29 Jan What’s Facebook ads manual bid strategy?
First of all, Facebook charges you by CPM (cost per 1000 impressions). The cost per result (click, lead, conversion, etc) are averaged costs, you don’t get the set CPC bidding for Facebook ads campaigns.
However, the Facebook ads bid strategy setting at the ad set level provides the opportunity to set the target cost and “the cost you’re willing to pay”.
In most objectives, you’ll have the manual bid option; for specific objectives like conversion and lead generation, you’ll have the “target cost” option to set your desired cost per action with 10% variations, according to Facebook.
The tricky one is the “manual bid” option. Manual bid is the option where you can set the bid “based on what results are worth to you”. In my opinion, this is an opportunity to outbid your competitors.
Say for example based on your previous campaigns, you know that if the cost per lead is below $50 you’re positive for the campaign if the funnel works as it is. So when your campaign is underdelivering, you can try to push the manual bid to $50 or higher to make the campaign move again.
Facebook advertising should focus on delivery first. If your ad is not showing, there will not be any result.