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What’s a good CPM for a Leads campaign on Meta Ads?

CPM for Leads campaigns runs higher than almost any other objective, often higher even than Sales, since Meta is bidding for a relatively narrow slice of people likely to want what's being offered enough to hand over their contact details.

CPM benchmarks for a Leads campaign

Tier	Range	What it means
Below average	Over $45	You're paying more than typical to reach this audience. Common in competitive lead-gen categories like home services, legal, or finance, but still worth a look.
Average	$35 – $45	A typical CPM for lead generation.
Above average	$25 – $35	Reaching people more cheaply than typical for lead generation.
Excellent	Under $25	A very low cost to reach this audience for a Leads campaign.

Have your own CPM? Drop it into the tool and get the full breakdown plus questions for your agency.

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If your CPM is below average

You're paying more than typical to reach this audience. Common in competitive lead-gen categories like home services, legal, or finance, but still worth a look.

Is this a naturally expensive category to advertise in, or is the audience too narrow?

If your CPM is average

A typical CPM for lead generation.

Is there a broader but still relevant audience worth testing?

If your CPM is above average

Reaching people more cheaply than typical for lead generation.

Is there room to expand this audience while it's still efficient?

If your CPM is excellent

A very low cost to reach this audience for a Leads campaign.

What's keeping this efficient, and can it hold as spend increases?

Other metrics for a Leads campaign

Sources

Adamigo provided the cleanest full Leads-objective breakdown (CTR, CPC, CPM, CPL, conversion rate), cross-checked against Hawky and theedigital, which agreed closely on CTR, CPC, and CPL. CPM bands are synthesized from Adamigo's stated range with the below-average threshold set a bit lower for a more usable spread.