Lookalike Audience generally means an "algorithmically-assembled group of social network members who resemble, in some way, another group of members". In digital advertising age, it refers to a new targeting tool for digital marketing, first initiated by Facebook, which helps to reach potential customers online who are likely to share similar interests and behaviors with existing customers. Since Facebook debuted this feature in 2013, additional advertising platforms have followed suit. Lookalike audiences are a Facebook segmentation tool that finds users whose demographics and interests are similar to those of your existing followers. These are easy to create and implement, making them an extremely powerful marketing tool for efficiently finding high-converting users.
How do you create lookalike audience ?
Create a Facebook Lookalike Audience following the below listed steps:
- Go to your Audiences.
- Click the Create Audience dropdown and choose Lookalike Audience.
- Choose your source.
- Choose the country/countries where you'd like to find a similar set of people.
- Choose your desired audience size with the slider.
- Click Create Audience.
What is a 1 lookalike audience ?
Facebook Lookalike Audiences are an excellent way to reach people who are similar to your existing customers and followers. When creating a Facebook Lookalike Audience, you can choose between a ranges of 1%-10% of the total population in your chosen target country, with 1% being those who most closely match your source.
How many make a lookalike audience ?
You need at least 1,000 emails to create an effective lookalike audience, and more than 5,000 fans or page engagements to create an accurate audience based on your page or post engagements.
What does a lookalike do ?
A Lookalike Audience is a way to reach new people who are likely to be interested in your business because they’re similar to your best existing customers. Lookalike audiences anatomize existing customers and their user profiles to find the commonalities between the existing audiences. This helps to find highly-qualified customers who previously would have been difficult to identify and reach. This expands the potential audience in different countries and applies to new differentiated audience segments. This approach saves time and lowers advertising costs for the acquisition of a new audience.
In order to be effective, a lookalike audience seed needs to homogeneous. This is commonly achieved using a consistent behavioral pattern. The homogeneity of the lookalike seed has a greater influence on the audience's effectiveness than the size of this sample group. In Facebook, the minimal lookalike seed size is 100 users from the same country. Facebook generally recommends creating a seed from an audience of 1,000 to 50,000 users.
What is difference between custom audience and lookalike audience ?
Custom audience are your existing customers and prospects who have just interacted with your website or social media platforms. You can create a custom audience by applying your data such as page likes, email addresses and phone numbers. While a custom audience is built with your existing prospects, lookalike audiences let you explore and reach entirely new people who haven't heard of your business ever before, but at the same time, they are very similar to your buyer personas and your current customer base. It gives you all kinds of advertising powers because you can indefinitely explore new customers. In fact, your client base is constantly growing and so are your lookalike audiences. This makes infinite room for progress and improvement.
What is a lookalike model? ?
Lookalike modeling is a methodology advertisers often use to define consumers most likely to engage with your marketing messages. This model considers common traits or behaviors among current customers, and seeks consumers who share those same characteristics. The strategies advertisers use to achieve lookalike modeling vary but, regardless of tactic, the end goal is to drive conversion by serving up marketing messages to a more targeted section of consumers. In other words, lookalike modeling is a way for you ensure better spend of your customer acquisition budget.
Are lookalike audiences dynamic ?
Lookalike audiences that are built from a dynamic source (i.e. a conversion event, page view, etc.) are constantly updating along with their source audience. They're always becoming more accurate as the source audience updates. This makes them far more desirable than a lookalike audience generated from a static source, as static sources can become outdated. Lookalike audiences generated from static sources will still refresh and scan Facebook for users that better match your source audience, but it’s incomparable to having a dynamic source audience that is always current.
Can you retarget on Facebook? ?
Facebook gives you a lot of flexibility when retargeting website visitors. If you click the All Website Visitors drop-down menu, you reveal options to target people who visit specific pages, spend a lot of time on your site, or have met event criteria. One of the best ways to avoid ad fatigue with these prospects is to create a number of different ads that simultaneously target the same warm audience. When you put each ad into its own ad set and use the Frequency Cap feature, you’ll ensure that people see each ad no more than once per week. And if you create enough ads, this technique allows you to set up evergreen retargeting campaigns that can run for months without requiring any adjustments.