How do I determine the right campaign type for my business?

The very first choice you’ll need to make when setting up a campaign on Facebook is what type of campaign you’d like to run, or the “objective” of the campaign. You’ll need to choose a campaign type based on what action you’d like your leads to perform when they see your ad. There are 3 types of objectives to choose from.
Awareness is the objective to choose if you simply want to promote/advertise your product, service, or brand. Facebook will show your ad to as many people as possible in your target audience.
Consideration is the objective to choose if you want people to learn more information about your product, service, or brand.
Conversions are the objective to choose if you want people who are already familiar with your brand to make a purchase or otherwise “convert” into a customer (i.e. starting a free trial).
Within each of these 3 objectives types, you’ll have to choose the specific campaign objective for your particular campaign. Let’s take a look at every option available and highlight an example use scenario for each objective:

It’s worthy to note that once your campaign is live, you can’t go back and edit the campaign type; you’ll have to create a brand new campaign. The number of campaigns you have in your account is irrelevant, so creating new or multiple campaigns does not affect your ad account in any way.
The only issue you might run into with having multiple campaigns running at a time is your own sanity (read: notification nightmare). Instead of running more campaigns, test a few different types of campaigns and spend time optimizing the ones that drive results. Optimization can include improving your landing page layout, testing a new headline or link description, or testing a new stock image in your ad.
It’s also important to name your campaigns appropriately so you and anybody who will be analyzing the data (like coworkers, clients or vendors) can easily organize and navigate between campaigns.
After choosing the appropriate campaign objective, you’ll need to choose the audience you want to advertise to.