Grow Faster With Facebook - Part 8: Lookalike Target Groups
Lookalike target groups
Grow Faster with Facebook is a ten-part series about how an event organizer can use Facebook to get more out of Facebook Business Manager. In this part you'll read about lookalike target groups.
Lookalike target groups are there to help give your conversion funnel a fresh breath of life. Without a fresh supply of new potential visitors, it becomes very hard for your events to grow. In order to help you with this, Facebook uses lookalike target groups to find new people who have a high likelihood of purchasing a ticket.
What is a lookalike target group?
Using lookalike target groups you can target a new audience based off of the criteria of a pre-existing custom audience. As we discussed in previous blogs, you can create a custom audience based off of a customer file, website traffic or engagement for example. When you create a lookalike audience from a custom audience, Facebook will start looking for people with similar interests and behaviour.
For example, if you use the pixel to gather information about which visitors have reached the payment page, or have clicked on a certain link, you will receive this information when you create a custom audience. You can then use this custom audience to create a lookalike target group Facebook will look for people who are comparable to those you have already collected information on.
How do I create a lookalike target group?
Using a custom audience you can reach a group of visitors that are in the Attention phase of the conversion funnel.
- In the Facebook Business Manager go to the ‘Audiences’ page under the ‘Assets’ tab.
- Next, select ‘Create a Lookalike Audience’ and the following window will open:
- You can choose which ‘Source’ you would like to use in order to create your target audience. The source is the custom audience that you would like to use to make a lookalike audience. Keep in mind that the source needs to have at least 100 visitors; choose the source which has gathered the most data about your visitors so that you get the most effective lookalike group.
- Under ‘Event’ you choose an option that demonstrates a high level of intent on the behalf of the customer and has a value, such as purchasing a ticket. You can also choose for another event such as inputting payment details or selecting tickets.
- Next, select the 'Location' you would like Facebook to find lookalike target groups.
- In the ‘Audience size’, you can select the percentage of the population that the algorithms should begin to search through for your lookalike audience. Here you have to make a weigh-off between ‘similarity’ and ‘reach’; smaller groups will be more in line with your original target group whereas a larger group will increase your potential reach but reduces the similarities between the target audience and the original audience.
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