Facebook now allows advertisers to create Lookalike Audiences based on customer lifetime value, by first creating a Custom Audience that has value as a data type.
If you don’t use Lookalike Audiences as part of your Facebook advertising efforts, you should think again. Lookalike Audiences are a great way to reach new people who may be interested in your messages – simply because they are so similar to the people who are already responding to them.
Creating a Lookalike Audience requires you to choose a source audience that will be used to populate your Lookalike Audience. It could be a Custom Audience, data from your Facebook Pixel, data from your mobile app, or just fans of your Page. Then Facebook matches common characteristics from your source, with other real people on Facebook. And now, Facebook is allowing you to create Lookalike Audiences based on your most valuable customers based on their lifetime value.
To create a Lookalike Audience based on customer value, Facebook explains that you will need to “use a Custom Audience that has customer value as a data type as a source.” You may not have the right Custom Audience ready for use, so you need to do the following first. If you have you can just skip ahead to the second section.
Creating a Custom Audience Source
- Go to your Audiences.
- If you already have audiences, click the Create Audience dropdown and select Custom Audience.
- If you don’t have any audiences, you’ll see audience creation buttons rather than a dropdown.
- Click Create a Custom Audience.
- Click Add customers with current and predictive value attached.
- Accept Facebook’s Value-based Lookalikes Terms.
Creating a Value-Based Lookalike Audience
- Go to your Audiences.
- Click the Create Audience dropdown and select Lookalike Audience
- For your source, choose the Custom Audience with a value column you created
- Choose the country where you’d like to find a similar set of people
- Choose your desired audience size with the slider
- Click Create Audience
If you want further details about any of these steps, refer to the guide here.
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