Facebook CPM vs. CPC (Is my math right?)

[boatboy]

I am trying to learn the formula that shows whether CPC or CPM is better for you?

Bid: .27
Clicks: 59
Impressions: 47,530
CTR: .124

(currently bidding via CPC)

Current equation I'm using: max CPM = CPC * CTR *1000
. 33 Max CPM = .27 * .124 * 1000

What exactly is this .33 telling me?

I believe it's telling me the max I should pay if I was doing CPM. Any insight or how you compute things on Facebook to get low clicks using CPM would be greatly appreciated.

Thanks in advance & happy holidays.

 

[xentech]

Just look at how much you're currently paying CPM and then create an ad, it will say suggested bid '0.20-30' or something like that, if that number is lower than the number you see from step 1 then bid CPM instead of CPC.

Simple as.

 

[boatboy]

normally FB has started out the bids high for me and i lowered them as my CTR went up.

Won't this effect that strategy?

Also, I feel I have got a lot more leads via CPM vs. CPC. Obviously the ad is shown more... but I feel CPC goes south for impressions real quick (regardless of bid)