What are some best practices for bidding on Facebook Ads?

Here are some best practices for bidding on Facebook Ads:

1. Use Automated Bidding: Facebook's automated bidding strategies, such as Lowest Cost with Bid Cap or Target Cost, can help you achieve your desired results while also optimizing your bids for you.

2. Set a Bid Cap: If you're using automated bidding, set a bid cap to ensure you don't exceed your desired cost per action.

3. Use Optimized CPM (oCPM): If your goal is to increase brand awareness or reach, use oCPM bidding to optimize for impressions and reach.

4. Test Different Bidding Strategies: Try out different bidding strategies to see which one works best for your specific campaign goals.

5. Set a Daily Budget: Set a daily budget for your campaigns to ensure you don't overspend.

6. Use the Facebook Pixel: The Facebook pixel allows you to track conversions and optimize your bids for specific actions, such as purchases or sign-ups.

7. Use Custom Audiences and Lookalike Audiences: Custom and lookalike audiences allow you to target users who are more likely to convert, which can help you get more value out of your bids.

8. Use Placements Wisely: Different placements have different costs, so use them wisely. For example, the right column on desktop has lower costs but lower engagement, while the news feed has higher costs but higher engagement.

9. Monitor and Adjust: Regularly monitor your campaigns and adjust your bids as needed. If a campaign is performing well, consider increasing your bids to reach more people. If a campaign is underperforming, consider decreasing your bids or adjusting your targeting.

10. Use the Learning Phase: Facebook's learning phase helps the algorithm understand your audience and optimize your bids. Make sure to let your campaigns run for a few days during the learning phase before making any major adjustments.