What is better for Facebook, CPC or CPM?

Depends. CPM is generally better if you have a high CTR ad. In some cases it's even possible to get clicks for only pennies doing CPM.

CPC is better if your ad doesn't have a high CTR or you're targeting pretty broad audiences.

Always go for CPC. Always.

Here's why:

This is a huge topic open for debate but a lot of information on it is wack. Seems like whenever anyone starts Facebook PPC they seem to think CPM is the way to go for some reason. I'm not saying it's wrong but it's not the best.

With CPC you're only paying for the targeted clicks you receive, with CPM you're paying for the targeted impressions you receive. Your CTR with CPM fluctuates because of the time of the day so it is a riskier option. With CPM you have to keep your target audience very low and specific because you need every impression to potentially turn into a click. This means that there is really no margin for error in terms of targeting.

But with CPC you can target over 1 million people because only users that are interested in your ad will click on it. That means you really can't go wrong.

CPC with shitty targeting - No clicks, you don't lose money.
CPM with shitty targeting - No clicks, you DO lose money.

Another benefit of targeting a wide range of users using CPC means that there will be certain interests you target that don't have any bidders, meaning you can get $0.05 cpc.

In conclusion, CPC is the way to go. Try to target 1million+ users.

If you going to fight for brand awareness then choose CPM,
If you wish to get traffics and sales then go with CPC.

That why I always choose for CPC , i would not paid if they din click . Some country CTR is really high no matter quality and not quality so it good to choose CPC.

Start with CPC and try to target specific group as much as possible.
When your campaign have a good CTR and conversion split test with CPM.

and keep your eye on CTR because Facebook ad will reach saturated soon.

Initially, starting off with CPC is good to get targeted traffic and of course really clicks and likes.
If your page get popular, you should go for CPM to save money.
Initially, your CPC can cost alot of money and after it goes popular, the CPC price will go down.

I think I've had more success with CPM.

I got down to 0.03 centers CPM. And Was receiving up to 20 clicks per 1000 impressions. Make sure your image stands out.

I just started CPM through POF i'm only getting 5 clicks out of two ads.

TheSalesBooster is 100000000000% right. CPM is for people who know their ads have a high CTR. To test a high CTR ad start with CPC. You can go right into CPM because its cheaper (so you think) and that will give you a rough estimate of what your CTR would be for a particular banner.

Also, you should always rotate ads to split test them and see which ads convert better.

Test both. It changes a lot. But CPM is generally better for me.

CPC is better if you have selected huge audience. You are paying only interested peoples only. but in CPM you are paying for everyone.

This topic confuses me.

I tried out CPM for the first time and I hate it.

I had two ads with CTRs of 0.400% @ $0.06 CPC one day , copied the ads and made them CPM, and now i am paying about $0.40 per click... I am getting HEAPS of impressions, but this is COSTLY and thus useless because I do not care about BRAND AWARENESS.

At this stage I'd have to agree with BizOppMaster

It depends on the offer. Look this is an analytical decision.

Does the offer pay out enough to warrant spending the money on CPC bids? You might have to spend too much to make CPC work.

With some testing you can determine if a lower paying offer that will not make sense on CPC can become profitable enough for you to use CPM.

Sometimes people will run duplicate ads after CPC is working to see if they can lower costs with CPM. Or you just use CPM to test and then switch.

I don't like absolutes in the sense that CPC is the only way to go or CPM is the smart choice. You build and test and analyze your results. You make informed decisions, not shoot from the hip.

The data won't lie. In my experience, I usually test hundreds of different images and ad copy combinations on CPC with the goal of finding the highest CTR% and CR%. Once I discover the top 10 ad copy and image combination I switch to CPM, resulting in very pleasant ROIs.