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I guess the bottom line is to try to make sure your comparing same thing, or as close as you can. Also, lets say your poorer ratios are with a sponsor with 10 ebony paysites, well before killing all links, try concentrating them down to the choicest site(s). Cut back in that fashion instead of out and out abandoning them. Same with other niches.
Use the info to try to learn why, rather than assume it's just a bad place to send traffic. It could be that the other sponsors have something exceptional that somehow matches your traffic extremely well. Or indeed it could be just not converting, but a raw grand total ratio is a poor indicator IMHO.
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