As you may already know, Facebook’s ad delivery system relies on the auction model where advertisers compete with each other to show ads to their desired audience. Each advertiser enters this auction by setting the amount they are willing to pay for an action (in this case conversion) from someone in their target audience. This amount is known as the bid. The bid is the main lever that will help you display your ads across Facebook’s ad placements.
Facebook offers advertisers the following bid strategies:
In this tutorial, we will go over the different bidding strategies that Facebook offers to advertisers and when to use each.