July 16, 2020
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CPC, CPM, CPA, oCPM … choosing the right bid strategy for your Facebook campaign can be a dizzying process. We’ve provided a simplified guide to Facebook bidding to make effective bidding your Facebook campaigns easier than ever.
For broad audience targeting, it’s important to have a bid strategy that will effectively work to narrow in on the most qualified users within that audience. In most cases, this means bidding oCPM, or optimized cost per thousand impressions.
oCPM optimizes Facebook delivery of ads to users who will complete your selected conversion event while you pay per thousand impressions.
This is the go-to bid strategy for conversion-based bidding. In order to run oCPM bidding, consider the following to help make this strategy even more effective.
If you find that you can’t get enough purchase events to reach the minimum target, you have the option of running oCPM on Add To Cart or oCPM on Landing Page Views. The latter is especially great for audiences that are more qualified, such as an all site visitor retargeting pool, where the main objective is to get the user back to site.
As mentioned above, for qualified audiences with the objective of driving users back to site, oCPM for Landing Page Views is tried and true. Another option for retargeting users who have already been to your site (for example, all site visitors or users who have added-to-cart) and therefore more likely to convert is CPC bidding. The best way to determine which of the two to utilize is by evaluating CTRs. If you have a low CTR, then it’ll be more cost efficient to pay only for your clicks by bidding CPC. If you have a high CTR, then it’ll be cheaper to bid oCPM in Landing Page View as you’re paying for impressions rather than clicks.
Very specific circumstances call for selecting CPM as your bid type when your campaign objective is conversions. Bidding CPM would lead to delivery to any user in your audience, so the ideal target audience here would be those closest to the conversion event without having converted (initiate checkout audience, for example).
Selecting your bid strategy can be pretty simple once you take into consideration how qualified your audience is. For more top-of-funnel, high-volume audiences, bid oCPM on Conversions or Landing Page Views. For more bottom-of-funnel, targeted audiences, bid oCPM on Clicks or CPC depending on your CTR. Implement these bidding strategies today to boost your Facebook advertising performance! Contact us if you’re interested in learning more.