Almost everything is possible with will power, good research and fast action.
Buy good names - not just names that sound good to you, but names that are keywords which occur in daily SE searches. For this you could use specialized keyword analysis software like Wordtracker. For example; keywords like freegames get actually typed in with extension. People actually type in freegames.com or porn.com. I know that such names are already taken and would cost a fortune to buy, but there are still thousands of search queries which people still type in. Your job would be to research and find these. Needless to say, make sure that you don't end up buying domains with lengthy keywords as very few people are going to type in buytoysinwestvirginia.com. Your better bet would be buytoys.com. Or wvtoys.com.
Knowledge is power. Read... Read and Read. Also, ASK whenever possible. But only ask when you are sure that your answer is nowhere to be found. That helps you engage in self study and lesser reliance on other people. Sometimes, the person who may guide you may actually not be an expert. You could end up getting wrong information and wasting time on fruitless endeavors. In my 10 months of domaining I first started reading every recognized forum and made various searches for my related information. I didn't know what a keyword was, didn't know what PPC stood for, in fact last year this same time, I used to call a domain a URL. I have yet tons to learn and very less time on hand. I envy guys who got into domains some years back.
Ask people how things work. I made it a point to pester my account manager at Parking Panel about so many things. It took me months, but I seem to have understood how their system works. I was lucky that my account manager had the time some months back to answer my multiple questions. These days, its hard to get a line.
With this example I wish to say that don't just give up on any parking service in 10-15 days just because you ended up getting 3-8 cents. Try to figure out what could be wrong on your side. Maybe you need to use better keywords? Maybe you need a change of template, a nice header? Try it all out before you move. And always make a note of changes made to your domain and the resulting change in CPC. CTR if any. This can help you lock in your best performing keyword and template. It takes time but its worth it.
Moving from one parking service to the other is time consuming and with no success guarantee. Its better to have solid built up stats from one service which eventually can also help sell a domain name based on steady revenue stats.
Be in regular contact with your account manager to find out how your domains are doing or any new upgrades/updates they are planning. This helps you gain an advantage in advance. Example, I know that PP is introducing new templates in a few weeks, I have some names ready in advance to make use of those templates. Move fast to win better.
Ask pertinent questions and not broad questions. Broad questions like what is domain parking have already been answered and you are wasting an opportunity to learn something better by asking a seasoned expert about it. I would rather ask an expert, "which market niche in your opinion has been most steady in terms of advertiser spend". Now this question actually lets me know which keywords to target without getting worried about their RPC's falling. Ever since I joined parked.com, I make it a point to pester Donny with pms and emails...and phone calls...lol. He kinda might be extremely fed up with me by now but has helped me immensely to optimize my portfolio and understand how Yahoo and Parked sync with each other.
Always try to find out things yourself first and only when you have reached a dead end ...then ask someone. Why? Because if you try finding information yourself, you most likely end up reading a lot of related information which you never knew existed in the first place. That helps you increase your knowledge. For example, you wanted to know some medical keywords and you ran searches on forums and search engines, you might end up finding that there is a new keyword that pays much more and is a better niche to target.
I see that some new domainers don't seem to have the patience to do all this and just throw out broad questions like "tell me the best keyword for this domain".. you give them an answer and they are gone. Then they come again after 20 days saying " now tell me what should i do with this domains keyword". The learning potential here is very minimum and the person isn't even understanding if the keyword being given out is relevant to his domain.
Try keywords which
1) Have a better CPC value &
2) Which are sincerely relevant to your domain's theme
3) Which bring up related ads which a visitor might be interested to explore
If any of the 3 combinations dont match, you will end up getting a low CTR. Sometimes higher paying keywords bring up ads which are so boring and hopeless in ad content that nobody would be interested to click on them.We have to realize that we already have a disadvantge of having a parked page. It should be our endeavor to use empathy and look at our own domain landing page as a visitor and check to see if we ourselves like what we see. Once you have these solid principles in mind, you will start seeing a better CTR and resulting payoffs.
Sometimes it is better to target a lower paying keyword with better ads and CTR, simply because you atleast make some money rather than nothing.
Well, I'm not making all that big money yet, but making a 1000 bucks a month is possible with the right directed approach.