Many people think that Split Testing is about increasing the sales conversion rate of your sales process.
I guess we all know how we can set up a split test of two or more pages to determine which one achieves the highest sales conversion rate.
When running any split test it's important that the results are "statiscally significant" based on the number of actions taken: Number of sales, optins, downloads, etc.
Assuming that you have X actions from your control copy, and Y actions from your test copy (where X is the better performing one).
If the difference in the number of actions (X – Y) is greater than the square root of the total number of actions (X + Y), then the difference is statistically significant.
It's generally thought that significance is achieved after 40 actions. But the above formula should be applied to be absolutely sure.
Check out "small changes : Big Profits" - it's probably the most comprehensive book available on the topic of testing and tracking.
Let's look at using split testing for competitive purposes..
First of all, have you considered evaluating a range of similar products as an affiliate?
If you want to discover which is the most profitable product to promote as an affiliate, simply set up your split test script to rotate all the competitive products, check your traffic stats with your sales and you'll see which product generates the highest revenue. As I'm sure you'll discover, the product with the highest commission isn't always the winner!
Secondly, here's one of my "secret" split testing strategies that I've never revealed before.....{+}
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Testing and tracking is a must in PPC. You can make some profit without it but yet doing testing and tracking will shave your cost more than half.