What you'll learn:

Two basic optimization strategies that you can follow on Facebook.
The role that conversion optimized bidding plays on Facebook
How to manage budgets.
Different strategies to optimize bids and budgets.

How to Drive Conversions

Given all this knowledge on Facebook bidding, how can we utilize it to drive more conversions? We have collected below some highlights on points that we are facing often.

At a minimum, your Ad set needs to get 15-25 conversions weekly for its Optimization goal, in order to have a fair chance at success.

Note: 15-25 conversions is only the bare minimum. 50-100+ conversions weekly for Ad set is ideal.

Only separate a target audience into separate Ad set if you would bid differently to reach the people in that audience compared to people in other audiences, or if the message or creative needs to be different for the audiences. Otherwise, combine your audiences into the same Ad set with a combined budget.
Question: Is there any advantage to starting out initially optimizing for Link clicks and then switching to optimizing for Conversions? Answer: We do not have any evidence that this would improve the initial delivery or performance of ad sets that are eventually switched to optimize for Conversions.

Bidding

Bid Optimization: Pacing explained

Conversion windows for ad delivery optimization

Optimization goal options

What billing event to use?

Automatic or Manual bidding?

How much should you bid?

What's the difference between average and maximum cost bidding?