As Ben says I would only want to have one of these showing per page. Too many of them looks a little desperate. However having one of them shows you’ve got an empty spot and calls potential advertisers to action. I link this ad to an ‘advertise with us’ page that outlines how people can purchase advertising on the blog.
2. Run an Affiliate ad
Just because you don’t have a paid advertisement doesn’t mean you can’t monetize the position. I recently had a spare ad spot on my Twitip Twitter Tips blog (the sidebar one which is now sold) and instead of an ‘advertise here’ ad I slotted in a large ad for a resource that I’d previously recommended on the blog called the ‘Twitter Survival Guide‘.