The $1,500 Facebook Audience Experiment
Facebook has incorporated customer lifetime value into its custom audiences , thereby enabling advertisers to create lookalike audiences using that information. While the most common seed audience and lookalike is users who have purchased, seeds can be grouped by anything meaningful to the advertiser, including users who share a combination of behavior correlated with or known to be associated with high monetary value.
As with all aspects of Facebook Advertising, it's really just a case of once you've built those custom audiences, and once you've created the lookalikes, then its' just a case of testing them and seeing which ones actually give you the best results, not just in terms of engagement, but actually taking action.
Video Engagement: If you're sharing video on Facebook (whether it's uploading video or hosting Facebook Live videos), you can then create engagement audiences of people based on how long they watch your video. Website Visitors: For website visitors, the obvious idea is to create a custom audience of anybody who visited your website.
Here's a basic guide to setting up a lookalike audience. This new resource will give marketers the ability to target international audiences similar lists of customers or leads. In the example above, a Facebook Campaign targeting a lookalike audience of users likely to generate pageviews in the next 30 days.
Most of them do not require you build a Custom Audience as a source audience ahead of time. Custom Audiences: Upload a list of your existing customers using Custom Audiences Then use Lookalike Audiences to find people that resemble that audience. Finally, Lookalike Audiences are for the bold and creative: the sheer range of options for the Custom Audiences you can create from a source should intrigue marketers who love experimentation and testing.
Whereas if you're creating a lookalike audience from just website visits, or page engagements, and your custom audience size is small, then obviously that's going to impact the quality of your lookalike audience. Their feature, ‘Actalike Audience', allows you to target users by drawing on your own marketing data.
If you're in digital marketing these days, you can't ignore such a powerful channel to boost your traffic and sales, so if you don't use Facebook ads yet, then you'll start using them sooner or later. In many Lookalike Audiences, reach is limited at 40-80% of the total audience size, no matter how high bids go.
Keep standard Facebook best practices in mind - use engaging language and eye-catching images to draw customers to your posts. Match the top X% of the target audience means to build a lookalike audience consisting of the specified percentage of Facebook users in the target country that best match your audience.
First, create a custom audience called All Visitors” or some other type of general audience term that means something to you. For example, an audience of people who watched 75% of your video is a very powerful audience from which you can create a lookalike audience because you can assume that custom audience finds whatever you're talking about pretty engaging.
When you create your ads, instead of going through the normal motions of all the interest targeting, try just targeting the lookalike audience by itself. Remember, lookalike audiences are typically 1 to 10 percent of a country's population before additional targeting is applied.
To see exactly how your lookalike audience is performing, it is often best to split test the lookalike against the custom audience that you originally imported. To put it simply, a lookalike audience is a tailored audience similar to one that you've already created within Facebook.