CPM volatility describes swings in auction pricing driven by factors outside an advertiser's direct control: holiday shopping seasons, election periods, new entrants bidding in the same audience, or macro shifts in ad supply and demand across Meta's platforms. Verticals like crypto and iGaming often see additional volatility tied to regulatory news cycles that pull competitors in and out of the auction.
Agencies managing $100k+/mo budgets build CPM volatility into forecasting rather than treating a spike as a targeting failure, and often hold a buffer of tested backup creative and audiences ready to shift budget into when a core segment's CPM suddenly jumps.

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