Metrics
CPM
Cost per thousand impressions.
CPM (cost per mille) is what it costs to serve 1,000 ad impressions. Native networks technically clear CPM at the auction layer — your CPC × predicted CTR × 1,000 = your effective CPM bid. CPM is the right metric for branding campaigns, programmatic display, and CTV; CPC is the right metric for direct-response native and search.
Formula
CPM = (ad spend / impressions) × 1000
Example
A programmatic display buy on PMP cleared at a $4.20 CPM with 0.18% CTR — that translates to a $2.33 CPC, double the campaign goal.