I am new to ppc on facebook, I am promoting a dating lead program which pays $2.50 a lead for signup. The suggested bid from facebook is $0.55–$0.97. It is so expensive. So should I put in $0.55 for starting bid in facebook? The question is how do I make money as one bid cost more than $0.60?
The BID you set isn't going to be the amount you actually pay.
The key with Facebook is to get those little CPCs but you will have to burn through some images to hit that.
Go as broad as possible with FB especially with Dating and your suggested BID will be much lower.
In this case I would bid over $1 to get some impressions but you are never going to pay that exact amount, it will be much lower.
Just a tip, I would adjust some settings in your campaign and go way broader if you are promoting dating. Don't select interests or any of that.
Also don't expect logic with Facebook, expect some weird shit but it's all good if you get used to it.
Bid high, even higher than the suggested bid. You will actually end up paying less than that. The better your CTR is the lower your CPC will be. I have ads where I'm bidding close to $1/click. This is way higher than the suggested bid. After keeping a good CTR for a couple days, my actual CPC is around $0.05. If you're just starting out you may not hit the CTRs that you need to get your CPC that low but you will start to get a feel for how it works.
Just jump in and spend some money. You'll learn a ton that way and much faster.
-Aaron
My suggested bid for EU and US campaigns is always about 6-11c... But if I bid near this amount I don't get anywhere. I always bid $1 or higher. You'll never pay this amount. When you get to (o)CPM things get less simple. CPC - bid high.
Thanks for all the suggestion. I am bidding at $1 now. Currently running 3 different ad images with the same ad body and title. What budget do you suggest I set for daily? And until when can I conclude if the image is successful or it should be swaped with another new image? Thanks.