I just started my first PPC campaign on FB as well. I only have one ad running but I totally should be running more to find the right demographic and best ad copy to optimize CTR. I hear having a .3% CTR is what one should shoot for.
A .3% CTR is definitely exceptional and the vast majority of people will no where near hit that on average. Often that high a CTR is seen from shocking ads, deceptive ads, or borderline irrelevant ads that get curiosity clicks. This is not a sweeping statement as .3 ctrs have been seen from very well done ads, but what you should shoot for as a realistic goal is obviously first anything that's profitable, but numerically probably around .1-1.3, which, depending on your country, is either moderately difficult to quite difficult in terms of how much testing it will take to find something that hits that. Anyways, "decent" IMO is going to be around .075-.085, and usually those numbers can be breakeven to mild ROI, but it depends on the country. If you want to shoot for something you might as well shoot for a 10% CTR, but that's not likely and on the whole, from most people's experiences, with contextual exceptions, neither is 3%.
As for the OP, there are no quality scores like Google and usually the CPM will stay the same for your campaign but obviously the cpc or effective cpc will change depending on your ctr. The starting bid/suggested bid for CPM is determined by other advertiser competition in the country, competing bids/competing volume, and likely a baseline price Facebook puts on there for countries. However if you're looking for clicks, the latest policy change is that bidding CPC will give you 'higher quality clicks' (perhaps not from app traffic, or perhaps higher up on the ad display) - the suggested CPC bid is only a rough estimate here, because your CTR can drastically affect this.
However I've seen times where my CTR is great, meaning I should be getting clicks for cheaper than my max CPC bid, but Facebook will artificially increase my CPM to meet my max CPC bid. Kinda funny, since I have nearly identical ads running with a much less CTR getting the same CPC, just their CPM is so much lower for the same exact demographic... kinda troublesome, to say the least, since it's obviously artificial CPM inflation. In this case I usually just lower my max bid and often see the CPM drop right before my eyes, but sometimes impressions stop even though my CTR is great, so I'm not sure just how low I can go. Obviously the solution to this is to run CPM, but there's the quality issue there with the recent policy change. Not sure how it would affect conversions though.
