Search CPMs

I’m not sure I understand John’s comment fully about the ratios, but there is definitely a point to be made about the high search CPMs.

The search engines, their SEM counterparts, and the analysts with $600 price targets would like you to believe that search, as an advertising vehicle, will ultimately take big branding dollars from other mediums, but I just don’t see it.

These CPMs are way too high for the value you get from a branding perspective. Why would a rational media buyer pay $50 for some text links that will show up next to a half dozen competing products? It just doesn’t make sense.