Cost per lead (CPL) is the metric that connects CTV spending to actual business results. But what’s a “good” CPL? Here are benchmarks and the factors that move the number.
CPL Benchmarks by Market Size
Market size significantly affects CPL:
| Market Size | CPL Range | Median CPL |
|---|---|---|
| Small DMA (100+) | $150-400 | $250 |
| Mid DMA (50-100) | $200-500 | $350 |
| Major DMA (25-50) | $300-700 | $450 |
| Top DMA (1-25) | $400-1000+ | $600 |
Larger markets mean higher CPMs, fiercer competition, and 2-3x higher CPLs. If you’re in a top-25 DMA, budget accordingly, or find targeting precision that lets you beat these averages.
What Affects Your CPL
Creative Quality
The single biggest variable. Strong creative can halve your CPL; weak creative can double it.
Option A
Option B
Targeting Precision
Option A
Option B
See Why Demographic Targeting Wastes Budget for targeting strategy.
Landing Page Conversion
CTV drives traffic. Your landing page converts it.
| Conversion Rate | Impact on CPL |
|---|---|
| 3% | Baseline |
| 4% | 25% lower CPL |
| 5% | 40% lower CPL |
| 6% | 50% lower CPL |
A 2 percentage point conversion improvement cuts your CPL by 40%. That’s not optimization. That’s a different business model.
Landing page essentials:
- Message match with TV creative
- Phone number visible immediately
- Simple form (name, phone, injury type)
- Mobile-optimized (most traffic is mobile)
- Fast load time (under 3 seconds)
Search Protection
CTV generates searches. 75% of consumers search after seeing TV ads. If competitors capture those searches, your CPL suffers.
Without branded search protection:
- 30-40% of searches go to competitors
- You pay for awareness they capture
- CPL appears higher than it should
With branded search protection:
- 90%+ of branded searches captured
- Full credit for CTV-generated leads
- True CPL visible
See CTV and Search Coordination for integration strategy.
Attribution Setup
If attribution is incomplete, your measured CPL is wrong.
Incomplete attribution:
- Only tracking form fills (missing calls)
- Short attribution window (missing delayed conversions)
- Last-click only (missing CTV influence)
Complete attribution:
- Form + call + chat tracking
- 14-21 day attribution windows
- Multi-touch models crediting CTV appropriately
CTV accounted for 38% of impressions but 63% of conversions with proper attribution.
Market Competition
More competitors = higher CPMs = higher CPL.
Competitive markets:
- Multiple PI firms advertising aggressively
- Bidding up CTV inventory
- Harder to stand out
- Higher CPL
Less competitive markets:
- Fewer advertisers
- Lower CPMs
- Easier differentiation
- Lower CPL
CPL Reality Check
How to interpret your CPL:
| CPL | Interpretation |
|---|---|
| Under $200 | Excellent: verify tracking is complete |
| $200-350 | Good: optimize for continued improvement |
| $350-500 | Average: look for creative/targeting improvements |
| $500-750 | Below average: diagnose issues |
| Over $750 | Problem: pause and fix fundamentals |
These ranges assume proper attribution. Low measured CPL with incomplete tracking is misleading.
CPL vs. Cost Per Case
CPL matters less than cost per case. A channel with higher CPL but better lead quality might deliver lower cost per case.
Example:
| Channel | CPL | Lead-to-Case | Cost Per Case |
|---|---|---|---|
| CTV | $400 | 25% | $1,600 |
| Paid search | $600 | 18% | $3,333 |
CTV’s lower CPL AND higher conversion rate compound into much better cost per case.
For cost per case analysis, see Calculating CTV ROI.
Improving Your CPL
Short-Term Fixes (1-2 weeks)
Improve landing page load speed, add click-to-call, fix tracking gaps, simplify forms
Medium-Term (1-2 months)
Refine targeting, test creative variations, add search protection, improve call handling
Long-Term (3+ months)
Build first-party lookalikes, refresh creative before fatigue, optimize by daypart/device
CPL improvement takes time. Consistent investment compounds.
Setting CPL Goals
Work backward from acceptable cost per case:
- Determine acceptable cost per case: (10-15% of average case value is typical)
- Estimate lead-to-case conversion: (15-25% for qualified PI leads)
- Calculate target CPL: Target CPL = Target CPC × Conversion Rate
Example:
- Average case value: $25,000
- Acceptable cost per case: $2,500 (10%)
- Lead-to-case conversion: 20%
- Target CPL: $2,500 × 20% = $500
Benchmarking Your Performance
Track CPL trends over time:
- Compare month-over-month
- Compare to campaign benchmarks
- Compare across creative versions
- Compare across audience segments
Improving trends matter more than absolute numbers.
For complete cost analysis, see How Much Does CTV Cost.
References
- IAB & Innovid. (2022). CTV takes center stage: 2022 video benchmarks. https://www.iab.com/wp-content/uploads/2022/05/Innovid_CTV-Takes-Center-Stage.pdf
- MNTN Research. (2025). Second screen use by TV viewers. https://research.mountain.com/insights/an-exploration-of-second-screen-use-by-tv-viewers/
- Decentriq. (2025). CTV advertising: The complete guide. https://www.decentriq.com/article/ctv-advertising
- MNTN Research. (2023). Increased investment in CTV leads to better performance. https://research.mountain.com/trends/data-reveals-increased-investment-in-ctv-leads-to-better-performance/