Is CPM profitable? Forget about search ranking, count real cash

CPM is profitable only when it converts into money. With the advent of AI Overviews (AIO) in Google Search Console, traditional position metrics are distorted, creating a false impression of visibility. This requires a rethinking of the approach to evaluating SEO effectiveness, focusing on real visits and conversions, rather than on numbers that are worthless.

Block Flattening: how Google distorts data

Google Search Console uses an approach called “block flattening” to display AI Overviews. This means that the entire AIO block, which often appears in the first position, is counted as a single position, and all links within it receive the same “top” position in reports.

“Tracking traditional positions for AI features is hard to make useful,” said John Mueller of Google Search.

This leads to even links hidden behind a “Show more” button receiving the same position 1 as those immediately visible. As a result, Search Console data may show high visibility, even though the user may not have noticed your site.

Why “average position” no longer works

The problem of “average position” existed even before AIO, as it is a simple mathematical average. Search is personalized: results vary depending on geolocation, device, and query. Mixing all these factors into a single average number does not reflect the real picture.

Your page might be in position 1 in AIO, but in position 19 in regular results.
Search Console might show an “average position” of 10, hiding these extreme values.

How impressions mislead

Google’s rules for counting impressions are outdated and do not account for the interactivity of modern search results. An impression is recorded as soon as a result loads on the page, even if the user does not see it. This means that:

All links in AIO are counted as impressions by default, even if the user only read the first sentence.
Links hidden behind interactive elements (e.g., “Show more”) are not counted as impressions until the user clicks on them.

This creates a paradox: invisible links get “impressions,” while useful but hidden ones are ignored.

Impact of AI on clickability and traffic

Studies show that AIO significantly changes user behavior and affects whether CPM is profitable or not. For example:

A Seer Interactive study showed that CTR for cited sites decreased by 61%.
An SEJ field study found that AIO cut clicks on regular organic results by approximately 38%.

This happens because users get the information they need directly from AIO and do not go to third-party sites. This is especially true for informational queries, where AIO appear in 21% of cases.

CPM profitable? Forget about search ranking, count real cash — illustration 2

What’s cheaper: banner or target? Focus on the result

Instead of chasing ephemeral positions, an arbitrageur should focus on real metrics. Testing hypotheses cheaply is possible if you understand exactly what you are measuring. If you see your brand mentioned in AIO – that’s already good. Next, you need to look at:

Actual website visits: how many users actually came to your resource.
Lead generation: how many inquiries or contacts you received.
Conversions: how many sales or target actions were performed.

These indicators are not distorted by “block flattening” and provide a clear understanding of how much money each ruble spent will bring. To control the real display of the page, use tools that simulate live viewing, rather than relying on averaged Google data.

Frequently Asked Questions

What is “block flattening” in Search Console?

“Block flattening” is a method where Google Search Console combines the entire AI Overview (AIO) block into one position, usually the first. All links within this block receive the same “top” position in reports, regardless of their actual location or visibility to the user.

Why has the average position in Search Console become less reliable?

The average position has always been an averaged metric that does not account for search personalization (geolocation, device). With the advent of AI Overviews, it has become even less reliable, as the same page can be in the first position in AIO and in the twentieth in regular results, leading to a distorted average value.

How do AI Overviews affect click-through rates?

AI Overviews can significantly reduce the number of clicks on organic results. Users often get all the necessary information directly from AIO and do not go to third-party sites, which leads to a drop in CTR for many resources.

What metrics should be used instead of positions in Search Console?

Instead of positions, you should focus on real indicators: the number of actual website visits, lead generation, conversions, and whether your brand is mentioned in AI Overviews. These metrics provide a more accurate picture of the real effectiveness of your SEO.

Conclusion

Old metrics don’t work. Price vs. result — that’s what matters. Forget about the illusions of “average position” and “impressions” that don’t bring cash. Focus on real visits, leads, and sales. Only then can you understand if your CPM is profitable and if AI is worth the effort. Analyze unit economics, not reports that Google itself admits are inaccurate. Switch to a new strategy for evaluating effectiveness, based on actual data, not on numbers that are worthless.