Against expectations, CPM decreased by 2.72% to 98.77 NOK ($11.35). It's well known that other industries have suffered higher CPMs and costs on Facebook this year. According to Adstage 2018 benchmark report for Q1 2018, the average CPM across all industries was up 91% from Q1 2017 to $11.20.
This is due to a more competitive advertising landscape. All self-serve advertising platforms operate as an auction where the highest bidder/best advertiser wins, and Facebook has seen a steady increase in new advertisers without much user growth. As a result, Facebook is running out of ad space and demand exceeds supply, causing impressions to become more expensive.
Luckily, the high competition has had a minimal impact on our ads performance. However, Facebook is becoming expensive and you'll see more and more businesses complaining about the high costs, but the truth of the matter is, Facebook and Google are still extremely powerful and profitable channels if you know how to operate them and beat your competition. Both channels rank your ad performance and provide an indicator called "relevance score". If your messaging and creatives resonates well with your target audience, their algorithm will acknowledge the positive engagement and reward you by lowering the CPM. Essentially, you can still win the auction with a lower bid than your competitor. In a nutshell, good creatives and targeting are now more important than ever to maintain a healthy return on your ad spend.