Rac
Surely the biggest effect on conversion will be as a result of the best performing affiliates - ie on any network, for a particular merchant the conversion ratio obtained by affiliates could (for example) vary from 0.1 to 5% depending on the methods used (deep linking, pre-sell, how targeted the page and keywords and therefore traffic are, banners, text links, ppc, etc, etc). I know a US merchant who says that some affiliates get amazing conversion rates while others just whack up a banner and get very low conversion.
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