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Now I know that depends on the industry and targetting, but can someone tell me if $20cpm is around the range, or this is really expensive (from a clients perspective - good for us;)) and cpms usually go for $5-$10?
Do you have demographics on your site? Do you know who your audience is?
When you find out who your eyeballs are then you can get even higher with CPM.
When dealing with Ad Agencies CPM means nothing. Its all about audience and brand. I know of CPM ads going for $70.000 cpm.
PM me if you need specifics