If you are going to invest time in monitoring and optimizing your Facebook ad buy, it is my recommendation that you virtually always opt to pay for impressions (CPM) versus clicks (CPC).
There it is.
After much experimentation with Facebook ads, what I’ve consistently found is that with nurturing – monitoring and optimization – it is fairly easy to create ads that outperform Facebook’s recommended bid rates for CPC ads with a CPM buy, and outperform them significantly.
If you’re used to purchasing CPC ads, at the beginning of your next buy, do a test and purchase all of your ads based on CPC and CPM, and let them run for a day or so. When you review the analytics at the end of day one, do the simple calculations to determine how much you are paying for each of your CPM ads to accrue each click:
(Total Impressions / Total Clicks) / 1000) * CPM
What I think you’ll find is that the ads that naturally perform well will be more efficient to run paying for impressions than clicks. After your analysis of the performance of your ads, eliminate any under-performing ads from your mix and place increased budget behind those that are yielding great results. Continue this cycle of monitoring and optimization for the duration of your campaign.
If you’re finding that paying for clicks across the board is more efficient, my guess is that there is something about the ads you’re running that isn’t resonating with your target, and they could use some adjusting. Revisit your ads to ensure the basics of high-performing Facebook ads are covered – that you’re using an eye-catching visual, strong headline, and compelling call-to-action. I’m all but certain that with some adjustments you’ll be able to reduce your cost to accrue a click to well below Facebook’s recommended bid price.