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Chapters · Intermediate
  1. Start here: what Intermediate covers and who it's for
  2. GTM tracking skeleton (paid)
  3. GA4 setup and events (paid)
  4. Meta Pixel event design (paid)
  5. E-commerce tracking after moving to a shop platform (paid)
  6. Unit economics: every number you can afford, worked back from margin (paid)
  7. Reading ad data: the four formulas behind the report (paid)
  8. Reading GA4: traffic, the shopping funnel and three-way reconciliation (paid)

Intermediate · Chapter 6 · Last updated 2026-10-02

Reading ad data: the four formulas behind the report

CPA rose, you can't say which factor moved, so you guess. Split it into CPM, CTR and conversion rate, see each share, and tell real changes from small samples.

In this chapter

  • Split a change in CPA into CPM, CTR, arrival rate and conversion rate, and work out what share of it each one accounts for
  • What each factor getting worse points to, and which chapter to go back to for it
  • Why turning off a placement or age group that "has a higher CPA" can make your overall cost go up instead
  • What click-through, view-through and engage-through attribution each count, and how your reports change now that, from March 2026, click-through attribution counts only link clicks
  • A rule of thumb that needs no statistics software: below how many conversions the gap between two numbers is just luck
  • Day-N checkpoints for high-priced products with long decisions, so you know when a low number today is no reason to act
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Terms in this chapter: Impressions, Reach, Frequency, CPM, Link clicks, CTR, CPC, Results, CPA, Conversion rate, ROAS, ThruPlay, Attribution, Attribution setting