Bid Strategy
The rule the platform uses to spend your budget against an objective.
Bid strategy tells the platform how to balance cost against volume. Common options:
— Lowest cost (default on Meta): platform spends the budget to get as many results as possible — no cost control
— Cost cap: platform tries to stay under a target CPA on average
— Bid cap: hard ceiling per auction — slows delivery if too low
— ROAS goal (Meta) / tROAS (Google): platform optimises for revenue ÷ spend at a target multiple
In small accounts (<$5k/month), Lowest Cost with daily budgets is almost always the right answer. Cost caps shine when you scale past $30k/month and need predictable CPA. Setting a cost cap too tight prevents the platform from learning — you will see 'low delivery' and assume the budget is wrong.