Ignore the suggested bid and bid higher.
You won't get 1c clicks by bidding 1 cent.
The FB suggested bid tool is as helpful as the Adwords Keyword Tool.
Yes, ignore. The suggested bids are not reliable.
Don't expect a $0.01 bid on Facebook to get you anywhere in any situation.
Thanks guys...
Looks like you can't get 1 cent clicks by bidding 1 cent... the only way to get 1 cent clicks it to get crazy CTR and bid maximum CPC or CPM.
Any other suggestions?
Seriously, complete banish the suggested bid from your mind.
It says $0.01.
You might need to bid $0.57.
Bid high, budget low and find the bid level for a particular demo then go from there.
I stopped looking at suggested bids years ago and just do something generic based on the gender/age and my intuition. In the end the ad performance will tell you if the bid is too low or not.
I don't know if my method still works or not - this is what I used to do 1-2 years ago to get 1 cent clicks:
1)Make a kick-ass banner (CTR must be good to stand a chance)
2)Start bidding at 5-10 cents at least (CPC), in order to get traffic to flow.
3)Once the traffic starts to come, gradually decrease the bid to 1-2 cents.
And if your CTR rocks big time, experiment with CPM - you may be able to get costs down to less than a cent per click if you're really good.
Good luck!
Amy