Yesterday, I decided to experiment with the CPM bidding instead of the CPC so as to test which one will work better for the promotion of my bulk SMS site on Google display partner sites using Google Adwords.
I opted for the "Search Network with Display Select" option when setting up the campaign. When I got to the point where I will have to select my bidding strategy, I didn't see any option to make the campaign focus on impressions (CPM bidding). This baffled me.
I decided to check the Adwords forum for tips on how to set up CPM bidding and fortunately, I stumbled on a thread which explains how to create a campaign that focuses on impressions using Google Adwords.
According to the thread, you can only setup CPM bidding when you have chosen the "Display Network Only" option when setting up your campaign. Selecting this option, automatically enables the CPM bidding option via the campaign settings tab, thereby allowing you to choose whether to focus on clicks (CPC) or impressions (CPM).
With CPM bidding, you bid for your ad based on how often it appears on the Google Display Network. You set the max amount you want to pay for 1000 impressions, whether your ads are clicked or not.
This bidding type is recommended to businesses that just want to get their name in front of more people, i.e businesses that care more about ad views than about clicks and visits to their websites.