Setting Your Facebook Advertisement Maximum Daily Bid
One of the most important aspects of setting up an effective Facebook advertisement is in the maximum daily bid that you are willing to pay. The higher your daily bid, the more exposure your ad will receive. You want to start off with a lower bid if you are just getting used to advertising with Facebook, and increase your maximum daily bid as you fine-tune your advertisements for maximum results.
It’s important to always keep a pulse on how well your advertisement is converting, so that you can improve click through rates and overall response. When you create an advertisement with Facebook, they will suggest a maximum bid based on your advertisements focus and target market (based on your personal configuration and preferences).
You can start off by setting your maximum daily bid slightly lower than what’s suggested and increase it as you improve your advertisements conversion rates so that you are getting the most bang for your buck!
CPC Versus Impression Based Ads
With Facebook, you can develop advertisements where you either pay for impressions or based on the number of clicks your ad receives. If you are just getting started with Facebook advertising, I recommend choosing cost per click (CPC), so that you can accurately test your advertisements, while paying only for responses rather than just views.
You can always change your advertisement format to ‘impression based’ later on in the event you wish to test out alternative options.
