Which of the following describes creative fatigue?

Creative fatigue refers to a decline in performance as an audience becomes overly familiar with a specific set of ad creatives. This phenomenon typically manifests as a reduction in conversions while the click-through rate remains stable or even high. The audience may initially engage with the creatives but, as they become accustomed to seeing the same ads repeatedly, their interest diminishes, leading to fewer conversions.

In this context, the option that highlights a reduction in conversions against a maintained or high click-through rate accurately captures the essence of creative fatigue. It emphasizes the imbalance where users may still be clicking on the ad but are not ultimately converting, which is a key indicator that the creative content has become stale for that audience.

The other options do not specifically address the concept of creative fatigue. For instance, a decrease in cost per acquisition could indicate improved performance rather than fatigue. An increase in CPM could suggest rising costs but doesn't inherently tie to the performance of the creative itself. Lastly, one set of creatives outperforming another does not necessarily imply fatigue; rather, it reflects the comparative effectiveness of different creatives, which may not be the result of audience overexposure. Thus, understanding that creative fatigue relates to engagement versus conversion is critical for effective campaign management.