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Affiliates vs PPL
#1
I am just wondering that between Affiliate and PPL (Pay per lead) campaigns which one gets more number of conversions by marketing through email.
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#2
Pay per leads will always work better because there is no money involved.
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#3
Just ask yourself this question. What will earn more? If a visitors visits and checks out the product for that you earn or if the visitors stays and buys the product. The obvious answer here will be pay per leads are tend to have much more conversions.

But if you are asking about making money then affiliate will certainly win as conversion commission is much higher than the commission earned through leads.
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#4
Affiliate works good too but if the email list is totally organically grown and your subscribers base is very much loyal too. Other than that PPL will clearly get you more revenue.
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