Wondering what the difference is between the various objectives of each ad template. You will see beside the template name the objective in brackets like: Lead Ad, Conversion, Traffic or Custom Objective. Let's break those down.
Lead Ad
A lead ad is an ad that uses the Facebook lead forms to capture lead info. These forms will typically auto populate with the leads info from Facebook and makes it easy for them to submit and for you to capture. These forms will capture email, name and number.
Conversion
Conversion ad will will use a form that is hosted on a landing page. These are typically used for the Seller Home Evaluation ads to allow to capture the home address.
These forms are a multi-step form meaning that they capture first home address as step 1, email as Step 2, and finally name and phone number as the final step.
They are created this way after exhaustive testing to allow for the greatest click to contact rate. And a lead will leave their info where they feel comfortable.
Traffic
The traffic objective allows you to have an ad with no forms attached to it. These ads will take the lead to any link you input into the template. Because they do not use any forms no lead info is collected.
These ads are good for want to direct someone to a specific site like a listing, YouTube video, blog article, event sign up page etc.
Custom Objective
The Custom Objective is found with the video ad templates. These templates will contain 3 objectives to select from: Awareness, Traffic, Engagement. All of these do not use any forms and therefore do not collect any lead info.
Awareness:
This objective is good for when you want to increase the brand awareness. It will optimize for video plays. It does not require a destination link and can simply be for some one to click and watch the video.
Traffic:
Covered above
Engagement:
This objective is used to help increase the engagement of your business page on facebook. It will optimize for people that are more likely to like and comment on your ad.