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What is CPM?

Metrics

Cost Per Mille — what you pay Meta to show your ad to 1,000 people. Driven by niche, audience size, creative quality score, time of year (CPMs spike 40–100% during Q4/Black Friday), and advertiser competition for the same audience.

Why it matters: CPM is the foundational cost of all your other metrics. High CPM means higher CPC, higher CPA, and a thinner margin. Your break-even math changes completely between a $15 CPM and a $60 CPM niche.

Celebrating low CPM without checking conversion rate. A $9 CPM reaching the wrong audience produces a $200 CPA. A $45 CPM reaching the right buyer intent produces a $30 CPA. CPM without CVR context is meaningless.

Learn this in practice → Read Your Data

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