Conservatives need a place and right now it does not appear to be in the GOP.
Libertarians also need a party to call their own. They can fit in to either the fiscal conservative camp or the social liberal camp.
Right now, the GOP is too busy trying to be Democrat-lite, big government but not too big. The GOP has made it clear that the libertarian and the conservatives are not welcome. If they had realized it, the base would have come out and made Romney POTUS.
Nooo, the GOP is too busy playing the race demographics and trying to promote programs that target a demographic. This is a losing tactic because it is more government targeted to less people and more government policies is working in the Dems wheel house.