Funny, testing out a zilion of things. Running now two capaigns each 1k budget, one ocpm (i dont use conversion tracking), one ocpc.
I hardly see any difference. Anybody has the same experience?
If they are both the same, why do they have different names?
If you are "optimising for clicks" and paying for impressions you are using oCPM:clicks sub-segment.
If you are "optimising for clicks" and paying for clicks, you are targeting the same clicker sub-segment.
The audience will thus be the same giving similar performances, delivery algorithms aside.
Facebook recently changed their approach to this so that you pick what you want to optimise toward (alters audience slightly) and what you want to pay for (picks oCPM or CPC).
I pay more than double per click with CPC than I do with oCPM. I'd rather do CPC as it seems to be more stable day in and day out but profit and all that...
Well, you are paying for different events so which is cheap ultimately depends on Facebook's delivery and ad ranking + pricing systems, layered upon the engagement metrics of your ad i.e. external link clicks, likes, shares, comments, etc.
oCPM is going to be economically favourable all else being equal if your ad gets an average of >>1 action per unique user.
CPC will also be more stable in the sense that CPMs aren't as likely to fluctuate so much as you are bidding something more distinct rather than providing a "what's it worth to you" objective.