Strategy Question: Troubleshooting High Clicks with 0 Conversions (Pop/mVAS)

I am writing to ask for your expert advice regarding a recurring scenario I face while testing mVAS/Sweepstakes offers on Popunder traffic.

I often encounter situations where my Landing Page metrics look healthy (CTR is above 15%-20%), indicating that the traffic is interested. However, after sending a significant volume of clicks (e.g., 50-100 clicks) to the Offer Page, I see 0 conversions.

I have already performed the following basic checks:

1. Technical Setup: Confirmed that the Connection Type is set to 3G/4G only (WiFi excluded).
2. Targeting: Ensured that only the specific Mobile ISP (Carrier) required by the offer is targeted.
3. Flow: Matched the Landing Page angle with the Offer theme.

Could you please share your insights on the following:

1. Benchmarks: In your experience, what is the typical "Click-to-Conversion" ratio for mVAS offers in Tier 2/3 countries? At what point (e.g., 3x Payout spend) should I consider an offer "dead"?
2. Common Pitfalls: Besides targeting, what are the most common reasons for a high drop-off rate at the Offer Page level? (e.g., Page load speed, low balance users?)
3. Testing Strategy: When this happens, do you recommend trying to optimize the current setup, or simply rotating to a new