Could Facebook Lookalike Audiences Help Your Business to Convert More People?
Are you looking for a way to reach brand new people on Facebook? Enter Facebook lookalike audiences, an effective way to supercharge your social media advertising.
A lookalike audience is a way to reach new people who are most likely to be interested in your business and most likely to convert because they are similar to your existing customer base.
Not only are Facebook lookalike audiences a great way to reach brand new people, but they all are typically less expensive than audiences based on interest or behaviour targeting. Although, to confirm that the cost of lookalikes will be less for your business, it’s important you analyse and compare the different audiences.
Why Use a Facebook Lookalike Audience?
Lookalike audiences give advertisers the opportunity to reach a cold audience beyond behaviour, habit or interest targeting. For instance, if your business is displaying ads to a warm traffic (like people who have subscribed to your mailing list), lookalike audiences enables you to reach cold audiences that are very similar to your warm audiences but on a much bigger in scale.
Although your lookalike audience is a cold audience, it’s not ice cold. Facebook’s algorithm matches the attributes from your warm audience (your source) to create the new lookalike audience. Reaching new people who aren’t yet a part of your audience is a powerful way to find people who are much likely to convert just like your existing buyers.
How Big Should Your Lookalike Audience Be?
Facebook usually recommend an audience of between 1,000 to 5,000 people.
Businesses select the size of their lookalike audience during the creation process.
The smaller your audience, the more closely it will match your source audience. But the quality of your source will also determine the quality. For instance, if a source audience is made up of your best customers (maybe those who buy regularly) than just all your customers, that could lead to greater results.
While selecting a large audience increases your potential reach, it also decreases the level of similarity between the source and the lookalike audience.
How Is a Lookalike Audience Created?
When you come to building your lookalike audience, you will need to choose a source audience (a custom audience created in pixel data, your mobile data or fans of your page) and Facebook identify the typical qualities of people in it. For example, Facebook look for common qualities between demographic information or interests. Then, Facebook find the people who look like them (hence the title lookalike).
Select the Group To Build A Lookalike Audience From: either your page followers, visitors to your website or customer lists.
Select Your Audience Size: a smaller audience is more targeted. While your ad might be seen by less people, they will be closely like the characteristics of your existing customers.
Select Demographics to Target: use targeting options like age, geographic location and interests to ensure you’re reaching the right audience.
5 Things to Know About Lookalike Audiences
- 1. Your lookalike audience will only include people from the countries you select during creation
- 2. Your source audience must have a minimum of 100 people from a single country
- 3. You can have up to 500 lookalike audiences from one source audience
- 4. If you don’t use a pixel as your source audience – people in your source audience will be excluded from your lookalike audience
- 5. You can have several lookalike audiences for the same ad set
How to Get Started with Lookalike Audiences
If you’re already investing in Facebook advertising or you’re thinking about taking the plunge, consider using lookalike audiences. Not only will you further optimise your campaigns, but you are more likely to see better conversion rates and results in a greater return on investment.
If you would like to invest in Facebook advertising, contact Different Gravy Digital for a free, no obligation consultation:
Book a meeting: michaelgoldman.co.uk/
Telephone: 0161 706 0004