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Webmail advertising

How effective is webmail advertising?

     
9:53 am on Apr 15, 2005 (gmt 0)

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How effectively can a site be promoted via webmail advertising? I'm thinking about the type of advertising where a free webmail provider provides the service in exchange for links to advertiser's websites either as top banners or as links elsewhere on the mail page. I have in mind fairly important and reputable providers of webmail, and I would also appreciate your experience as regards the type of site for which this might work, or not. I'm rather skeptical! Also, is there a "standard" formula to determine how much you may want to pay for this kind of advertising? (From an absolute novice).
Thanks!