Yes I understand all that Andrej, but the ratios are too extreme to explain what we are seeing.
Let me put it another way. Our promotional budget returns less than 40% of it's spend.(and this is a huge variety of traffic from adwords to tube traffic)
Yet the more we spend the more the business grows.
So if 60% of our clients our clearing their cookies and their browsing history before they make a purchase, where does it leave the average affiliate ?
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