Case Study Propeller Ads + Mobidea (Push Notification CPM & CPC)

[amazone]

Hello super affiliates,

I need your help, suggestions, critics, or whatever.
So, I am really new in Push Notification campaign. I tried to run an offer in Mobidea using Push Notification in Propeller Ads.

Traffic Source: PropellerAds
Tracking Tool: Bemob
Affiliate Network: Mobidea
Landing Pages: Clickfunnel
Type of Offer: Sweepstakes
🗺 GEO: Australia
Payout : $1.72

Because I am not familiar with CPM or CPC. I decided to run both for 1 offer (Testing)

First Campaign is CPM.
My budget is $20/day
CPM : 0,521
User Activity : High - Medium - Low
Traffic : All Traffic (exclude broker traffic)

I Spend $20,637 and only got 1 conversion. (ROI -98%)
What is wrong with CPM?

Second Campaign is CPC. (Still running, because it convert, but losing money)
My budget is $30/day
CPC : 0,18
User Activity : High - Medium (I want to try without low because I heard that it convert better)
Traffic : All Traffic (include broker traffic)

CPC got more conversions than CPM. So I still let it run to get more data.
The reason I choose this offer