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Similar experiences here, but only with a 2 programs I finally dropped. 1:400 for two months, then the signups stopped, completely, pulled links after 0:26000.
The second one just got like 500 hits daily, didn't really promote them, but it averaged at 25 signups a month, for over a year. Then I pushed in traffic, for two days the conversion rates stayed like all those months before, then it was like a cut and I did around 1:2000 for a week, went to 1:4000 the next, then I kicked them as well.
Shaving ? Who knows, maybe just bad luck, but in general ratios get worse for me as soon as I start sending alot of hits...and I don't talk about flooding with 404 traffic, same traffic sources.
You just have to look at the stats some heavy hitters publish here, same phenomenon, they rarely convert at ratios better than 1:1500-2000
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