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There is no right or wrong answer as far as per-click, per-signup or recurring - it all depends on your traffic and the site you're sending it to.
You need to figure out conversion (e.g. 1:500), trial-to-recurring ratio, and retention for the site in question FOR YOUR TRAFFIC.
Once you have a rough idea of that, you can determine which program is the best for you. Run the numbers (this is why they made Lotus 1-2-3 people!) for each and see what the result is:
5000 uniques
1:500 = 10 sales @ $35 = $350
5000 uniques @ $.04 = $200
5000 uniques
1:500 = 10 sales
50% convert @ $12.79* = $63.95
3 month avg retention = $191.85
Then you play 'what-if' with the numbers and with different sites.
The thing that makes it so difficult is that it's very hard to get the above numbers for any particular website, let alone 3-4-5 different ones (and be accurate about it).
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