Getting 5 percent was never going to happen.
Running a professor and a blogger, after running 2 respected governors who could only garner 3 percent of the vote, was bound to end in failure.
Libertarians either need to start small by building up House seats, or by actually running good recognizable candidates.
Libertarians also need to stop screaming about things like machine guns, driver licenses, open borders, and heroin legalization because those issues turn off the average voter.
If libertarians run on lowering taxes while being socially tolerant we have a better chance.
Edit: More thoughts.
Article from r/Libertarian: For a Free Society