Lookalike Audiences and 3 Reasons to Use Them
Fresh off of watching the Spider-man: Into the Spider-Verse trailer, I dived back into the world of Facebook lookalike audiences with a smile. People-based targeting is an important element of any well-constructed campaign. This audience type feeds into that theory. It provides us with an effective and measurable way to use data for optimal advertising ROI. Representing it visually, however, was an afterthought…or so I thought. Said trailer provided the most accurate snapshot on the cusp of this blog:
(The geek in me is happy.)
A Lookalike Audience is an abstract of your current customers. It looks at behavioral and demographic data, and uses that to seek out groups most likely to be interested in your business. There are a variety of sources you can use in creating a lookalike. From Facebook Pixels to Page fans to your own customer information. The idea is that your resulting lookalike will hold traits that are as valuable as those of your customers. They may respond more ardently to your product/service or specific call-to-actions.
This audience has the potential to enhance your community and bring more like-minded people into your social fold. If you’re not already using them, here are three reasons to convert you:
Facebook allows you to control the audience size for lookalikes. As such, They can share either a high or low percentage of your current customers’ traits. Either way, there’s an opportunity to increase your potential audience. The additional positive here is that your lookalike is a representation of your existing customers. Therefore, they are more likely to convert than if you used standard audience targeting to push your ads.
Customer acquisition and prospecting can be both time-consuming and expensive if done haphazardly. With Lookalike Audiences, you’re working off of behavior already being exhibited by your current customers. For instance, the data may show that they’ve been engaging with your ads consistently. Or perhaps they’re spending above average time on your website. Your lookalike is likely to show similar behavior beneficial to your business through such data. This can help take the guesswork out of prospecting.
Lookalikes shouldn’t be created ad hoc. If you want to attract more people to your mobile app, you should use app usage data to craft the audience. If people are making multiple purchases on your website within a period of time, you should use that as your basis for a conversion-based lookalike. Remember, your lookalike is intended to mimic behavior. Taking stock of your objectives ensures that the resulting audience delivers on your goals.
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