Verdict
Content partners deliver the most incremental revenue, cashback delivers the fastest volume. Start with content for growth and use cashback in measured doses to accelerate conversion and new customers.
What cashback really delivers
Cashback and coupon sites have large, active member bases and can lift revenue visibly within days. For a launch or a peak period that is valuable.
The risk is that part of that revenue would have arrived anyway. Measure new versus existing customers per partner.
What content really delivers
Review, comparison and niche sites reach people still orienting. Their contribution is nearly always incremental, but visible over a longer horizon.
Content partners do require more work: briefings, product information, sometimes a fixed placement fee.
How to split your commission budget
Use tiered rates: a higher percentage for new customers and content partners, a lower base rate for partners entering just before checkout.
That way you pay for added value instead of for the last click.
What differs per European market
In the Netherlands and Germany cashback platforms are large and mature. In France and Italy the content side is relatively stronger.
The mix that works in your home market does not simply transfer to a new country.