Optimized CPM allows an advertiser to prioritize their marketing goals, and then automatically delivers ads against those goals in the most effective way possible. This allows advertisers to maximize the value they get from their budgets.
Goals can be specified an absolute value, i.e. how much the fulfillment of a particular goal is worth to an advertiser. These values are not bids. For Optimized CPM using absolute values, the bids should be the value an advertiser places on each of those connections.
The system will automatically bid on behalf of the advertiser, while remaining constrained by the campaign budget they define and the values they specify. The dynamic bids allow the system to capture the highest-value impressions for your goals, and you should expect the total ROI on the campaign to exceed that of either a CPC or a traditional CPM campaign.
Advertisers can optimize their campaigns based on the following goals:
Actions: Increase the number of actions (conversions) that happen as a result of the impression.
E.g.: App Installs, Checkouts and Page Likes.
You can specify Actions using conversion specs.
Reach: Increase the number of unique impressions through out the day.
Clicks: Increase the number of clicks received.
Social Impressions: Increase the number of impressions with social context.
I.e. with the names of one or more of the user’s friends attached to the ad who have already liked the page or installed the app.