Facebook wants more companies to use its platform, the world’s largest social networking site, as a key part of their online marketing campaigns. And rightfully so, with a new ad tool for brand consumers.
The social network announced on Tuesday last week a new tool for advertisers to target audiences on the social platform with Lookalike Audiences.
A relatively new feature to reach out to Facebook users, Lookalike Audiences has a user base similar to Custom Audiences.
Last year, Facebook launched Custom Audiences in an effort to use existing data (such as usernames, email addresses, phone numbers, etc.) to inform marketers of their strategy on the platform.
The name “Lookalike Audiences” means advertisers can use alerts to the same consumers.
Facebook said marketers can purchase both Custom and Lookalike Audiences with any purchased advertisement.
In a blog post pitching the new feature, Facebook explained that a business can opt to run an Offer to Custom and Lookalike audiences who previously bought from them.
Businesses can run the Offer to people who have the same traits with the customers, the social network added.
Marketers can refine their target Lookalike Audience through standard interests and statistical targets from Facebook. For example, a business can reach out to lookalikes with an Offer and use Facebook’s standard targeting to limit the Offer’s lookalikes in Florida.
Facebook aims to lure more fans with Lookalike Audiences, but marketers can only see some of the data on the new feature, such as its size.
The social network assured consumers it will keep its promise not to share any personal data with marketers and advertising agencies.
The new form of targeting increases the effectiveness of advertisements, Facebook noted.
An unnamed Facebook online retail partner has lowered the acquisition cost of cost-per-fan by 56 percent, and has dropped cost-per-checkout by 94 percent through Lookalikes beta.
Lookalike Audiences launched in February this year, and it falls in line with Facebook’s goal to improve advertising on the platform.
In January this year, Facebook CEO Mark Zuckerberg appeared before audiences at the company’s quarterly earnings call.
He talked at the Facebook HQ about the opportunities to improve each advertisement on the social network.
He said the most effective way to fulfill the plan involves improvement in targeting and relevance.
Consumers must see content they only care about, Zuckerberg noted.