I never used CPM but I am trying it now. When I set it to control the average amount it came up with the number $1.20 but I did not get any impressions, so I raised it to $1.50 and still no impressions. How long does it typically take to start getting some (I chose around 10 sites and they sites do about 150k impressions a day in total), if I am not getting impressions does that simply mean that there are banners and other ads being served that pay more? Where did Google get the $1.20 number, if I would not get any impressions at that level why do they recommend it? Anyone with exprience in cpm adwords that can help would be greatly appreciated. thanks
First of all, you have to wait to get your ad approved. It's the weekend and I don't think I have ever had ads approved on the weekends. Next, your ad has to have a higher adrank than the top 4 other bidders to be displayed. (Probably the most common adwords exam question). Wait until monday. See how you get on then.
It can take 2 - 3 days (although most of time it's less) to get a CPM campaign running. I put this together a few months back...perhaps you'll find it helpful.