If you’re looking to expand your Facebook advertising audience and increase your chances of finding potential customers, then you need to consider using Facebook Lookalike Audiences. This advertising feature allows you to target people who share similar interests and characteristics with your current customers. By using this feature, you can reach out to a broader audience that is more likely to engage with your content and potentially convert into customers.
In this blog post, we’ll take a closer look at how Facebook Lookalike Audiences work and how you can leverage dynamic and value-based lookalikes as a powerful way tool to maximize the impact of your B2B Facebook lead generation campaigns.
Facebook Lookalike Audiences for B2B Marketers
Facebook Lookalike Audiences can be a valuable tool for B2B performance marketers looking to expand their reach and find new potential customers. By creating a custom audience based on existing customers or website visitors, B2B marketers can identify patterns and characteristics that are common among their target audience. Facebook’s algorithm then uses this information to find and target similar people who are likely to be interested in their products or services.
This is especially useful for B2B performance marketers who are looking to reach niche audiences that are difficult to find using Facebook’s native interest and demographic based targeting. With Facebook Lookalike Audiences, B2B marketers can reach out to a wider audience that is more likely to be interested in what they have to offer. This can lead to increased brand awareness, engagement, and ultimately, more leads and conversions. Additionally, Facebook Lookalike Audiences can help B2B marketers to optimize their advertising spend by targeting only those people who are most likely to convert, leading to a more cost-effective and efficient advertising campaign.
What Are Dynamic Lookalike Audiences on Facebook?
Dynamic Lookalike Audiences on Facebook is a type of custom audience that uses real-time data to create a more relevant and up-to-date targeting group. These audiences are based on your existing customers, and they automatically adjust as new data is collected.
Dynamic Lookalike Audiences are created by combining first-party data with Facebook’s machine-learning algorithms to identify patterns and behaviors that are common among your target audience. This information is then used to create a custom lookalike audience of people who are similar to your existing customers or users.
The key advantage of Dynamic Lookalike Audiences is that your lookalike audience is constantly updating and evolving based on the behavior of your target seed audience. This means that your lookalike audience is always being shown to the most relevant people at any given time.
What is a Value-Based Lookalike Audience on Facebook?
A value-based Lookalike Audience on Facebook is a type of custom audience that is created based on the value that customers have provided to your business. This value can be measured by the amount of money they have spent with your company.
The process of creating a value-based Lookalike Audience involves uploading a list of your most valuable customers to Facebook, along with the value they have provided to your business. Facebook’s algorithm then analyzes this data to identify patterns and characteristics that are common among your most valuable customers.
Based on this analysis, Facebook creates a custom lookalike audience of people who are similar to your most valuable customers in terms of their purchase behavior. This allows you to target people who are more likely to provide significant value to your business in the future. If you are uploading a customer list of opportunities instead of won deals you can use an opportunity value field as the value-based identifier.
Value-based Lookalike Audiences can be especially useful for businesses that want to optimize their advertising spend by targeting high-value customers or potential customers with a high LTV. By targeting people who are similar to your most valuable customers, you can increase your chances of reaching people who are likely to make significant purchases or provide long-term value to your business. Additionally, value-based Lookalike Audiences can help you to maximize the return on investment (ROI) of your advertising campaigns by focusing your ad spend on the most valuable audiences.
The Power of Combining Dynamic Lookalikes with Value-Based Lookalikes
Combining Dynamic Lookalikes with Value-Based Lookalikes on Facebook can be a powerful way to maximize the impact of your advertising campaigns. By creating a custom audience that combines the best of both worlds, you can reach people who are not only similar to your existing customers but also have a high likelihood of providing significant value to your business.
Dynamic Lookalikes are based on real-time data and adjust as new data is collected, ensuring that your ads are always being shown to the most relevant people. On the other hand, Value-Based Lookalikes are based on the value that customers have provided to your business and can help you to target people who are more likely to make significant purchases or provide long-term value.
By combining these two types of Lookalike Audiences, you can create a custom lookalike audience that not only has similar behavior and interests to your most valuable customers but is also more likely to provide significant value in the future.
Sending Value-Based Dynamic Lookalike Audiences from Salesforce to Facebook
Traditionally, to build a value-based Lookalike audience on Facebook, you had to manually export a customer list with a field for the value from Salesforce and then upload it as a custom audience. But this only harnesses half the potential impact because you’re still dealing with static lists.
However, we’ve recently launched a game-changing feature that allows you to seamlessly send dynamic value-based Lookalike audiences from your Salesforce CRM to Facebook. This means you can unlock the full potential of your customer data to improve performance.
Create Your Seed Audience
To create a new seed audience in your Conversion Stream Dashboard, simply follow these easy steps:
- Go to the CRM Data Source tab.
- Click on “Audiences” in the top right corner of the screen.
- Select “+Add New Audience Segment”.
Next, define your audience by specifying your desired criteria. For example, if you want to include all working contacted leads from companies with more than 100 employees, make sure to set these filters accordingly.
Once your audience is properly defined, click “Next” to proceed to the next step.
Define the Value Field and Facebook Lookalike Audience Size
To get started, select the value field for your audience. While a static value field assigns the same value to every person in the audience, a more effective approach is to use dynamic values. For instance, we can use the annual revenue field to assign unique values to each person in the audience since not all leads have the same value.
Next, specify the country, size, and number of Facebook lookalike audiences you wish to create. Then, click on “Next,” name your audience, and hit “Save” to finish the process.
Create an audience stream
To get started, go to Audience Streams and click “Add New Stream”.
On the left-hand side, select the audience you just created. On the right-hand side, choose Facebook and select the Facebook Account you want to use. Then click “Save” to link your audience to your Facebook Ads Manager.
Viewing your lookalike audiences in the Facebook Ads Manager
Navigate to the “Audiences” section in your Ads Manager and you’ll find three audiences: the dynamic seed audience and two lookalike audiences.
B2B SaaS Use Case
By combining dynamic lookalikes with value-based lookalikes, you can create a powerful data-driven strategy. We created a guide for a B2B SaaS use case that shows you how you to exponentially scale MQL growth by applying this approach. Check it out here to see how you can leverage these tactics to achieve similar results.
Facebook Lookalike Audiences can expand your advertising reach and help you find new potential customers. Dynamic Lookalike Audiences and Value-Based Lookalike Audiences are two powerful features that can be combined to create a custom lookalike audience that is not only similar to your most valuable customers but is also more likely to provide significant value in the future.
Try ConversionStream’s dynamic lookalike feature today and take your Facebook advertising campaigns to the next level by reaching a broader audience that is more likely to engage with your content and convert into customers.