Start every campaign on Highest volume. Once it has 2–4 steady weeks and you know your break-even, try a Cost per result goal (set 10–20% above your recent average cost, never above break-even) or, for stores, a ROAS goal (10–20% below your recent ROAS, never below break-even) in a copy of the campaign1. Bid cap is for advanced advertisers who can predict conversion rates.
The five bid strategies
Meta renamed three of them in 2025–26, so you may see either name: lowest cost is now Highest volume, cost cap is now Cost per result goal, and minimum ROAS is now ROAS goal. Highest value and Bid cap kept their names2.
| Bid strategy | What it does | Use it when |
|---|---|---|
| Highest volume (was lowest cost) | Spends your whole budget on the most results it can get | Every new campaign. It shows you what results really cost |
| Highest value | Spends your whole budget chasing the highest-value purchases | Stores whose orders vary a lot in value |
| Cost per result goal (was cost cap) | Aims for an average cost near your goal over a week; may spend less to hold it | You know your break-even and want to grow without costs drifting |
| ROAS goal (was minimum ROAS) | Aims for an average return near your goal over a week; may spend less to hold it | Stores with a clear break-even ROAS |
| Bid cap | Never bids above your cap in any single auction | You can predict conversion rates and want a hard ceiling |
Meta groups them in three: spend-based (Highest volume, Highest value) spends the whole budget; goal-based (Cost per result goal, ROAS goal) protects your target even if that means spending less; manual (Bid cap) caps each auction bid1.
Highest volume: where every campaign starts
Highest volume bids for the most results your budget can buy. It doesn’t promise a cost, but it gives you an honest average to work from, which you need before any goal makes sense. Run it until the campaign has two to four steady weeks.
Highest value: for stores with a wide range of order values
If your orders range from $30 to $300, more orders isn’t the same as more revenue. Highest value uses the performance goal “Maximise value of conversions” and spends the budget chasing the bigger orders. Your pixel must send the value of every purchase.
Cost per result goal (cost cap)
You set the average cost per result you want, and Meta bids higher or lower in each auction to keep the weekly average near it. It may spend less than your budget when the market is competitive, to protect the goal3. Use it with the performance goal “Maximise number of conversions”.
What to set it at
Meta suggests starting 10–20% above your recent average cost per result, and setting the goal to the most your business can afford per result1. Put those together: start a little above your recent cost, but never above your break-even cost per sale or lead.
| Example store | |
|---|---|
| Average order | $80 |
| Margin kept | 40% |
| Break-even cost per sale | $32 |
| Recent average cost per sale | $24 |
| Goal 10–20% above recent | $26–$29 |
| Inside break-even? | Yes |
ROAS goal (minimum ROAS)
The same idea for return on ad spend. You set the average return you want; Meta aims to keep the weekly average near it. It needs the performance goal “Maximise value of conversions” and purchase values from your pixel. Meta writes a 110% return as 1.1004.
Start 10–20% below your recent ROAS, and never below your break-even ROAS, which is 1 ÷ your margin (2.5 at a 40% margin)1. A goal under break-even tells Meta that losing money on each sale is fine.
Bid cap
A bid cap is the most Meta will bid in any auction. It isn’t the cost you end up paying: the cost in reporting is different from the bid that won the auction. Meta recommends it only for advertisers who can predict conversion rates, and suggests Cost per result goal if you just want to control costs5.
Meta’s own example: a skincare business losing money on sales above $40 tested and set its cap at $50, which cut the days with expensive sales without cutting spend too much5. So start around your break-even cost per sale and adjust on what sales actually cost over a week. If the ad set shows “Bid limited”, the cap is too low.
How to switch without wrecking a winner
- Copy the campaign. Each campaign has one bid strategy, and changing it on a running winner restarts learning1.
- Give the copy the new strategy and goal. Leave the original running.
- Judge on weekly averages, not daily swings, and wait 7 days after any change3.
- Goal-based bidding works best with 50–100 or more results a week. Below that, results bounce around more1.
With a goal or cap, spending less than the budget means Meta is protecting your number. If results are good and spend is low, loosen the goal a step, staying inside break-even. Raising the budget won’t help: the goal is the limit.
Common mistakes
- A cost goal above break-even. Meta aims for that average, so you’ve told it to pay more than a sale is worth.
- Goals on day one. Without a real average cost, you’re guessing. Start on Highest volume.
- Tightening a goal that’s already under-spending. Delivery drops further. Loosen it, or add fresh ads.
- Judging a goal campaign daily. Meta works to weekly averages.
Questions
Is cost cap the same as cost per result goal?
Yes. Meta renamed cost cap to Cost per result goal, and minimum ROAS to ROAS goal. Lowest cost is now called Highest volume2.
Why is my cost per result goal campaign not spending?
The goal is tighter than the market allows, so Meta is holding back to protect it. Loosen the goal a step (still inside break-even), add fresh ads or widen the audience. Raising the budget won’t change it.
Should a small business use bid caps?
Usually not to start. Meta itself recommends bid caps for advertisers who can predict conversion rates, and suggests Cost per result goal for controlling costs5.
Which bid strategy is best for leads?
Start on Highest volume. Once you know which leads become customers and what a lead is worth, a Cost per result goal at or under that value keeps costs in check. See what a lead is worth.
See what your own ads are worth
Tony checks every live ad each morning and tells you which to turn off, which to scale and why, using your numbers. The first audit is free and takes four minutes.
Sources. Dollar figures from studies are shown in your currency, converted at Reserve Bank of Australia rates for 9 October 2026 and rounded; each source has the original. Example amounts are the same number in your currency.
- Meta Business Help Centre, “About bid strategies”. www.facebook.com/business/help/1619591734742116
- Meta Business Help Centre, “Changes to bid strategy options” (lowest cost → Highest volume, cost cap → Cost per result goal, minimum ROAS → ROAS goal). www.facebook.com/business/help/559588428575663
- Meta Business Help Centre, “About cost per result goal”. www.facebook.com/business/help/272336376749096
- Meta Business Help Centre, “About ROAS goal”. www.facebook.com/business/help/1113453135474912
- Meta Business Help Centre, “About bid cap” and “Best practices for bid cap”. www.facebook.com/business/help/272503946776144