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Facebook is always working to improve its bidding system. Recently, they announced Objective-Based Ad Buying, which makes it even easier for an advertiser to select the intended goal of the campaign.
If this option is available in your account, you’ll see the following when you set up a new campaign:
With this new redesign, you can still select “Website Conversions” if your goal is to drive conversions because you can still select CPC-based bidding:
To set a bid target, you need to go into Power Editor and set the action bid. Make sure your conversion spec is only set to the offsite_conversion action.
Use Facebook’s optimized CPM bidding technique with care. If you drop the bids too low you won’t receive any impression volume. The default is $30, so a bid below $10 will have a hard time getting traction. This means you’re communicating to Facebook that you’re willing to pay this amount for your conversions. If you’re targeting a lower CPA, we recommend setting a CPC bid and optimizing the bid yourself to hit the CPA target.