According to AdRoll’s Q1 State of Digital Marketing report 2024, CPM was a 7% increase (Cost Per Thousand impressions).
Highlights of 2024 Q1 Report
- According to the Q1 Report, Advertising CPM noticed an unusual 7% increase from November to December, Highlighting the fact that advertisers were more positive towards the end of the last year.
- The U.S. economic data released at the beginning of 2024 highlighted that the U.S. economy is improving. The U.S. consumer sentiment index in January reached its highest level after two and a half years.
- Advertising spending is expected to grow in 2024. The AdRoll customer survey shows that 40% of companies and marketers plan to increase their advertising expenditures in 2024 with Search, Display, and Meta Channel being the most preferred advertising channels.
- To optimize campaign performance across multiple channels, marketers should know the customer journey and use a cross-channel attribution tool for measuring the performance of their campaign.
- Hence marketers should invest in present and future revenue growth. By forming a full-funnel approach, you can build a strategy for sustainable growth.
Role of CPM in Digital Marketing
CPM is similar to the pricing of the commodity, determined by the interplay of demand and supply. The transaction of digital ads occurs through auctions, made possible by Supply Side Platforms and Demand Side Platforms, representing publishers and advertisers.
With the increase in advertising expenditure, CPM rates will increase. This rise will be different for different channels. To utilize these conditions for your benefit, Marketers should know the customer journey and employ cross-channel attribution tools to measure the performance of the campaign. By employing a full-funnel approach, you can ensure sustainable growth. In case you do not know the workings of the full-funnel approach and other dynamics of marketing, Lumia 360 can help you in audience targeting and engagement throughout the customer journey to maximize profit. By aligning the expenditure with audience behavior, marketers can build a revenue pipeline for sustainable growth. Lumia will employ a 360-degree approach to increase your traffic and sales.
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