Nobody should give two shits about impressions or clicks.

They’re the cotton candy of marketing metrics.....sweet for about 3 seconds, then you realise you’ve ingested air.

Impressions don’t pay salaries.
Clicks don’t cover debt covenants.

Cash flow does. Customer LTV does. Gross margin does.

Yet, I still see portfolio company boards patting themselves on the back because “our campaign drove 5 million impressions.” Brilliant......did any of them buy? Did CAC improve? Did conversion lift?

In PE-backed businesses, the scoreboard isn’t “engagement.” It’s EBITDA.
The only digital metrics worth caring about are those that connect cleanly to unit economics:
• CAC vs. LTV
• Cost per qualified lead (not cost per click)
• Revenue per channel dollar
• Conversion rates at each funnel stage

Everything else is theatre.

If you want vanity, buy a Super Bowl ad.
If you want returns, measure what matters.