Hey newb question....
What kind of offers work best for CPC and what type for CPM?
If you get an awesome winner ad for CPC, can you just scale it up by switching it to CPM?
I would say it's better and faster to test on oCPM and then if the cpm starts to spike or go crazy, switch to CPC to cap out the cpcs and rein the campaign back in.
CPC is usually slow start times and their algos for determining winners is pretty flawed.
ive always used ocpm, but recently tested out cpc on a campaign and I couldnt get cpc down close to what I was getting with ocpm. it was newsfeed and most of the cpc 'clicks' were likes/shares, not clicks to website.... The ad was at 6% ctr overall where about half of the actions were clicks to website for ocpm. im sure there are cases where cpc is best, so take this with a grain of salt as its only one specific case, and im pretty new to FB.
Both can be used but on newsfeed ads I've had better luck with CPM.
If your a newb, I would suggest sticking to oCPM for the time being. Worry about getting your ads dialed in with strong CTRs and optimizing your landing pages so that your conversions are solid. Then you can play around with testing different bid types. When running oCPM, just keep an eye on your CPM costs. Recently, I have had some ads with CPMs that randomly spike to $30 or higher, which is some flaw in FB's algo. If that happens and your ad has a strong CTR, I would clone the ad and run it again. Most of time you will see that the CPM cost wioll come back down to normal levels