Using your List and Facebook Lookalike Audiences to Refine Your Advertising
“Use what your mama gave you.”
You know the saying. Make the most of what you have. And that’s exactly what Facebook Lookalike Audiences are all about.
Launched in 2012, Facebook have recently started rolling out the feature that allows you to create custom audiences based on your brands pre-existing customers to select advertisers. Using your existing audience, Facebook will use the information you provide to reach out to new customers who fit a similar profile. This will allow marketers to create a much more targeted response through Facebook advertising and increase ad performance. An unnamed online retail partner of Facebook has already reported that his cost-per-fan acquisition has decreased 56%.
How does Facebook Lookalike Work?
As previously stated, Facebook uses existing customer data to create these new “lookalike” audiences. To use your existing customer data, you simply need to provide Facebook with either a list of emails, phone numbers or Facebook user IDs. Once uploaded, Facebook will correlate any matching Facebook Profiles and use that information to seek out new customers who have similar profiles.
What do you need to create a Facebook Lookalike Audience?
As well as the type of customer information listed above, you will also need access to Facebook’s Power Editor feature. This feature requires Google Chrome to function and the ability to create custom audiences to meet your brands objectives.
How do I upload my contacts to Create a New Audience?
When you are in Power Editor, click on ‘Audiences’ from the left hand menu. From here, click on ‘Create Audience’ and then on ‘Custom Audience’. You should a pop-up window appear to input your settings.
If you want to be more targeted in your advertising – segment your data prior to uploading based on common identifiers (e.g.: age, sex and location). Even if you don’t do this beforehand, you are able to segment your custom audience once uploaded.
What are the benefits of Creating Custom Audiences on Facebook?
By creating custom audiences, advertisers are able to speak to a specific demographic and return the best cost for conversion by being as relevant as possible. As Mark Zuckerberg commented earlier this year:
“There’s a big opportunity in front of us to make every ad that we’re showing a lot better. The biggest ways we’re going to do this are by improving targeting and relevance so we can show everyone content that they care more about and by designing better ad products that aren’t just about links and text and images. For targeting, I’m most excited about the work that we’re doing on Custom Audiences.”
You can read more about how to get started with Facebook Lookalike Audiences by visiting the Facebook Help Centre.