Optimisation: Pricing Models — CPM, dCPM, vCPM, VCR, CPC, CPA

For the complete campaign setup process, refer to the Campaign Setup Guide.

Overview

The Optimisation step is where you select the pricing model that drives your bidding strategy. This choice determines how the platform values each impression in real-time auctions — whether it optimises for raw reach, viewability, video completions, clicks, or conversions.

Six pricing models are available. Each requires a Max CPM (the highest bid the platform will place per 1,000 impressions) as a hard ceiling. Some models add a target price that tells the algorithm what you want to achieve per outcome. The minimum bid price across all models is €0.20.

Fixed CPM

The simplest model. You set a fixed price per 1,000 impressions and every bid goes out at that price. No algorithmic adjustment — what you set is what you pay (up to that price, as auctions may clear lower).

Best for: Campaigns where predictable cost matters more than performance optimisation. Useful for guaranteed-delivery contracts, sponsorship-based buying, PMP deals (private marketplace deals), or when you already know the market clearing price for your target inventory.

Dynamic CPM

The algorithm adjusts your bid in real time based on predicted performance, bidding higher for impressions it expects to perform well and lower for those it does not. You set a Max CPM ceiling and the system optimises within that range.

Best for: Campaigns that want algorithmic efficiency without a specific outcome target. The system learns from delivery data and adjusts bids automatically — a good default for advertisers who want to "let the machine work" within a defined budget.

Viewable CPM (vCPM)

Optimised for viewability rate — the percentage of impressions that are actually seen by the user (measured as at least 50% of the ad visible for at least 1 second). The algorithm targets a minimum 70% in-view rate by bidding higher on inventory with strong viewability scores and lower on inventory where ads are less likely to be seen.

The viewability target is set automatically by the algorithm — you control only the Max CPM ceiling. The system calculates an effective vCPM internally.

Understanding the Relationship Between CPM and vCPM

Viewable CPM is always higher than standard CPM because you are paying for only the impressions that were seen, effectively absorbing the cost of the unseen ones:

$$vCPM = \frac{CPM}{Viewability\ Rate}$$

Example: If you pay €5.00 CPM and the viewability rate is 50%, you bought 1,000 impressions but only 500 were seen. Your effective vCPM is €10.00.

This means your Max CPM needs to be set high enough to clear auctions on premium, high-viewability inventory — otherwise you lock yourself out of the placements that would actually achieve your viewability goal.

Why Max CPM Must Be Set High Enough

Consider a premium news site with 100% viewability and a €6.00 floor price:

• Max CPM set to €4.00 — The system cannot bid. You lose the best inventory, even though the resulting vCPM (€6.00) would be well below your efficiency target.
• Max CPM set to €15.00 — The system bids €6.00, wins the impression, and achieves a €6.00 vCPM.

Setting Max CPM too low forces the algorithm into low-quality, low-viewability inventory — the opposite of what this model is designed to achieve.

How to Calculate Your Max CPM

Use the multiplier rule based on your target viewability and your expected average CPM:

$$Target\ vCPM \approx Average\ CPM \times \frac{1}{Target\ Viewability}$$

Then set Max CPM to approximately 1.1× your target vCPM to give the algorithm room to win high-quality auctions.

Note: The multiplier decreases as the target viewability increases. This is because demanding higher viewability forces the system to buy only premium inventory where the gap between CPM and vCPM is smaller — less waste means a lower multiplier.

VCR CPM (Video Completion Rate)

Optimised for video completion rate — the percentage of video impressions where the user watches to the end. The algorithm targets a minimum 70%+ completion rate by prioritising placements with strong completion signals. Available for Video and CTV campaigns only.

Completion Rates Vary Drastically by Format

The same multiplier logic from vCPM applies, but the benchmarks differ significantly by video format:

$$Multiplier = \frac{1}{Target\ VCR}$$

CTV has near-perfect completion rates because viewers rarely skip ads on streaming platforms. Your CPM and completion CPM are nearly identical — the challenge is winning the auction, not achieving completions. Set your Max CPM high enough to clear premium CTV floor prices.

In-Stream Pre-Roll delivers strong completion rates on shorter creatives. The 15-second format is the sweet spot — long enough to deliver a message, short enough that most viewers watch to the end.

Out-Stream / In-Article carries the highest multiplier because most users scroll past these placements. The CPM is cheap but the cost per completion is expensive. Use this format for reach-focused campaigns, not completion-focused ones.

Key takeaway: Do not use a CTV multiplier for out-stream video, or you will bid far too high. Match your multiplier to the actual format your line item targets.

CPC (Cost Per Click)

Optimised for clicks. You set a target CPC (your desired cost per click) and a Max CPM ceiling. The algorithm then bids to achieve your target click cost while never exceeding the Max CPM on any single auction.

Two Optimisation Strategies

Understanding the CPC-to-CPM Relationship

At the baseline, if your target CTR is 0.1% (1 click per 1,000 impressions), then the cost of that click equals the cost of those 1,000 impressions. This means:

$$Max\ CPC \approx Average\ CPM \times 1.0$$

But the two strategies require different multipliers because they target different inventory quality levels:

Click Price targets high-CTR inventory where clicks are naturally frequent, so you can set your Max CPC below your CPM and still win volume.

Click Quality targets premium publishers (news, finance) where real users engage deeply but CTR is lower and CPMs are higher. You must set your Max CPC above your CPM — otherwise the algorithm cannot bid on the quality inventory it needs.

CPC Delivery Warning

The platform displays a warning if your target CPC is too low relative to your Max CPM:

• Click Quality: If CPC is less than 1.5× your Max CPM, the campaign may under-deliver because quality inventory is too expensive for your bid
• Click Price: If CPC is less than 0.5× your Max CPM, even volume-focused optimisation may struggle to deliver

Rule of thumb: If your historical bounce rate is above 70%, switch to Click Quality with a 1.5× multiplier. If your bounce rate is below 50%, Click Price with a 0.8× multiplier saves budget while maintaining acceptable traffic quality.

CPA (Cost Per Action)

Optimised for conversions. You set a target CPA (your desired cost per conversion) and a Max CPM ceiling. The algorithm uses your conversion pixel data to predict which users are most likely to convert and bids accordingly.

Two Optimisation Modes

Prerequisites

CPA optimisation requires an active conversion pixel on your website. Without conversion data, the algorithm has no signal to optimise against. Set up your pixels before creating a CPA-optimised line item.

For best results, allow the algorithm a learning period of at least 2–3 days before evaluating CPA performance. The system needs conversion data to build a prediction model.

Choosing the Right Model

Quick Reference

Related Pages

• Settings — Frequency capping, consent, and placement (previous step)
• Campaign Setup Guide — Complete 10-step walkthrough