What happened to CPMs over the holidays?
I use the Within Marketing Pulse Dashboard to monitor this and they aggregate ad performance data for their partners.
While Instagram CPM measures the cost per 1,000 impressions. It's a good metric to evaluate competition level and costs to reach your audience. More increased year over year earlier in November, both Facebook and Instagram CPM were down since Thanksgiving compared to the same days in 2022.
Another report charts aggregate CPM from 2022 compared to 2023 beginning on August 30. CPM costs mostly reached last year’s levels on the 26th and 27th, but 2022 CPM still remains mostly higher than what it is this year.
The increase from about a $9 average CPM in October to about $12 during the holidays is also minimal compared to what we saw in years past.
This is just one source, but it could mean that advertisers did very well during Black Friday and Cyber Monday. Since consumers were in a buying mood, a slight increase in CPM probably meant a very favorable ROAS.
How did your promotions go?