Frequency is impressions divided by reach. As frequency climbs, the same people are seeing the ad repeatedly rather than new people entering the audience, which is normal in retargeting but a warning sign in cold prospecting. Rising frequency paired with falling CTR is the classic signature of creative fatigue.
High-spend accounts in narrow niches (certain crypto or iGaming geos with licensing restrictions) hit frequency ceilings fast because the addressable audience is small. When frequency exceeds roughly 3-4 in a cold campaign within a week, it's usually time to expand the audience or rotate creative.
ExampleAn ad set reaches 50,000 people with 175,000 impressions: frequency = 3.5.
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