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Some sponsors naturally will have more clickthroughs to the sponsor page itself.. They can vary wildly.
And as you said, some sponsors only count join page hits, some count all clickthroughs, etc.
What really matters is the actual conversion ratio.
The conversion, the true converstion ratio to me is:
Actual hits to site / signups
(Not just clickthroughs to sponsor / signups)
The hits to site / clickthroughs to sponsor figure is useful in determining how well your sales text is performing and hell well matched your traffic is to the content
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