CPM, CPC, and cost per lead — which number actually matters?

CPM (cost per thousand impressions) tells you how expensive it is just to be seen by people, regardless of whether they do anything. CPC (cost per click) tells you how much each click on your ad costs. Neither of these tells you whether the ad is actually making you money — they're diagnostic numbers, not results.

Cost per lead is the one number that connects spend directly to a business outcome: how much you paid, on average, for each person who gave you their contact details. This is the number Donded surfaces most prominently, because it's the one you can compare directly against what a job is actually worth to you.

CPM and CPC are still useful for diagnosis. If cost per lead is high but CPC is low, the problem is likely your offer or lead form, not your targeting — plenty of people are clicking, they're just not converting once they get there. If CPC itself is high, the audience or creative isn't compelling enough to earn the click in the first place.