Up til Wednesday night, I tried doing the same things I was doing last week. On Wednesday, I found the answer I was looking for. I encountered a video that discussed that in order to make the Facebook algorithm function efficiently, you must need to reach a “50 event” threshold, and if you cannot do this then the costs will be high with little to no results (which were the exact symptoms I was experiencing). Intrigued by this, the following morning I checked my Facebook Manager to see what data it had, and the truth is, it had very little data for the “Purchase” objective, which is what I had been keeping as a constant. Since it had little data, my Pixel was not optimized. So I decided to change it to the “View Content” objective, which had 46 events received (knowing that it will eventually go to at least 50).
Just today, I checked and I noticed that my CPM (cost per 1,000 impressions) had moved from $32 to $10, which was a sign that my Facebook Pixel is running in an optimized state.