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Assume all traffic is closely related and relevant, this exercise is just based on the numbers.
Also, whether or not a network is lying, you are rarely going to have the same conversion rate that the network shows. Remember, the network conversion rate could be high if only a few people are running it and they have the niche just nailed, or it could be low if there are a ton of "lesser" affiliates running shitty traffic through it.
I always figure conversion rate at about half of what the network claims if it's anything over 5%. If I can make money at my lower, estimated conversion rate, then I'll test it out.
/edit/ actually, thinking about it, most of the time I figure 1 - 2.5% when estimating potential revenue and profits. Until I have some historical conversion rates, I always start out guessing low.
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