Split-testing is just the same as A/B testing. Facebook tests your campaigns on the basis of the parameters you select. It also allows testing three variations, like A/B/C testing; however, you can test only one variable at a time. The system creates a different audience group and runs the campaign. You can select one of the following options, and Facebook makes variations for you:
2. Customer LTV
The customer lifetime value (LTV) feature is another cool one that you should definitely check out. Facebook recently added this option in the audience section. To understand the feature, you must be aware of “lookalike audiences” on Facebook.
3. Fullscreen Canvas Experience
Another feature is Fullscreen Canvas, a mobile experience. You can create a custom layout to drive better engagement.
The article goes into great detail behind each of the three features.