Target CPA (tCPA)
Target CPA is a Smart Bidding strategy that bids to achieve an average cost per conversion you specify. It suits lead generation and single-price conversions where every conversion is worth roughly the same.
tCPA treats all conversions as equal, which is precisely its weakness for lead gen: a form-fill from a dream account and one from a student cost the same to the algorithm. The fix is optimizing to a deeper funnel event (qualified lead, opportunity) or importing offline conversion values so the system can tell good from bad.
Set the target from close-rate math — allowable CPA = customer value × lead-to-customer rate — and expect volume to drop when you tighten it.
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