A few weeks ago, we discussed how Facebook was rolling out a pay-to-play model in order to reach your hard earned “Likes”. As frustrating as this was, we stressed the importance of taking a step back to sift through the fog in order to identify the new opportunities that will inevitably present themselves.
Those of us who have suffered through this setback, and stayed the Social course, have been rewarded with the ability to utilize a dynamite new set of targeting parameters that Facebook has recently rolled out. In addition to the traditional “Liked Pages” and user “Interests” that have been the staple targeting methods for Facebook ads in the past, we can now target based on a much more in-depth and comprehensive set of targeting options. These options include HHI, home ownership, education levels, purchase habits and much more. It’s safe to say that Facebook has seriously stepped up its targeting game.
One additional feature that I wanted to highlight for today’s discussion is called Lookalike Audiences. This function allows us to take a snapshot of known converters from our website and see what they “look” like on Facebook. Of course, we can’t see individual information such as individual users, actual hometowns, etc. What we can do with this information is build a list of Facebook users who may never have visited the website, but have similar qualities, interests, spending habits and demographic profiles to users that are known website converters.
In addition to having the ability to serve ads to these highly relevant users, the overarching business benefits of this program are twofold:
First, we can now target an audience that we either didn’t know existed, or that we were aware of but simply could not reach until now. Tapping into this net new revenue stream will no doubt please everyone in your organization from the board to the sales team.
Second, we now have a list of known website converters (i.e. our real customer base) with a ton of first-party (self-described) demographic and behavioral information accompanying them. We can now compare this actual customer data with our marketing target audience profiles to analyze how closely they align. Major discrepancies could mean that who we think are our customers may be different from those who are actually converting on the website, which could signify a larger marketing issue that needs to be addressed.
This first party user data is not easy to discern from the platform, but we have developed our own proprietary system of uncovering this data, so be sure to ask about how Wakefly can help take your Facebook Ads to the next level!