Lookalike Audiences Target Similar Customers You Care About on Facebook
The Facebook Power Editor Tool is an ideal tool for marketers or for those who have multiple pages they run ad’s or campaigns on. It is a super easy way to stay organized and retrieve analytics about specific ads you have running. Today, Facebook has released “Lookalike Audiences” which in short, is a way to target custom lists of customers you care about.
The Custom Audience feature which was released last year, allows multiple page owners or administrators to locate their offline audiences among Facebook users. Based on other sources such as e-mail, phone numbers, Facebook ID’s and addresses, you are able to find people to target specific areas of those who are offline. Your Custom Audience list should include 500 people or greater to find more similarities.
How-To Create a Lookalike Audience on Facebook
Using this custom list you are then able to create a “Lookalike Audience” which allows you to target certain people (not pages, including your own) who are similar to your already created custom list. The purpose of using a “Lookalike Audience” would be to use information such as fan acquisition, site registration, off-Facebook purchases, coupon claims and brand awareness.
To create a Lookalike Audience within your Power Editor on Facebook you will need to first create a custom list. Once your list is created you select the custom audience you want to target and click on “create similar audience”.
You will then be asked which country you would like to gather a similar audience from and to choose whether you want to optimize for similarity or for greater reach.
Note: it may take 6-24 hours for your lookalike audience to be ready for targeting.
What Is The Difference Between Optimizing For Similarity Or For Greater Reach?
Optimize for Similarity: When choosing to optimize your lookalike audience within the Power Editor this means you are looking to include the top 1% of people in the chosen country that are most similar to your custom list. The reach will be smaller but more precise and is best when looking for a specific match or have a limited budget.
Optimize for Greater Reach: When using the greater reach option instead of the similarity option you are choosing to reach the top 5% in the selected country, but with a less precise match to your custom list. The reach of course will be greater, but is ideal to get your brand seen in front of more people. Keep in mind that choosing Greater Reach will include a similarity audience, but can be excluded using the exclusion targeting tool within your Power Editor.
[via: Facebook Studio]