Lookalike audiences do precisely what their name suggests; they are targeted prospects who will receive your advertisements based on the preferences of others with similar characteristics. Facebook is the best platform for leveraging lookalike audiences.
Facebook can quickly create an audience similar to those already engaged with or purchased from you. Facebook ads are successful because data is used to guarantee success. The better data you have, the more effective your campaign will be.
Facebook’s data collection is so extensive that its conclusions and details can be used for various applications, such as building audiences with similar characteristics. Facebook collects data on occupations, hobbies, favorite teams, foods, music, and movies. The data includes political views, incomes, brand preferences, and marketing susceptibility. Facebook can use all this data to create lookalike audiences with robust data. This will boost ad performance and ROI.
What is a Lookalike Audience
Lookalike audiences are copies of existing groups of prospects or customers who have already engaged with you based on segmented criteria. If your segment comprises dog owners between 18-30 years old who enjoy frisbee golf, your lookalike will include members with those preferences. You need women who love to knit, collect jewelry and buy gifts for their grandchildren every holiday season. Facebook can help you create a targeted audience.
Lookalike audiences can be incredibly helpful for marketing if used correctly. When creating a lookalike audience, Facebook selects users that look and behave the most like your fans. Your lookalike audience may eventually include repeat viewers who haven’t expressed interest. Your audience will need to grow as time goes on to reach new audiences. Your lookalike audience will deteriorate over time and negatively affect your KPIs.
A steady stream of new visitors to your site is the best way to maximize the success of early lookalike audiences. It creates a lot of data, leading to a change in lookalike audiences. Your ads will reach new users, and remain fresh.
Create Authentic Lookalikes of Your Brand
Lookalike audiences are based on your followers’ characteristics, preferences, and behaviors. The best way to grow lookalike algorithms is to feed them authentic data. You can achieve this by uploading your entire customer list and selecting strategic segmentation. Also, you can break your lists into groups based on spending and purchasing patterns.
Upload and update your customer lists
You should upload the list of happy customers to Facebook to better understand who buys from you. Facebook can use the data in your shopping cart to create a lookalike audience to target with your brand. Update your lists at least once monthly if you do not use DataQ to update your targeting lists. You will never need to upload your lists to Facebook if you use DataQ manually. Our syncing tools will keep them updated.
As you continue to acquire new customers, it is essential to maintain fresh targeting lists. Your lookalike audiences will automatically adjust. Your customers are the best place to begin.
Segment Existing Lists
You must tell Facebook which of your customers to include in the lookalike audience. Segmenting your customer base is the best way to decide which Facebook members you want to have.
You can create smaller and more targeted audiences by segmenting your customer base. Even though your customers may have similar behavior, they are not all the same. Not all customers have the same lifetime value.
Segmenting your customers will make sense for your brand. Segment your customers based on their lifetime value. Another group may be based on the frequency of purchases. There may be some overlap between these groups, but they all represent the people who are most likely to spend money on your brand or visit you the most. These characteristics are worth pursuing, and creating segments based on them will help you create successful lookalikes.
The conclusion of the article is
Understanding lookalike audiences’ workings will help you optimize and utilize them correctly. Your ROI will increase, as will your sales and revenues. Are you still unsure how to use Facebook ads in your marketing? Contact our team to learn how we can create data-driven strategies that produce excellent results.