Facebook Best Practices for Bidding

///Facebook Best Practices for Bidding
Facebook Best Practices for Bidding 2016-10-15T11:45:49+00:00

Bid your true value
Bid the maximum amount you’re willing to pay per objective.

Increase your bid if you’re willing to pay more per objective
You will almost always be charged less than your bid. So, if you’re willing to spend more, increase your bid to maximize delivery.

Set accurate end times for your ad sets
You might get slower delivery if the system thinks it has to spread your spending out over a longer period of time.

Set different bids for low and high lifetime value (LTV) users
Create different LTV audience segments. Bid higher for people who bring more value in the long run, and less for people who have a lower LTV.

Don’t change bids and budgets too frequently
Fluctuations in bids may affect delivery.

Evaluate the overall value of the bid
Low cost bids may provide you with people who are easier to reach. In addition, you might not be able to scale your campaign properly.

Your brand is the emotional connection that people make with your business. It is based on everything you say and do as a company and includes the messages you communicate via advertising, the values and beliefs of your company, and experiences that you offer your customers. As the world gets smaller and smaller, and competition for goods and services becomes greater, a strong brand will set your business apart and is an invaluable intangible asset.

Your campaign revolves around the advertising objective you have decided on, like Clicks to Website, Brand Awareness, or Mobile App Installs. As you set up your campaign, you’ll create one or more ad sets to help you optimize and measure your results for each of your advertising objectives. And within each ad set are the ads themselves. All the ads in one ad set share the same daily or lifetime budget, schedule, bid type, bid info, and targeting data.

Cost Per Action (CPA)
This is the average amount that you’re paying for each action people take on your ads. What you pay depends on who you’re targeting and how many other advertisers are competing to show their ads to your audience. Well-designed ads will encourage more people to take an action; the more actions you get for your budget, the lower your cost per action will be.

Cost Per Click (CPC)
This is the amount you’re paying on average for each click on your ad. Average CPC is calculated as total cost for ad / total clicks.

Cost Per 1000 Impressions (CPM)
Your average CPM is the amount you’re paying on average for every 1,000 impressions of your ad. This is calculated as total cost for ad / (total impressions / 1000)

This is the number of times your ad was served. On our mobile apps, an ad is counted as served the first time it’s viewed. On all other Facebook interfaces, an ad is served the first time it’s placed in someone’s News Feed or each time it’s placed in a desktop right column.

An individual ad includes its creative — the image, video and/or text it uses — target audience, and bid. Your ads appear along with the stories that are relevant to your audience so it’s important that the creative in your ads are aligned with their interests.

Clicks are the total number of times someone clicks on your ad. Depending on what you’re promoting, this can include event responses or app installs.

Boosted Post
A boosted post appears in News Feed and can significantly improve its reach. A major advantage to boosting is targeting your post toward different groups based on its performance.

Promoted Post
A promoted post is somewhere between a standard post and an ad. Once you promote a post, it will be labeled as a sponsored post; your audience will be limited to people who like your Page and their friends. Promoted posts appear higher in News Feeds, so there’s a better chance your Page fans and their friends will see them.

Conversions are customer-completed actions, like purchases or adding items to a cart on a website.

Video Views
Video views is the total number of times your video was viewed for at least three seconds.

Core Audiences
Core Audiences enables advertisers to reach precise audiences based on four main targeting types: location, demographic, interests and behaviors. This data is pulled from the information shared in peoples’ profiles and the behaviors they exhibit on the platform.

Custom Audiences
A Custom Audience lets advertisers find their existing audiences among people who are on Facebook.

Lookalike Audiences
A lookalike audience is a group of people who are similar to an existing audience based on several kinds of ‘seed’ users, allowing you to target more people who look like your established customers. When you use Custom Audiences, you can choose to create a lookalike audience that targets people who are similar to your Custom Audiences list.

Partner Categories
Partner categories is a targeting option that uses data from trusted third-party data partners. That data allows you to target people based on certain attributes, like their income or whether or not they’re a homeowner. You may also be able to target people based on things they do off of Facebook, like purchasing a new truck.