In Q1 2024, performance marketers battled soaring costs, with both anecdotal and data-driven evidence confirming the trend. Auction metrics plummeted as ad spending surged, spurred by events like Valentine’s Day, the NFL Super Bowl, and some costly errors by Meta. Despite climbing CPMs across most platforms, YouTube bucked the trend. Key insights revealed a pattern of rising CPMs and significantly improved clickthrough rates year-over-year. Conversion metrics stayed steady, though customer acquisition costs soared, especially on Meta. To thrive, marketers need to focus on profitability and strategic planning, making decisive moves in creative testing and budget allocation. As Q2 approaches, agility will be crucial to stay profitable in this fiercely competitive landscape.
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