CPI is one number that hides three different problems
Cost Per Install (CPI) is simply total ad spend divided by the number of installs it produced: CPI = Spend ÷ Installs. That single number is useful for budgeting, but it collapses three very different funnel stages into one figure — how many people saw the ad (impressions), how many of those clicked (CTR), and how many of those clicks converted to an actual install (click-to-install rate, sometimes called store-page conversion rate). Two campaigns can land on the exact same CPI for completely different reasons: one with a weak ad but a strong app store listing, another with a strong ad but a confusing store listing — and only breaking down the funnel reveals which lever to pull.