Wouldn’t it be great if you could eliminate the guesswork from your social ad targeting?
We all do, don’t we?.
Sure, having so many options for advertisers when it comes to a Facebook advertising strategy is fantastic as well as who we target with our advertising.
However, managing the many targeting choices and variables can be difficult.
Facebook Lookalike Audiences are a game-changer in this regard.
Facebook Lookalike Audiences allows you to focus new advertising on your current viewers rather than starting each campaign from scratch or tweaking a lot of targeting variables.
What’s the end result? With less guesswork, you’ll get more participation and conversions.
We’ll go through the fundamentals of Facebook Lookalike Audiences and what advertisers need to know to get started in this guide.
What Exactly Is a Facebook Lookalike Audience?
Based on past engagements with your company account or advertisements, Facebook Lookalike Audiences are an ad-targeting choice with a whole different target demographic that shares characteristics with your current ones.
The idea is straightforward. Rather than manually testing a potential audience, Facebook determines who is most likely to click on your campaigns on your behalf. This is defined by factors such as past ad clicks, preferences, interactions (think: “likes,” “comments,” and “shares”).
While Lookalike Audiences are perfect for advertisers who have already produced successful advertisements, they are also appropriate for first-timers. Because Facebook helps you to build Lookalike Audiences based on the following criteria:
- People who are interested in and follow your Business Page
- Converting pixels you’ve previously produced
- Custom audiences that still exist
This format offers further customization and flexibility to more seasoned marketers, in addition to more precise targeting by design. You may, for example, tailor your Lookalike Audience to your preferences alternatively maintaining ad goals that are almost identical to your own.
At the very least, Facebook does an excellent job of guiding advertisers through the process of building a Lookalike Audience and ensuring that it is important. After all, it’s in the platform’s best interests to do so.
What are the advantages of using Facebook Lookalike Audiences over other ad formats?
Again, there are several ad types to choose from on Facebook. What is it about Lookalike Audiences that makes them so unique?
The following are some of the most important advantages:
- They help you save a lot of time. You’ve already done the hard part of fine-tuning a Custom Audience if you’ve already done the legwork. Lookalike Audiences allow you to get more mileage out of what you’ve already built.
- In theory Lookalike Audiences have been “proven” in the past as opposed to making something cold. This is due to the fact that they are built on criteria that indicate user interest.
- Lookalike Audiences are a great way to complement the current advertising. For the sake of putting your social media budget to the test Lookalike Audiences allow you to test and reach multiple audiences at the same time without having to run separate campaigns.
What are the best uses for Facebook Lookalike Audience ads?
That is an excellent issue. Let’s have a look at some of the more popular situations as examples:
- You want to reach out to a new audience. Let’s say you want to target a demographic that has never been reached before. You can broaden the targeting for a Lookalike Audience without going completely off the rails in terms of interests.
- Your current ad audience isn’t as engaged as it once was. These types of advertisements will help you test the waters if you suspect you’ve already drained your customer base or if your base is too thin.
- You want to compare and contrast two different audiences. Lookalike Audiences may be used to complement all of the existing advertising. Comparing results will help you see new possibilities without breaking the bank.
How does it appear when Facebook Lookalike Audience advertisements are used?
In fact, Facebook Lookalike Audiences ads are just like any other popular ad Facebook campaign When it comes to creatives, it’s a no-brainer.
Here are a couple of Facebook’s own examples ad success stories that show how such advertising can be used, based on the same scenarios we talked about earlier.
This is an advertisement from the Teaching Company explaining how Facebook Lookalike Audiences can be used to find new ad goals based on their location. For this initiative, the corporation used a US-only commercial and served it to their best clients in Canada, the United Kingdom, and Australia. As a result, their monthly average subscriptions increased by tenfold.
Here’s an additional example from Shipt. The brand generated several Facebook Lookalike Audiences focused on current and previous consumers for this commercial. This is just another shining illustration of how targeting centered on the current audience can be so successful, with a 14-point lift in conversions.
This is a campaign of OLIPOP as part of a budget trial. Facebook Lookalike Audiences of top purchasers were used to see whether higher investment culminated in declining returns. The company discovered that increasing their efforts resulted in a substantial increase in both conversions and add-to-cart events.
How to make a Facebook Lookalike Audience
Assume you’re involved in assembling your first Facebook Lookalike Audience.
This is fantastic! To begin, sign in to your Facebook Ads Manager account. The “Create Audience” dropdown can be found in the left-hand corner.
Again, the platform makes the process of creating a website fairly simple, but the sheer number of options available can be daunting. The table below will assist in expediting the process.
1. Choose a source for your audience
You have the choices we discussed earlier: Pages, Facebook Pixel, or an established Custom Audience, right from the start.
Facebook suggests using “value-based sources” (also known as “events with value”). Because such targeting is focused on real past consumer purchase results, this is the case. Creating a Facebook Lookalike Audience based on a remarketing Pixel, for example, allows you to target customers with higher (or lower) average order values in your promotions.
If you want to use a Custom Audience as your source, make sure you’re comfortable with the different options of your Facebook ad your targeting. There are many choices available. You may upload a client list, for example, or build a Facebook Lookalike Audience based on people who have connected with your website.
2. Inventive + phrasing. Select the position of your target group
There aren’t any major surprises here. You’ll be asked to choose an area for your Facebook Lookalike Audience after you’ve chosen a source.
If you’re trying to experiment with international marketing, this is often useful. This option helps you to search geographically specific ad goals.
3. Determine the scale of the target group
Finally, you have a choice to choose just how “alike” your Facebook Lookalike Audience is.
The smaller the percentage here, the more similar your audience is to your source audience. On the other hand, a greater amount expands the audience.
Your priorities and budget will determine whether you want a very similar audience or a larger one. A tiny bit of experimentation goes a long way when it comes to Facebook ad targeting.
Note: Specifications and criteria for the Facebook Lookalike Audience
There are a few criteria you must familiarize yourself with before you can build your audience. Even though Facebook will prompt you on some of these, keep the following in mind:
- At least 100 people from the same country must be in your audience
- For optimum Facebook Lookalike Audiences, Facebook suggests between 1,000 and 50,000 of your “best” consumers depending on lifetime value, order size, or interaction
- It will take anywhere from six to twenty-four hours to build an audience
What do I learn from my Facebook Lookalike campaigns?
You can keep track of how your Facebook Lookalike Audience does and look at your KPIs much as you would for every other sort of ad results.
You’ll be in good shape if the campaigns do equal to or higher than your prior ones. If not, you might want to play with some tuning (think: reducing or increasing the size of your audience, playing with Custom Audiences vs. Pixel, etc.).
In any case, make sure you’re tracking the measurements. Not only can you equate the output of your advertising to that of your organic social posts, but you should also compare the performance of your paying advertisements to that of your organic social posts.
You may use resources for paid ad reporting and analytics to do precisely that. You will better assess your budget in terms of time and money if you have a holistic view of your Facebook presence.
Are you using Facebook Lookalike viewers to their full potential?
Facebook Lookalike Audiences are a fantastic resource for social media advertisers.
They can take time to learn, much like every other form of advertising, but they’re worth exploring for the sake of exploring and attracting new markets.
Now that you know how to build a Facebook Lookalike Audience, it’s time to think about how these ads work into your paid social strategy.
We will also help you obtain a larger budget so you can extend your campaigns. Make sure to read our tutorial on what is social media in marketing to gain the support you’ll need to launch a new campaign.