This is not easy to decide the more profitable kind of CPA campaign. Both incentive and non-incentive campaigns are paying and converting with high quality traffic but still there are so many things which keep both of these separate and distinguished.
incentive offers are very very easy to convert. conversion rate is also very high in comparison with non-incentive offers but it is vice versa in case of payouts. at one place Incentive offers are high converting and on the other hand it pays comparatively very low than non-incentive offers.
So what is the actual reason?
Incentive promotion is not the pure promotion. It is a kind of tempting the audience for a download, lead or signup. Getting things done by a temptation that he will get something worth his download after he accomplishes the action required means incentives. In this kind of campaigns, affiliates are FREE to tell the audience about the incentive that they will get for completing that action and a path to go thought can also be mentioned along-with.
While in the non-incentive case, the publisher is prohibited to give any incentive to the audience. If he is found issuing incentives for completing a non-incent campaign, his money will be forfeited and will be treated as a Fraudulent affiliate.
Both these kind of campaigns are very distinguished from each other.
What is more profitable? Incent or Non-incent
Talking about money and profit, non-incent campaigns are the best kind of CPA offers if you ever targeted a good amount of bucks. Because pay per conversion in case of non-incent offers is way better than incentive offers. yes, I admit that getting pure high quality traffic for non incent CPA campaigns is a little harder but a publisher having a bunch of websites ranked well on google and bing can make thousands in this CPA marketing.
Most of the like-minded people do media buying to have some revenue with this CPA niche marketing. However, buying traffic is not the key to earn more and more in CPA marketing but having high quality traffic(that converts) is the need to get some bucks out of your invested time.
We come on a conclusion that incentive traffic is good for newbies to make money over internet and later on when the traffic has a quality to be converted without any incentive, he should not bother promoting incent campaigns.
the nature of your audience can be estimated by the bounce rate and other metrics. If you can make some sales out of your traffic, its the best quality traffic ever.