CPM (Cost per Mille/Thousand) is a pricing model where you pay for every 1,000 impressions of your ad, regardless of clicks. It is used mainly in awareness campaigns on Meta Ads, TikTok Ads, and Display. CPM varies significantly by season, audience, and creative quality.
A Meta Ads awareness campaign with a CPM of EUR 5 means you pay EUR 5 for every 1,000 people who see your ad. With a budget of EUR 500, you reach roughly 100,000 impressions.