[Case Study] PPV (LI) -> Email Submit (Peerfly)

Hey Guys, I'll try to keep this to the point. Since I've been having trouble getting profitability where many others have seemed to do well, I figured the next step would be to just show all of my details and see what you guys think.

I've been testing different Peerfly offers against lead impact and haven't been able to get anywhere near pofitability. I'm doing email submits at the moment since I'm thinking a lower commish would lead you to being able to determine profitability quicker.

So here's what I'm doing, please let me know what you would do next and any mistakes along the way you saw:

1) I looked on peerflyoffers.com to find an email submit that allows ppv: iPad2 Color Choice - White LP2
This one is a free ipad offer.
2) I built a landing page with gimp: http://tctlnk.com/ipad1 (Simple click through to affiliate link, clicking won't messs up my tracking, but do not submit the offer please )
3) I set up all of my tracking and tested it.
4) I pulled lists of urls that are relevant to the following keywords:
"ipad", "ipad2", "ipad 2" "ipod", I ended up with 515 urls.
5) I pruned and de-duped and removed things like youtube.com and uploaded my campaign to leadimpact
6) I set an initially high bid price (between .030 and .035 on autobit) to drive some clicks to test with
7) I watched it to shut off the bad performers after it went live after they hit about $2 per site without producing sales. A couple had high volume and ate quicker than I could catch, but the $10-20/day cap I had caught it.

After about a week and $58 bucks I paused it.

Now at this point, I've got SOME data, here it is:

EPC = earnings per click
CPI = Cost Per impression
CTR = Click Through Rate on my Lander
CT = # of Click Throughs
salesMade = Email submissions reported by peerfly
CR = Conversion Rate of Submissions Per Impression
SaleDollars = Amnt per submit
Profit = SaleDolars - cost



At that point, I took the ones that had somewhat acceptable EPC and re-ran them in a new campaign with the same Landing page, etc.

This time after a week, they all read very much in the red.

Now, I've tried this on several email submits now, same story.

A) What's your impression of the outcome of this testing?
B) Do you notice anything I'm doing wrong?
C) Seeing the landing page and the offer and the numbers, What would you do next? If you feel the problem is the offer and you would drop it, what would you do to not pick a bad one again?

I'm having the same issues over and over again. Either my targets don't produce much volume (5-10 clicks per day) or they don't produce conversions on the submits.

One thing to note is that my conversion rate ON the lander is significantly higher than the total average (about 5% instead of 1-2%)

Thanks in advance guys, and I hope this discussion helps others too.