From MediaPost's Online Publishing Insider article "Do Digital Advertisers Say What They Mean", there are some interesting stats on what advertisers say is important and where they are spending their dollars and looking at metrics for results...
"First, they see these sites as achieving excellence on all three audience metrics -- reach, composition, and engagement. Secondly, these leading digital properties connect the dots between the results expected (from them) and the investment advertisers need to make with them. And rounding out advertisers' view of these sites is the belief that the sites provide the environment from a brand association and from a competitive perspective.
So the advertising community's message here -- that digital sellers should focus on audience, deliver the right results, and price accordingly -- is one they are stating with the greatest eloquence possible: the eloquence of their ad dollars."
Couldn't you insert "your property" everyplace this article talks about digital properties, I think so as I think the chart tells a tale about what advertisers are looking for from any media. I did think it was very interesting that advertisers say rates are the 5th priority. A lot of markets are having problems with rate integrity which I think stems from not selling from a return on investment or results standpoint. If advertisers understand who delivers results and can measure their ad spend by those metrics than each media can be evaluated using the EFS Generator from Luce Performance Group.