Across 33 accounts, same audiences, 90d. CPM = cost per 1,000 impressions.
— Awareness objective: median CPM $7
— Traffic: $11
— Leads: $14
— Sales (purchase): $29
Meta charges you for who it has to find. The conversion objective makes the algorithm hunt scarce high-intent users, so the auction is denser.
Read: don't compare your $28 sales CPM to a 'cheap CPM' case study running traffic — different auction, different buyers.
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Sales-objective CPMs run 2.1x lead-objective CPMs
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