Facebook has released its “Lookalike Audiences” feature, a tool which helps advertisers to target Facebook users similar to those in their existing Custom Audience databases. The Lookalike Audiences feature is currently only available to U.S.-based advertisers with access to Power Editor.
To create a Lookalike Audience, advertisers must first upload a list of first-party data, such as email addresses and phone numbers, via the “Audiences” tab in the left-hand menu of Power editor to create a Custom Audience. Having done that, audiences must then click the “Create Similar Audience” button, causing Facebook’s algorithms to analyse the demographics represented by, and the interests within the profiles of, the original Custom Audience, creating a new audience segment based on its findings.
Advertisers are advised to create audiences of no less than 500 people, but they can optimise their search either for reach or for similarity. Optimising for search will create a larger audience, but one that has less in common with the source audience, whereas optimising for similarity will do the opposite. Advertisers must also choose a country within which to search The personal information of the users collated into a Lookalike Audience is not shared with advertisers and cannot be exported to a site outside Facebook.
Facebook advertisers have already seen some success testing the Lookalike Audiences feature: last month Facebook reported to Inside Facebook that an unspecified “online travel site saw 70 percent lower costs per action using Lookalike Audiences, and an online shopping site experienced 56 percent lower CPA and 94 percent lower costs per checkout.”
The Lookalike Audiences feature will be available to all U.S.-based advertisers by the end of the week, with no extra cost, but the creation of such an audience could take up to 48 hours and can only be used for ad campaigns.
What do you think of the “Lookalike Audiences” feature?
To create a Lookalike Audience, advertisers must first upload a list of first-party data, such as email addresses and phone numbers, via the “Audiences” tab in the left-hand menu of Power editor to create a Custom Audience. Having done that, audiences must then click the “Create Similar Audience” button, causing Facebook’s algorithms to analyse the demographics represented by, and the interests within the profiles of, the original Custom Audience, creating a new audience segment based on its findings.
Advertisers are advised to create audiences of no less than 500 people, but they can optimise their search either for reach or for similarity. Optimising for search will create a larger audience, but one that has less in common with the source audience, whereas optimising for similarity will do the opposite. Advertisers must also choose a country within which to search The personal information of the users collated into a Lookalike Audience is not shared with advertisers and cannot be exported to a site outside Facebook.
Facebook advertisers have already seen some success testing the Lookalike Audiences feature: last month Facebook reported to Inside Facebook that an unspecified “online travel site saw 70 percent lower costs per action using Lookalike Audiences, and an online shopping site experienced 56 percent lower CPA and 94 percent lower costs per checkout.”
The Lookalike Audiences feature will be available to all U.S.-based advertisers by the end of the week, with no extra cost, but the creation of such an audience could take up to 48 hours and can only be used for ad campaigns.
What do you think of the “Lookalike Audiences” feature?
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