New metrics and methods for measuring the success of a marketing campaigns performance are being tried and tested.
While a standard has never been established, besides conversions, CPM and CTR are considered “leading indicators” gauging the success of a performance marketing campaign. CPM and CTR often form the basis for initial optimizations on distribution as well as creative. However, this can be problematic since these metrics do not really capture the whole story in terms of the value that any aspect of given campaign can provide.
CPM and CTR can still provide valuable insight. But you just need to view them as a part of a bigger picture.
The concept of attribution modeling can shed some more light on this. Attribution modeling means that you must identify a set of advertising impressions that lead to a conversion. It’s an important facet of a campaign because it helps you figure out what led someone to engage in a behavior, which can lead to a conversion.