your camapign is as good as the site/splash page you are advertising. If it looks like a 10 year old made it, would you send your money to them?
I have run many campaigns on several websites, and found increased CTR's on text ads on those pages. As soon as the campaign's stopped, the click-through's dropped.
Interestingly enough, I asked the same questions you were asking in January, and bought a few campaigns for a site. After receiving good results, in February I found the best supplier (in my opinion). I have stuck with them, tested many others, and the traffic just hasn't been as good.
You can't correlate pop-unders with spam. When you view a website, you view what the website owner wants you to view, and you've willingly gone to that website to view it. A pop-under pays the website owner and helps them maintain (and profit) from their website. It's simply not spam. If pop-unders were considered spam, so would be fly-in and banner ads.
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