As part of Facebook's development roadmap they have introduced a new way to set your advert's bid. While this change moves away from the recognised terms such as CPC, CPM and oCPM it gives you more control and transparency over the goal of your advertising and how you pay to achieve that goal.
These changes, released across Facebook in September have been rolled into StitcherAds.
You will now see the following, relatively self-explanatory fields:
Firstly you must choose what you wish to optimize for e.g. link clicks, impressions, app installs, conversions, etc. Then you must select how you wish to be charged for that action e.g. per 1,000 impressions, per link click, per app install, etc.
As part of this upgrade you also have the ability to let Facebook bid automatically for you in these ads - simply select 'Automatic' in the Bid amount section.
As before though, if you wish to you can specify your bid amount manually, just select 'Manual' and add your maximum bid to the box that appears.
How does this new bidding compare to the old bidding?
The new bidding puts you in greater control over your advertising, what you're optimizing for and what you're paying for, so embrace it as best you can.
If you wish to bid in a similar way to what you did before, the best approximation we can give you for this new bidding is as follows:
|Old Bid Type||Optimization Goal||Billing Event|
***Note - As of October 2015, Facebook's internal tools (Ads Manager and Power Editor) have not been updated to v2.4. As a result, bids made in StitcherAds may display differently within those tools. This includes a Link Click bid type appearing as CPA amongst others. The bid will behave as expected based upon your StitcherAds setup however.
What about oCPM?
oCPM is still supported in the new bidding type. In order to set up a campaign with this type of bidding you should make sure your campaign objective is set to Website conversions and also set your optimization goal to 'conversions'. The pay per is automatically set to per 1,000 impressions.
When your objective is set to Website conversions you will notice that the Optimisation Pixel box is highlighted as required, use this to select the actual offsite conversion event as you would have done with the old oCPM. Another improvement introduced with this bidding is the ability to optimize for standard Website Custom Audience pixel events - those you use in Dynamic Product Ads - should you have set them up.
Note: In the case of mobile app install ads, you should set your optimization goal to app installs instead of offsite conversions.