I have seen many brands struggle with this simple understanding that whether to use CPC or VCPM.
Every strategy is depends on your overall goals and objective. First Let's understand the basis difference between these two-
CPC is ideal when the focus is on driving traffic and conversions. You only pay when someone clicks on your ad, which gives more control over performance and ACOS. This is best suited for bottom funnel campaigns, retargeting, and high intent keyword targeting where the goal is purely sales
On the other hand VCPM works well when visibility is the priority. You pay for impressions, not clicks. It is often used in top of funnel campaigns or brand building efforts where you are aiming to boost awareness or dominate key placements.
With CPC, you might lose premium placements if your bid are not competitive enough and with VCPM, there is a risk of spending budget without clicks if your creatives aren not compelling.
Now both can be used based on your intent, campaign goal. For awareness and audience building, VCPM generally helps in winning strategic placements. For conversion focused campaigns, CPC ensures budget is spent more efficiently.