I just completed a campaign for a client and oh my how effective Lookalike Audiences were for them. This is just one of the many advance tools available in managing the effectiveness of your ads campaigns. Of course there are other contributing factors such as ad copies, graphics and timing among others. We will discuss some of them in future blog posts.
Oh yes…where was I?
So when I got the brief to run the campaign for a limited period of time, I knew in order to deliver I had to be creative. The first thing that came to my mind was Lookalike Audiences. It is a powerful re-marketing tool that I think deserve more attention from advertisers.
In fact in many of my conversations with seasoned Facebook advertisers, they hardly use this feature. Yes they have been running Page Post Engagement (PPE) ads effectively but it’s time we optimise our ads with such tools. It does gives your the value add needed for your products or services especially in getting new clients.
What exactly is Lookalike Audience?
Based on Facebook’s definition…”Lookalike Audiences are a way to reach new people who are likely to be interested in your business because they’re similar to customers you care about.”
Of course, it does take a bit of time to build the right lookalike audience. But how do you achieve the right lookalike audience?
If you are just starting your first campaign, you can forget about taking advantage of Lookalike Audience for now. It is about building the right audience for your products or services first through at least a few ads campaigns. This will allow you to fully understand your target audience and eventually build similar audience personas through Lookalike Audience.
Facebook I believe has a way to track similar interest people with your existing fans or followers and present it as a tool for you to expand your reach when you run ads. This, if you have garnered strong and genuine followers, will target people that are likely to resonate with your products or services.
What it means is that Facebook is showing your ads to audiences which it deems qualified based on the profiles of your fans.
It is a bit like a word of mouth kind marketing. The difference is that Facebook is spreading the word for you.
Here’s a screenshot of the campaign I mentioned earlier to highlight the effectiveness of Lookalike Audiences.
The campaign was ran for a week with an allocated budget of $300. By using Lookalike Audiences tools in Facebook, the campaign statistics were
1) Reach – 15557
2) Click Thru Rate (CTR) – 12.012%
3) Average Cost Per Click (CPC) – $0.04
4) Final Ad Dollar Spent – $103.49
However the most important statistic was the conversion rate in terms of Sales Revenue. A high FIVE FIGURE sales revenue.
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It totally blew my mind…..
What I am trying to illustrate is the power of knowledge and applying it when it matters. Be empowered today….