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April 21, 2021

Tips for Using a Facebook Lookalike Audience – Volume 2

Now that you’re working on becoming a Facebook marketing pro, there’s even more tricks and tips to explore. Especially when it comes to Lookalike Audiences. In volume 1, we discussed some of the basic tips for using audience segmentation. This includes:

Now, we’ll look at some more advanced tips for rocking Facebook marketing.

Use With Other Features

Don’t be afraid to use all the tools in the toolbox if it gets the job done right! Enhance your lookalike audience targeting by adding more parameters such as gender, age, or interests.

Consider this another form of A/B testing. In addition to using different audiences, you can combine various techniques and styles. Use video ads, link ads, or dynamic ads in conjunction with lookalikes.

Phase one can target old and new customers based on interests. After you compile engagement data from the first campaign, use it in your retargeting efforts for phase 2. This one-two punch can deliver double the return on ad spend when done correctly.

Optimize Bids

Use your most effective audience to segment your lookalike audiences into non-overlapping campaigns. To do this, simply click “Advanced Options” when selecting the audience size. It should be noted, a single account can create over 500 lookalike audiences from a single source.

For example, a marketer can segment an audience based on the most similar to least similar lookalikes. Then bid accordingly on each.

Find the Right Locations

Lookalike audiences are a great way to pinpoint your audience and target new locations. This helps a business expand into new markets and recognize niche audiences they may have overlooked.

Most companies know where to look for new acquisitions. If global domination is your aim, consider creating a lookalike audience in emerging markets and app store countries.

Facebook always prioritizes similarity over location. This means, your lookalikes may not be evenly distributed between locations.

For example, say you own a Canadian sunglass retailer that wants to extend its campaigns to the United States and the UK. To do so, you must first create international lookalike audiences based on current customers in both countries.

Ads can also be segmented by region and then targeted with unique and dynamic ads. Doing this can lower your cost per acquisition and achieve a greater return on ad spend.

Look at the Customer Lifetime Value

If you run a business where customer transactions and engagements take place over a long period of time, you should consider creating a lookalike audience that’s based on your customer’s lifetime value.

Value-based lookalike audiences can help separate your big spenders from the small fish. That’s because you’re factoring in customer relationship management data with digital marketing strategies.

If you create a lookalike audience of paying users and a value-based lookalike audience, you will find that the value-based delivers a much higher return on ad spend. You will see a measured uplift in performance when comparing value-based with standard lookalike audiences using identical seeds.

Summing it Up

Social media marketing is not as big of a guessing game as one might think. There is a calculated science behind the strategy. Facebook has made it a point to rise above all competition when it comes to the tools they provide for self-marketing.

Facebook Lookalike audiences are some of the smartest tools online for reaching new people and expanding into global markets.

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