The Power of Lookalikes
With technological progress and more AI than ever in marketing, it is essential that you take advantage of this by working on your Lookalike Audiences. Lookalikes gives you 1000’s of highly relevant users who are very similar to your current customers and website visitors. Effectively, the hard work of finding new customers has been done for you, now you just need a strategy that leads the way...
How to Start
You simply make a Source Audience and from there Facebook’s algorithm will match your data with users who are ‘most similar’, matching users across their Demographics, Interests and Groups. What’s more this targeting is dynamic, as your audiences change, so do your Lookalikes allowing both your and the algorithms targeting to improve.
How they Work
You have the ability to control your region and your audience size. Facebook will then give you an audience of between 1-10%. A 1% audience represents the users who are the most similar to your source. You can choose combinations between these figures allowing you a great mix of highly targeted and broader Lookalike Audiences for testing.
Selecting a Source Audience
Selecting your source audience is crucial and can be based off any of your Remarketing sources. Selecting which Audience to go with, should depend on your goal, if you’re looking for site traffic, select a Website Visitors Lookalike. If you’re looking for conversions, you should make a list from your recent purchasers to help drive your Return on Investment.
This is crucial to your overall marketing plan as you can find Lookalikes across your marketing funnel. More potential lookalike audiences means more potential customers which is great news for your companies growth.
Facebook recommends a source between 1,000 and 50,000 people, although you can use the tool from as little as 100 users in your source. The more users you have the more more consistency there is the audience, so we’d definitely recommend having more users.
Lookalikes are crucial to test, try 1% vs 2% and so on to get a better idea of volume of users you need to be looking at. Ensuring that you have Lookalikes vs Interests is also essential for seeing areas for growth long term.
It is essential to look at ways that you can drive the most value and advertise to potential high value customers. We recommend segmenting your Source Audience to identify your most regular or highest value audiences.
Availability on other platforms?
Lookalike Audiences are available on platforms outside of just Facebook and Instagram, Snapchat and LinkedIn work very similarly.
Pinterest has one interesting distinction in which it runs ‘Actalike’ audiences. Instead of profiling similar users based on just their demographic and interests, it gives you users who take a similar action, perfect for driving your revenue.
Lookalikes are an incredibly powerful tool that your business needs to be using as part of your Paid Social strategy. To drive more revenue from these audiences you can even consider unique discounts or landing pages which are highly relevant to these audiences.
The numbers stack up too, some of our high intent Lookalike’s perform 80% better in terms of Return on Investment compared to other Prospecting audiences.
AI is here to stay and Lookalike audiences are just an early sign of the benefits your business can reap by getting on board now.
For more information on everything Social Media and how we can drive value you for your business, please contact firstname.lastname@example.org