Hi Robert,
Although there is no magic number as to know when to drop an account (due to the significant number of variables involved), it really comes down to your own subjectivity and how comfortable your are with the amount of testing you've done. If you are continually testing your campaign (keywords, ad copy, landing page, etc) and are still not seeing any increase in conversion rate you may definitely wanting to consider shutting down your campaign. The key is of course, is the testing aspect.
After a prolonged period of low conversions, before you drop your campaign, you may want to consider switching out your current product links for another similar high quality product (similar attributes of course) provided by a different merchant. This way you can be sure it's your campaign and not the actual product itself that is resulting in poor ROI. Considering the amount of work an affiliate can put into a product launch it would be a shame to drop a campaign knowing that it may be the product itself that is converting poorly.
I hope this helps!
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