Are you looking at improving your Facebook audience and ad targeting? Often when people start using ads manager they will simply use interest targeting and leave it at that.
If interest-based audiences work really well for you then that’s great. But in our experience there are more efficient ways to target audiences that can help drive better results. And that’s by using lookalike audiences!
What Are Lookalike Audiences?
Lookalike audiences allow you to take consumer data and create a target audience of people who have similar interests and attributes to them. This means you can reach people that are more likely to be interested in your product.
You can create various lookalike audiences by using different data sets. There are a couple of things to bear in mind when using a data set to create a lookalike audience, though. Firstly, the size of your source audience needs to include at least 1,000 people to have enough data. Secondly, you need to ensure you are using quality data for your source audience. Which means it shouldn’t be too big either, as this could be too broad. I’ll discuss more below!
1. Lookalikes based off customer data
One of the most common ways to create a lookalike audience is by using your customer data! I.e. you can take data from all previous buyers and use this to find people that have similar attributes to them. What better way to find potential customers than those similar to your current customers, right!? Well, sort of…
If you are going to take data from all previous buyers, this could potentially be too broad (depending on the business size). Often businesses have different categories of products, and will have different consumer types for each. For example, an online clothing brand will have categories of clothes, bags, accessories, shoes etc. As well as having products for different genders. So looking at all buyers will include a lot of people that are very dissimilar to each other. Therefore, you should look to refine your audience to buyers of a specific category to help increase the quality of your source audience.
Refining your customer data
For an even better quality audience – there are 3 things I would recommend thinking about to help refine your audience further. These are:
- Recent buyers – Create a lookalike audience from your most recent buyers. For example, previous 30 day buyers as opposed to all buyers.
- Frequency – create an audience of people who have bought 2, 3, 4+ times! This way you will be targeting new buyers that are more likely to buy again.
- Value – create an audience of people who have a higher order value. This way you will target people who are likely to spend more, which can help increase your ROAS!
All these three together can create a really high quality lookalike audience! But bear in mind the audience size, as if the audience is too small there won’t be enough data for Facebook to work with.
2. Lookalikes based off leads
As well as customer data, you can base your lookalike off your leads. Whilst not all your leads will have bought from you, signing up to your newsletter shows that these individuals are interested in your business and have a high intent to buy.
Using leads as a source for your lookalike audience will help you find new consumers that have similar attributes to your email pot. It’s a great way to target new consumers when you running a conversion-led campaign, as well as running lead gen. Using this audience can help reduce your cost per lead and will help you generate more leads for a cheaper price. WIN!
3. Lookalikes based off website actions
Finally, you can create a lookalike audience based off website actions using data from the Facebook pixel. For example, you could test a lookalike audience of all people that have clicked ‘Add to cart’ – this would be a good quality audience as that action shows high intent to buy! So for smaller businesses who may not have a big customer pot, you can identify high intent actions on your site. Then use this data to help you reach new, relevant consumers!
Try using multiple lookalike audiences!
If you’re looking to scale your ads and grow your paid social account – you should try running different lookalike audiences alongside each other in your campaign. Remember to exclude each of these audiences from one another though! This is because there will likely be some audience overlap in these lookalikes, and you don’t want to be competing with yourself in the auction. By using different lookalikes you will be able to drive increased reach, as well as identify which ones work best for you. You can then continue to use these for future campaign launches to help future growth!
So, if you haven’t used lookalike audiences already – I think it’s about time you did! They are one of the best ways to reach the most relevant people to your business. And by reaching those most relevant, you will be able to drive better results!