There are mainly three types of audience targeting on facebook: Core, custom, and lookalike audiences.
It’s quite difficult for marketers to target the right audience on cross devices accurately and precisely. However, Only Facebook has the most precise and cutting edge audience targeting methods in online advertisement. Let’s take a look at the below data for broadly and narrowly targeted campaigns:
BROADLY TARGETED CAMPAIGNS
The average online reach for broadly targeted campaign is 72% accurate
The average facebook reach for broadly targeted campaign is 92% accurate
NARROWLY TARGETED CAMPAIGNS
The average online reach for narrowly targeted campaign is 38% accurate
The average facebook reach for narrowly targeted campaign is 89% accurate
Source: Nielsen OCR, August 2013
How Facebook collects the data?
Facebook collects the data from the information provided on profile of real people and as well as from the trusted partner categories both online and offline.
How Core Audience works?
It actually fetches the data from the personal profiles and pass it on to advertisers as different categories such as geographic demographics, lifestyle/life stage demographics, purchase-based demographics, etc.
There are several ways to target your target audience on facebook.
Targeting Location and Demographics
Targeting is pretty much advanced and easy on facebook. You can choose any country, city and zip code and you can also exclude any location where you don’t want your ads to appear, or where business doesn’t existed. Once the location is set, you can move to demographics targeting where you can set the targeted audience such as men, women or both, age groups, education and relations.
There are millions of options available on interest category on facebook. You can choose them more precisely according to the objectives of your campaign. It basically gathers the signals based on person’s web browsing and app usage data, not only from facebook but websites you use particularly e-commerce sites.
Targeting behaviors is a similar function to ‘interest’ and its based on digital activities, devices yo used or any purchasing behavior yo intended in past or considering lately.
However, you can create your own input category based on the behavior you know about your audience.
Targeting connections help you to reach those people who like your page, their friends and those who are not connected to the page.
Custom Audience targeting on facebook is truly one the best method for audience targeting on facebook.You can use your own data with other Facebook targeting options, such as location, demographics, interests, behaviors, and connections. You can also utilize website visitors or mobile app visitor as your custom audience to reach.
Benefits of Custom Audience:
- Perfect reach to your loyal customers.
- Target those customers who have already shown interest in your products by visiting your website or an app.
- Facebook has 2x greater accuracy to reach real people than any other network, use it smartly and create best custom audience.
- You can also use the CRM data which includes email,phone number, iOS IDFAs, facebook user IDs and app users IDs. It can also be used with Intent data from your website and mobile app.
Lookalike audience is a tremendous way to replicate the people who are similar to your page fans, customers and prospects.There are several ways to use your own data and find the people having unique characteristics. Following are the sources can be used to define lookalike audience:
- CRM Database
- Page Fans
- Website Visitors
- Mobile App Customers
How it works?
Lookalike audience has two main functions: “similarity” and optimized for” slider. I suggest you to make your audience level less similar so you can reach to more potential people. Facebook also gives you the ability to manually set the ratio in any country for the similarity of your audience. It should be in the bracket of 15% to 20% in the interval of 1%.
Best Practices to follow while you create lookalike audience:
- Add at least 100 people in your audience to get the maximum results, and If you able to make it possibly large so you will get best results.
- Lookalike audience can be combined with other facebook targeting methods to narrow down with other features of demographic and interest.
- It has the capability to target any kind of media including page post ads and domain ads.
- Once you set your audience level, so it will take 6-24 hours to be ready,once it’s ready then you can go back to the ads manager and create your ads.