While the ad world is obsessed with clicks because they can measure those, ad receptivity is more than just clicks. While people dream of adding clicks, ads have been tremendously successful without the clicking option. Brand recognition, for example, is an acceptable outcome from the POV of many marketers. But the web lets us measure clicks so advertisers tend to care about clicks.
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However, CPC advertising continues to be effective even in niches which share relatively little overlap with the profile of the typical ad-clicker. I get five to one return on a product which is sold overwhelmingly to female college graduates, despite being adjacent a niche (and sharing keywords and advertising partners) where the typical ad-clicker is strongly represented. Why would this continue to be the case?
CPC is definitely overvalued at the moment. I believe this year, you’re going to see a substantial rise in other metrics. Although CPM is picking up in certain areas, I think different types of CPAs will rise in popularity (a few ad networks are already extremely strong in CPA having a decent competitive edge in it and having been used by top advertisers for years).And of course as more traditional brand advertisers come on board, we’ll see more CPM spending - although I would fully expect an emphasis on metrics on the back end.