This is true. What would be amazing is if there was a way to audit their advertising algorithms to know it is fair. I tried their new Contact Form tool, but the cost per lead is about $17/lead.
At the end of the day, if someone is advertising a product that is incredibly good, they should be able to use CPM instead of CPC. The point I am trying to make is that I believe the CPM model is dependent on making CPC & other more costly services look like a better alternative.
Publishers want to get paid for the opportunity (CPM) but Advertisers want to pay a portion of their revenue (PPA): PPL, PPV, PPC and PPM are all proxies for that customer acquisition, so if you want to buy effectively, you need to start by figuring out what your costs per acquisition are. If you can't even hypothetically afford anything close to $17/lead, you might not be able to purchase customers yet, but if you can, then figuring out your lead-to-sales ratio is a lot easier than working out everything between the impression and the sales.
You might consider looking for an agency that specialises in PPL/PPA; basically doing revshare, and letting them build appropriate site lists, and user demographics, and copy testing and so on to help figure out what makes your product sell -- they will put skin in the game because they can leverage their expertise.
This. Not every business has the economics to make advertising work at certain scales.
For many, $17/lead is fantastic because they have an AOV or LTV that supports it. Not every business can do that, so other forms of marketing may make more sense at that stage.
At the end of the day, if someone is advertising a product that is incredibly good, they should be able to use CPM instead of CPC. The point I am trying to make is that I believe the CPM model is dependent on making CPC & other more costly services look like a better alternative.