An advertisement optimization approach is presented, which utilizes multivariate testing to correlate characteristics of an advertisement to favorable responses received from an environment to which the advertisement was provided. As one example, a text based webpage advertisement may be tested to optimize a variety of different characteristics of the advertisement for response metrics such as click-through rate and conversion rate. Additional approaches are described, whereby advertisements may be tested and optimized across a plurality of different media formats, including both electronic and non-electronic media.