There is no one-size-fits-all answer and there are many successful models that you could experiment with, varying from ad supported (like your site and SideReel), affiliate models (which you probably also work with), freemium, and on and on.
Advertising is probably the right starting point for you and the most logical next step from Adwords is to implement Google’s DoubleClick for Publishers – Small Business (DFPSB – http://www.google.com/dfp).
DFPSB is an ad server that is tightly integrated with Adwords and allows you to traffic your own ad tags and set the priority in such a way that Adwords can compete with the pricing of those ads.
You should still use Google AdSense or another equivalent ad network as “remnant”, meaning you should sell as much as you can directly (“premium”) and then fill out the remaining impressions with the ad network.
You should also look into affiliate programs like: Commission Junction, Google Affiliate Network and Linkshare.
Joining an established affiliate program it’s what can monetize your website traffic more efficiently than anything else. It’s not for everyone, though.