I’m rarely as amazed by ad products as I was when I first started using Facebook’s LookAlike Audience targeting feature. It is a true game changer for not just remarketing, but on an industry level, this changes marketing in general, completely. This, in my opinion, is one of the MOST targeted remarketing that can be done.
Let me explain first what it is, then I will jump into why this form of targeting is so insanely great, and WILL have a huge impact on your business, along with some short tips on how you can go about using it most effectively. Let’s dig in.
What is Lookalike Audience targeting?
From the Facebook Website:
“Lookalike audiences allow advertisers to target more people who look like their established customers. A lookalike audience uses several kinds of user set as a “seed” and an audience is built of similar users. Lookalike audiences can be used to support any business objective: Targeting people who are similar to sets of customers for fan acquisition, site registration, off-Facebook purchases, and coupon claims, or simply to drive awareness of a brand, and so on.”
In plain English, this means that you can not only retarget users who have visited your website, but you can also target the users who have visited, converted, registered, purchased, and taken many more action on WEBSITES SIMILAR TO YOURS. Now, I don’t think that I need to spell this out, but this is practically the holy grail of remarketing. Whereas before, remarketing meant that you were only going to reach and benefit from the level of traffic that your website already received. LookAlike audiences means that you can now benefit from an order of magnitude more traffic, and with the incredibly detailed data that facebook has, an order of magnitude more data. Leveraging the same ‘targeting’ and similarities that you current website would give. Basically you can now have all the benefits or remarketing, with 10 to 100x more potential users to target.
Can you see why this is so big? It, gives businesses an incredibly powerful tool in their toolbox if they know how to use it. To give you an idea, let me dig into that just a little bit.
How LookAlike Audiences works & How You Can Use It To Build Your Business
Users can be targeted through LookAlike Audiences via the following four categories or ‘seeds’ as they’re known on the Facebook platform. These are:
- An existing Custom Audience — ie your website.
- Campaign/Ad Set conversions — ie people who have ‘converted’ in some way on your ads. A click through for example.
- Conversion data based on conversion pixels – ie people who have ‘converted’ in some way on your website. A sale or email signup for example.
- Page fans — ie people who have ‘converted’ as fans on your fan page.
With these data points, you can setup and begin to target similar users. It usually takes 1–6 hours for your campaign to be fully populated once created. I am guessing that this is the amount of time it takes for Facebook to be able to gather enough data to start running your ads. So it makes sense to take this time to create and get your ads right. You can read some good content about this here: http://sproutsocial.com/insights/facebook-advertising-guide/
With this little intro, I hope I’ve given you a glimpse of the amazing potential that this new tool from the Facebook ads team can have on your business.
Have you used or tested this tool yourself, and have something to add to this discussion? Let me know in the comments!