What are the Biggest Advantages?
In the world of digital marketing, nothing is more valuable than Facebook ads. Similarly, Facebook lookalike audiences are an incredible tool to optimize ad spend and reach new customers.
A larger customer base, higher conversion rates, and ultimately, a boost to your bottom line.
In this article, we’ll be reviewing a segment of Facebook’s ‘Custom Audience’ feature in the Ad Manager – Lookalike Audiences. Moreover, we’ll be diving deep into the biggest advantages and main benefits of this incredibly helpful tool.
Let’s get right into it!
What is a Facebook Lookalike Audience?
In short, a lookalike audience is a function of Facebook’s custom audience feature that contains people likely to be interested in your product or service. A lookalike audience is a database of individuals similar to your existing customer base, yet one that has yet to be introduced to your business.
The simple case for using lookalike audiences is that if you target people who have similar behaviours and interests as your existing user-base, they’re more likely to convert to an interested buyer.
Running ads can be a tedious and timely process. However, with the help of the lookalike audience feature in Facebook Ads Manager, you as an advertiser can rest assured that your money is being put to good use.
If you’re a business with an already existent database of customers and users, you’re likely a great candidate for lookalike audiences.
Below are the biggest advantages of Facebook lookalike audiences:
Capitalize on Your Ad Investment
Showing ads to a reliable and familiar audience inherently increases the likelihood of conversion. Without lookalike audiences, you would need to find and target those people similar to your existing users, which will cost you a lot of time and money. If you offer relevant ads consisting of useful and attractive content, the value received by the end-user increases tenfold.
As a business, you’ll come to learn that running high-quality ads to the proper audiences will immediately drive ad expenses down, thus allowing you to increase spend and capture more people.
The result? An increase in return on investment (ROI).
Tip: Reaching the right people isn’t the only requirement for a successful ad. Ensuring high-quality images, effective messaging, and fluent grammar is imperative to your bottom line.
Capitalize on Conversion
Not only does Facebook allow you to source lookalike audiences from your existing user base, but it allows you to source them through several means including email, phone number, and actions taken.
In other words, you can create an audience based on those similar to those who purchased or made a significant action on your site. This is an incredible advantage because of the likelihood of conversion.
Moreover, the Facebook lookalike audience feature allows you to customize by audience size statistical similarity and adjust it at your discretion. Why is this advantageous? In short, by being in control of who you’re targeting, how many you’re targeting, and how similar they are to your existing user base based on percentage, you, as a result, control the accuracy and affinity of your ads.
All of this, for obvious reasons, play a major role in conversion rates.
Capitalize on the Data Tracking
Using a lookalike audience also allows you to track successes. By monitoring the selectiveness and responsiveness of your ad, you gain the unique ability to learn what’s working and what isn’t, make adjustments as necessary, and ultimately become more efficient and flexible with your budget.
The result? Money saved, time saved, and profits realized.
Lookalike audiences are an extremely beneficial and advantageous tool for those in the business of advertising. If you’re looking to capture new audiences, grow conversion rates, learn about the market, and ultimately increase ROI, you’re going to want to take advantage of the incredible feature known as lookalike audiences. Find the audience that suits you best with Wask’s great, smart target audience feature. Sign up for free to Wask here and manage your digital campaigns efficiently.