If Facebook has so much inventory, why is the CPC so darn high? Almost all of my Facebook advertising has been geotargeting + a cluster of likes that indicates someone is from a certain part of the world. For that I am paying over $1-2 a click and getting a 10 times higher CPA vs. other channels.
I have seen other sites/platforms have to devalue their CPC dramatically when faced with a glut of inventory and very few conversions yet Facebook CPC is still creeping higher and higher, probably because more mainstream big advertisers keep jumping on the site and pushing up prices with branding campaigns.
Their campaign management UI is also woefully inadequate to be taken seriously as a major platform. The amount of manual work required in targeting ads is a big drawback. I don't have a problem putting the work in, but I am not putting the work in when a platform has proven itself to be a poor converting, expensive source of traffic.