Facebook Lookalike Audiences are a perfect way to reach out to potential customers who share similarities with your existing customer base.
What is a Lookalike Audience?
A Lookalike Audience is a custom audience of people who are more likely to be involved in your company. These audiences allow you to create a database of similar users based on your own existing database or mailing list. You can use a variety of sources to do this, making the tool versatile and effective.
The platform independently finds correlations between the participants, after which it chooses people similar to them according to certain criteria in its database. As a result, you get customers who are unified by behavioral causes, which means they will be more interested in your goods.
Lookalike Audiences have shown significant results. The bottom line is that this sort of consumer is initially more likely to be interested in companies like yours, and you, as an advertiser, do not need to run advertisements without careful thought. In addition, you instinctively know what the audience should do, since it’s similar to yours. And that makes advertising messages successful.
The conditional drawback of this type of audience is that you can only target new users and not work with current users. This can, however, be compensated by other forms of consumer audiences. Only integrated usage will provide the greatest value to the company.
Build New Target Audiences with Lookalikes
With eye-catching audiences, you can extend your retargeting program to new audiences that are likely to be interested in your brand, even if they’re not already familiar with you. Using eye-catching audiences helps you to develop your brand and engage new prospects who have the potential to become leaders in your market.
Any company that wants to expand its target audience for ads will benefit from a similar target audience.
Even if you’re already producing a lot of website traffic, note that your ad retargeting site will re-enter existing opportunities rather than help you hit new ones. Lookalike audiences are working to extend your scope to many more people who are likely to be interested in your market.
How Do Lookalike Audiences Work?
The advertisement network you use to run your ads, compares details about your current site users to people who have similar characteristics and actions to create a new audience.
Advertising networks maintain the exact details they use internally – but they may use information such as location, age range, interest, recent sites visited, and more to identify potential users who look and behave like your current site visitors.
Lookalike viewers are a perfect way to extend the scope of your display ads to new people online. And because eye-catching audiences have unique characteristics that make them perfect for your company, you know your ad budget isn’t going to waste on the wrong prospects.
It is important to remember that in order to build a Lookalike audience, you must either have a remarketing list or an email database. You can upload your email list, segment it, and use it to get the results you want.
What Are The Advantages?
1. Improved Results
Setting up ads for random markets often brings the risk that you won’t get into the right one. As a consequence, investment sometimes does not pay off. And a much larger budget is required to produce better performance.
In reality, when you use Lookalike Audiences, this ensures that your ad will be viewed by users who are close to your customers. This approach increases the probability that these people will interact with your company and your product.
2. Flexible Audience Size
When designing your eye-catching audience, you can decide how closely the eye-catching audience matches the original custom audience (your email list or comments)
Therefore, if you want the new audience to share 90% of the characteristics of the source audience, you have the freedom to change the size of your audience based on how closely you want your new Lookalike audience to fit your existing audience.
3) Improved Conversion Rates
The most common explanation why many people make use of Facebook’s Lookalike audience feature is that conversion rates are increasing to an incredible amount. If you have already learned which type of audience is likely to convert, you can easily target this type of audience and therefore reduce the chance of not having conversions.
You should put a good advertising in front of such a form of audience, and you can be sure that the conversion rates will be much higher and that you will be able to get some great benefit out of your business.
If you are interested in utilising an existing customer database in order to maximise revenue, Lookalike audiences are the perfect way to find new customers who are similar to your existing customers. Need help with getting started with Lookalike Audiences for your Facebook Ad campaigns? Get in touch with our talented team today.