I created a campaign in the power editor and the campaign/ad set/ads all say active and have for the past two hours, but all the metrics are at ZERO. I am using oCPM and left the defaults. I am using a post that goes to newsfeeds and my target is 54,000 people.
Budget is at $10, just to see how this all works. Its a play campaign to learn a little about FB. Shouldnt I be getting something?
Alright. Looks like my reach is now 39 and my cost is .30 cents after 4.5 hours live. Should I change to CPC bidding?
My CPM is $6.50. My CTR is .784, but only 2 clicks and reach of 250.
54,000 is a very small audience for oCPM.
You will likely get more traction with CPC.
Furthermore, with very tight targeting, your CPMs might be quite high - hence why right now it's $26.
Switch to CPC, start with rather high bid (like 0.40 in your case), then slowly decrease bid by 0.03 per day if you're spending too much per conversion and want more roi in exchange for less volume.
Watch Ad-CTR as this can give you lower CPCs, but keep in mind you want the lowest cost per conversion not the lowest CPC.
I don't generally run oCPM unless I have at least 500k people but a million might even be a better number. Others would know better than me. 50k is for sure way too little though