Microsoft Invest - Universal pixel audiences and conversions
After you have set up standard or custom event tracking, you can use the data you collect to identify audiences and conversions.
An audience, or audience segment, consists of a collection of users who have interacted on a website in a similar way. After you have one or more audiences configured, you can target the audience from a line item. A conversion is a specific type of interaction that indicates the successful downstream effects of an ad campaign.
The universal pixel lets you set up highly specific audiences and conversions based on complex rules. Rules combine one or more conditions to determine what user interactions you will use to create the event or conversion. These conditions can be based on the URLs, standard events, and parameters your pixel is tracking. For example, you might determine that a user who has clicked through to an offer, viewed three or more TVs, and accessed product details for a TV that cost over $1000 should be added to an audience segment called High-End TV Buyers.
You combine conditions using the Boolean AND and OR operators to identify highly specific audiences or conversion criteria. The data you have already collected using events and parameters will guide the way you create rules.
Note
A rule can either have all conditions joined by AND operators or all conditions joined by OR operators. You can’t combine AND and OR in the same ruleset.