CPM Obsession Is the Flat-Earth Theory of Media Buying

Author

Peter Delle
April 22, 2025

“Our CPMs dropped 40%!”

Cool stat.

But what happened to your sales?

If you’re honest… probably nothing. Maybe even worse.

We’ve seen this story play out 100x:

  • Client A: $4 CPM, broad targeting, tons of impressions… 0.6x ROAS.

  • Client B: $28 CPM, dialed-in messaging to a niche demo… 3.8x ROAS.

Both spent the same budget. Only one actually made money.

Low CPMs Are the Fastest Way to Burn Your Budget

Let’s break this down:

A low CPM means you’re paying less to show up. But that doesn’t mean you’re showing up in the right places.

Think about it like this:

It’s like printing 10,000 flyers for $50 and leaving them on random parked cars…
vs. spending $500 to pitch 10 high-intent buyers face-to-face.

Which one actually grows your business?

Here’s What’s Really Happening Behind the Scenes

Platforms reward engagement. If your ad isn’t getting clicks, they’ll start showing it to lower-tier inventory to help you spend your budget.

  • Cheaper real estate.

  • Less relevant audiences.

  • Worse outcomes.

So while your CPM might be dropping…

Your ad is quietly being buried in places where no one’s buying.

And the platform?

It doesn’t care — it just wants you to keep spending.

Flip the Metric: Revenue Per Impression

❌ “How do I get more impressions for less?”
✅ “How much revenue does each impression generate?”

The first makes you look busy. The second makes you profitable.

Top media buyers don’t chase cheap.

They chase impact per dollar.

If you’re still obsessing over CPM, you’re not media buying — you’re bargain hunting.

And bargains don’t scale.

Best,
Peter Delle

You don’t need more impressions. You need better outcomes.

👉 Book your free strategy session and we’ll show you where your media spend is bleeding—and how to fix it fast.