As a marketer, getting the right message in front of the right people is key. To help you reach new customers and grow your business, Facebook announced that its Lookalike Audiences feature will gradually roll out to Power Editor accounts this week.
Launched in beta a few weeks ago, Lookalike Audiences enables you to target customers who share similar characteristics to current ones. It builds off of Custom Audiences, a targeting feature that was launched last fall. Custom audiences let you take current customer lists and show ads to those people on the social network.
With Lookalike Audiences, Facebook can help you extend your reach by using interests or demographics to show ads to people who share common attributes as your existing customers. This is actually very similar to Twitter’s recently launched targeting feature, which lets you target the followers of someone who’s interested in golfing, for example.
While this feature was in limited beta, an online travel site reportedly saw 70 percent lower costs per action, and an online shopping site saw 94 percent lower costs per checkout. Now, according to Facebook, Lookalike Audiences has resulted in a “wide range of success metrics” for direct response companies like Fab, including lower cost per checkout, lower cost per acquisition, larger purchase size, and faster and increased return on investment.
To create a Lookalike Audience, you’ll first need an existing Custom Audience, which can be created through the Audiences tab in Power Editor. Facebook recommends including at least 500 people in your Custom Audience — the larger the list, the more information it’ll have to create an accurate Lookalike Audience. While there’s no additional cost for creating a Lookalike Audience, the targeting is limited to ad campaigns, not Page Post targeting.