the question how much money do you spend testing has been talked a bit on these forums.
my question is, just out of curiosity- how many versions of landing pages on average do you make for your campaigns?
of these, how many versions does it take to reach profitability and when (or if) you do reach profitability, how many more do you make to keep trying to up your EPC's?
Lets say we are talking about PPV.
I usually play king of the hill. I test two very different landers at the start. Keep the winner, then match it up against a new lander. When you get to the point that there is a difference of 1-3% CTR, you can move your efforts over to getting more targets or trying your campaign on different networks.
On average I make around 4. But usually it's not the lander that swings the profit, it's the offer or targets.
I'm the same way as Mr Green. 2-4, usually drastically different to see what hits best. Then tweak/change/optimize
4-5 per campaign to go in and get real data.