In my experience it takes time for an Optimized CPM campaign to really pay off. Here is an example of a good campaign after a week:
Here's another example with a little more information:
The ad I used:
A few things that made this ad work:
eye catching headline
red border
I've also tested actually telling people "Click Like if..." and that will also usually lead to a nice Like ratio.
A million Likes means nothing if it has no value. Build a targeted audience, engage with them through the content you post, and mix in limited related promotional material. BOOM MONIES.
With the Optimized CPM you don't get to choose where your bid starts and it can be pretty high at first. I've seen upwards of $10+ CPM. Usually after a few days it'll drop and stabilize. With a decent campaign I usually end up at $0.10-0.20 CPM depending on my targeting.
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