Facebook yesterday unveiled its latest targeting feature ‘lookalike audiences’, which has been rolled out globally with the promised of allowing companies to target new customers similar to those they already have.
In beta test for the past few weeks, the feature is available under the power editor section of Facebook. Both online and offline, lookalike targeting has worked well for businesses, Facebook claims.
Lookalike audiences builds off of a targeting feature launched in the third quarter 2012, custom audiences. Custom audiences lets marketers take their current customer lists and show ads to those people on Facebook. Now with lookalike audiences, Facebook can use attributes like interests or demographics and show ads to people who share common attributes as their existing customers. Advertisers can serve any type of Facebook ad to these new groups of people potential customers.
“We've seen this new type of targeting drive a wide range of success metrics for direct response companies, including lower cost per checkout, lower cost per acquisition, larger purchase size, and faster and increased return on investment,” the company said on their website.