Facebook has added value optimization and Lookalike Audiences to ad bidding . According to reports, Facebook stated in a recent announcement that it wants to help marketers reach their target audience easy and fast. It is no news that the social media company benefits a huge chunk from the revenue generated by the industry from digital ads.
In addition to having a great number of audience, Facebook is also popularly known to provide a wide range of marketing options to businesses. The social media company has now announced the addition of two brand new tools that will be of massive value to marketers across the globe. These tools are value-based Lookalike Audiences and value optimization.
Facebook stated in its official announcement that the Value optimization tool uses the purchase values that are sent from Facebook pixel to check and estimate the amount of money a person would likely spend with your business over a period of time. The estimation is automatically utilized to adjust your ad’s bid, thereby delivering ads to audiences who could spend more money with your business at a budget friendly price.
The Value-based Lookalike Audiences tool, on the other hand, allows marketers that use Custom Audiences to target users that match their Custom Audiences. It is reported that the Lookalike Audience tool provides marketers with an impressive outcome at a relatively lower cost. However, it is believed that using Custom Audiences to list small groups of customers based on their spending rate is very demanding and it is not an effective strategy.
Facebook has now provided an easier way for marketers to create value-based Lookalike Audiences as they can now add a value column to their customer list. Facebook uses these value column to create a weighted signal for customers that are likely to make more purchase.
Meanwhile, it is reported that the Value optimization tool is similar to the Target CPA bidding from Google that gives marketers who are using AdWords automated bidding the ability to reduce their Cost Per Acquisition to a minimal level. However, both the Value optimization tool and the Value-based Lookalike Audiences tool rely heavily on Facebook Pixel, which provides information about the behavior of Facebook users in order to help marketers reach targeted audience easily.
According to reports, the value-based Lookalike Audiences Tool was first introduced some years back. It is believed that the main reason behind the recent release, is to provide a better way for marketers to build a targeted customer base by reaching Facebook users who have an impressive track record that suggest the possibility of being a high-value client. This will enable marketers to reach their target audience and potential high-value customers with ease.
The release of the latest tools suggests the company’s continuous efforts to provide marketers with a more efficient and responsive way to optimize campaigns and target the most relevant customers. It is reported that although Value-based lookalike audiences tool is already available for interested marketers worldwide, the company will gradually roll out the value optimization tool.
Categorised in: Social Media
This post was written by Webpinas Online Solutions