If a 19 year old at university who has an interest in football likes your product, then according to Facebook, the chances are other 19 years old at university who have an interest in football will. This is Facebook’s’ new initiative behind ‘lookalike audiences’ which launched at the top of the week. The tool enables you to find other potential customers based on the demographic information provided by your existing clients.
This type of advertisement is set to be a useful too for Facebook advertising as marketers can aim for one of two options.
Choosing the similarity, Facebook will search for university students who share similar characteristics as the original university student. This method means few impressions, to much more revlant and target audience. If you want to spread the reach a bit further, than the advertisement will also be seen by ‘the top 1% of matches from the top 5% of similar matches.’ This gives access to a wider target audience with similar characteristics to my original customer. This option will give a higher volume of impressions with a wide reach.
The new system is designed to help companies to achieve a lower cost per checkout, decreased cost per acquisition, possibly larger purchase size, and faster and efficient return on investment. Companies will welcome this as the aim of the game is to deliver a bigger return on marketing spend, attracting customers more likely to make a purchase.
It will be interesting to see the reaction from marketers and companies in the next few weeks to see if this tool is really worth the time and effort. One think is for sure, the fact that Facebook can tie in users personal data such as likes and dislikes as well as other demographics will surely go along way for marketers who will learn to capitalise on this.
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