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What’s your favorite brand social account rn?
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Because of the “return to normal,” more advertisers are resuming advertising on all social platforms so that means more competition to reach your audiences and likely, higher CPMs. Overall CPMs were pretty low/efficient for those still advertising last year but they’re now creeping back up and anticipate this will continue to be the norm. There are a few articles out there already reporting on this.
Do you have any benchmarks from pre-pandemic times? If you work with platform reps, you can ask what the avg CPMs they’re seeing in your specific industry and use that as a benchmark to run your future forecasts. You can also try revising your targeting and audiences. Good time to explore new platforms if they align with your audience (Reddit and Snap tend to be pretty efficient but doesn’t align with all audiences). Hope this helps!