I understand that i need to wait 3-5 days for the the ad to optimize itself to show to the right people but during that time,should i pay attention to the relevance score and the cost per engagement or should i wait for the optimization process to finish,then check the previous statistics?
Definitely give it some time. Check back in 24 hours and see if one adset is completely outperforming others.
Relevance score is a key indicator, but mostly helps with ad-bidding and lowering your CPM's as FB determines that it is more relevant so will serve it at a lower price. However, efficiency of CPM's doesn't always equate to sales.
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I have worked extensively with ads. Fb optimizes ads too fast. If you have two ads in an adset, and one startes getting more clicks, it only starts showing that and does not give the other a fair chance. So here is what I look at -
1) Impressions. I let each ad get about 2000 impressions (I may pause one and let the other run)
2) I then look at CTR. Better CTR wins!
I pause the ad that is not performing. We can kind of depend on fb ads for optimizing but I have not found this to always be the best way.
If I had to give you one answer, it's - CTR!!!
But this answer fails if you have made super clickbaity ads that just tempt people to click, even people who would not convert to customers.
One more point - You don't have to necessarily wait for days to see data. You have to see no. of impressions. If you keep a high budget, (high is so subjective)... If you spend about $20 on an adset with 2 or 3 ads you will gather the data you need.
The only "day" thing that messes up ad testing is, if you run one ad on a weekday and one on weekend, because people's behaviour is different then. "Day" testing also gets messed if you test on a normal day and then the other ad on a special day like "Mother's Day".
On the whole waiting for ads to normalise is not a bad idea, but wait for normalization, not fb optimization of ads.
Hope this helps! Look at your impressions and CTR, per ad unit to decide.
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