When publishing your ads in Qwaya you'll be asked to select a bid strategy:
The options available in this section change depending on the Objective, Optimization goal and billing event that you've selected.
If you use "Lowest cost" you're telling Facebook to dynamically adjust your bid to try to get you as many results as possible while also spending your full budget evenly over the day or your ad set's lifetime (depending on the type of budget - daily or lifetime).
Lowest cost with cap:
This bidding strategy allows you to tell Facebook the desired maximum amount you're willing to pay for the result your ad set is optimized for. Facebook's pacing system gets you the lowest cost opportunities first and then bids up to your maximum as they exhaust opportunities. This means your cost per result may rise as Facebook spends your budget, but not above the amount you set.
You can learn more about these bidding strategies in the article below:
About the delivery system: Bids
Target cost bidding allows you to tell Facebook what you want your average cost per result to be, rather than the maximum amount you're willing to pay for any given result.
If using an target cost please consider the following points:
- Target cost requires the optimization goal "Offsite conversions" or "App installs".
- Target cost requires the billing event "Impressions"
- Target cost cannot be edited on ad level in Qwaya, only the ad set level
You can learn more about the differences between Average and Maximum bidding in Facebook's help center: