I'm under the assumption that Facebook bases the initial number of impressions you receive at the start of a day on your creative's lifetime performance. Thereafter, if you're lucky enough to get a few clicks during those impressions - they will keep giving you more clicks. On the other hand, if you aren't fortunate enough to get those clicks - in spite of your prior performance - the system cuts down on the number of impressions you're receiving. This can go into a downward spiral where at one point you're getting no fucking impressions; even though you had a ridiculously high CTR at one point.
With that in mind, to those who are continuously tweaking their bids and still getting impressions: Do you guys (or girls) base it on the previous 24 hours performance? Past 7 days? Lifetime?
I know some drop the bids until they get that orange exclamation mark, or just enough to keep getting a few impressions. However, I'm more interested in strategies that will maximize the amount of impressions and clicks I'm receiving while paying as less as I can for them. My previous strategy was to just pick three bids; if the CTR was between ___ and ___, I would categorize the creative into one of the three categories and bid accordingly. The CTR that I would use would be the advertisement's lifetime performance. This stopped working.
Now what I'm trying is setting a said figure (say 20 cents) as my lowest bid, which would be for the creative with the highest CTR (let's assume 20%). Each percentage point lower would then have an accordingly higher bid, until I hit the highest amount I'm willing to pay (for instance 40 cents). So, a 19% CTR would get a 22 cent bid; 18% CTR would get 24 cent bid; and so forth. This still isn't getting as many impressions as I was using the previous method at one point.
Any other strategies? And I apologize for making this post so long.