When an action occurs on your website (for example, when someone adds an item to their basket), your Facebook pixel fires and logs it as an event 🔥. Events take place either as a result of Facebook ads (paid) or organic reach (unpaid). There are two categories of events: standard and custom. Please note that to track standard and custom events, you must have a Facebook pixel setup first.
Standard events are predefined actions that we recognize and support across ad products. When you add them to your pixel code, you can log those standard events, optimize for conversions and build audiences 👥.
Custom events are actions that fall outside those covered by our standard events, and you can give them a unique name to represent the action taking place. You can use custom events to build Custom Audiences. You cannot use custom events for optimization or attribution unless they're mapped to a custom conversion. You can then choose which standard event that you want the custom conversion optimized towards. Learn more about custom conversions.
If you set up events along every step of their path (e.g. from product Page views all the way through to a purchase) you can measure and optimize your ads for the conversions that mean the most to your business 😍.