Meta just updated the Performance 5, a framework based on five actionable best practices that aim to increase ad performance across the platform. In a nutshell the five are:
1) Simplify your account structure and put ad creative in one central campaign
2) Use automation tools to optimize campaigns
3) Differentiate your creative by audience
4) Utilize the Conversion API to improve campaign performance and measurement
5) Measure your campaign with Conversion Lift, A/B testing and marketing mix modeling
Learn more about each best practice here.