Facebook’s oCPM (optimised Cost Per Mille) bidding at the Ad Set level optimises the impressions shown to drive more of the conversions you specify for a fixed budget. In general, this is one of the most effective ways to bid on Facebook, as it allows Facebook to make full use of the Ads Platform’s data in order to maximise spending, with the knowledge that you will only keep doing so if the results are satisfactory. It is recommended by Facebook that Ad Sets have a daily conversion rate of at least 0.25% and a targetable audience size of at least 1,000,000. Facebook’s optimization capabilities are limited by the size of the audience, so that number needs to be increased if it’s too small.
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