It depends on your target audience. Is this a local business, nationwide, worldwide? Ideally you should find 200,000 people to target. This keeps Facebook sending enough impressions for a while, so your ad stays alive longer without going beyond your targeted audience. However, if you are a local business with a very specific niche demographic, then don’t try to go beyond that targeted audience, and compensate for that limitation by refreshing your ads more often.
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