Budgets that are set will most likely be spent if set on automatic bidding. There are two budget types for an ad set: Daily Budget – The amount you are willing to spend on an ad set per day. Lifetime Budget – The amount you are willing to spend over the duration of an ad set. A bonus for using lifetime budget is that you can create ad scheduling for your ad sets. This means you can target parts of the day that are historically high converting times.
This is dependent on the objective, but typically for standard ads TMI choose the ‘bidding on conversions’ option. Bidding on conversions means Facebook will aim to deliver ads to target audience members who are most likely to convert. This is the recommended bidding tactic by Facebook.
Automatic bidding – Facebook will calculate the bid with the goal of spending the entire budget and getting the most engagement for your ad set. This is recommended if you don’t have a specific CPA target set. Manual bidding – this tells Facebook the maximum amount you’re willing to pay for click/conversion.This is typically very reliable at hitting targets, but can cause volume to dry up.