Why is my CPM so high?

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As this time, my CPM (cost per 1,000 impressions) is ~ $17-$20. At normal CTR's and conversion rates, it's nearly impossible for me to profit. I've actually been losing a lot of money. That said, I have been running F + S offers so is there isn't much margin room there, but still, what gives? Is this CPM normal? Does it have to do with timing? Should I ditch the F + S offers and transition to higher ticket items with more profit?
#cpm #high
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