A Lookalike Audience is a way to reach new people likely to be interested in your business because they have similar attributes to people who already are customers. Facebook will set up an audience targeting new people similar to your best customers.
Using Lookalike Audiences
First, you will need to determine the desired source audience. What demographic information or interests are key? For the granule set-up details, Moz offers a good tutorial. When using this new feature, there are a few pros and cons to keep in mind.
Starting off on a positive note, these audiences are a great shortcut when you already have a decent following on either a website or Facebook page. A Lookalike Audience will analyze the attributes of each person and find more people like them. In theory, these new people will behave similarly to those in the original audience.
Since the audience will find people with similar behaviors to the source audience, this could result in negative qualities. If it’s a website with a high bounce rate, the Lookalike Audience will more than likely in turn have a high bounce rate. Startups and new Facebook pages beware. The smaller the sample size, the less data the audience has to draw from so outliers will have a greater impact. As the audiences are used over time they can drastically change the shape of the current audience. This could result in difficulty diversifying the current audience if the goal is to branch into another section of the market.
Things To Keep In Mind
It’s no silver bullet, but is simply another tool in the tool bag. When considering how long it takes to create audiences from scratch, it’s ultimately a great time saver. Understand however, analysis of the source audience should be done beforehand. Creating an ideal customer profile will help guide what actions should be targeted when setting up the audience. Using a Lookalike Audience is great for the top and middle of the funnel, but will be less effective targeting those at the bottom. The main point is to target new users that act similarly to people that, for example, have already converted.
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