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For me, it generally comes down to EPC, though there are exceptions. Data is extremely important in determining your strategy. For example, I can tell you what each program has generated for me at any period over the last 10 years, right down to the $/click. And I will adjust accordingly.
Having the data allows you to do several types of testing, revshare, PPS, no exits, 1 exit, custom landers, default landers, trials, no trials, etc. Similar with traffic sources.
Campaigns and testing are your friends.
In the end, and at the risk of causing another "$/click" thread, it is exactly that. You adjust your campaigns, traffic sources, landing pages, type of link, etc based on maximizing your $/click.
Thus, we use PPS and Revshare, then monitor and adjust as needed to create the desired effect.
ETA, the best result is a mutually beneficial one between affiliate and the site. And that can be either one.
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