I personally would go for CPC. That's just my opinion though.
I just find you get more "bang for buck" with CPC marketing as you only have to pay every time someone clicks on your ad. Unlike CPM, where you're paying just to have your ad appear.
Cool thing with CPC is, if someone actually clicks on your ad, that person is a targeted lead. Why would they have clicked on it in the first place right?
If you're setting a direct deal with the site owner (no platform or "middle man"), then you will probably have to pay for time of exposure, which is basically buying an ad space for a certain amount of days or weeks.
That's not a bad thing... initially, you may need to have a better budget for doing that, but you can get awesome rates and end up paying way less for the traffic.
So, if you have a good budget, this is definitely an interesting strategy for getting cheap targeted traffic.
I think you can get better bang for your buck with CPC - as apposed to CPM this can blow through your budget very quickly - especially if the site gets a lot of visitors. But if you just wan to advertise something for brand awareness (like your own products), then CPM can be good.
Like wiliamrs mentioned, "If you're setting a direct deal with the site owner (no platform or "middle man"), then you will probably have to pay for time of exposure". This is a good option especially if the site gets a lot of visitors.
For most - including myself, I usually go for a CPC strategy. I only get charged when the ad is clicked and those people are most-likely to buy.
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