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FACEBOOK AUDIENCE INSIGHTS VS. LOOKALIKE AUDIENCES
By Mitchell Gandy Posted June 24, 2015
TO LISTEN TO THE MP3 AUDIO FILE CLICK HERE
SUMMARY
When you’re looking to improve the performance and success of your Ad Sets, there are a few options you have within your Ads Manager: Lookalike Audiences and Audience Insights. We believe there is a better option than the Lookalike Audience that Facebook will create for you, and it is called Audience Insights.
It is very easy to get swept up in the success of a certain Ad Set, and want to just increase your spend on that specific Ad Set. We discourage people from doing this, and go into further detail as to why that is not going to be beneficial in the long run. There is a system we use when duplicating successful Ad Sets, but this is reserved for special circumstances, as it is also not ideal. It is also important to keep in mind the efficiency of your Ad Spend, and make sure the life of your Ad has the potential to go as long as possible, these will always help the success of your Ad.
LOOKALIKE AUDIENCE
While Audience Insights gives you the biggest potential and reach for your Ad Set, Lookalike Audiences are still an option available to you. Basically what a Lookalike Audience is, is a clone of an already existing audience of yours. There are a few options to chose when creating your Lookalike Audience in your Ads Manager, but ultimately you will get to chose which of your existing Audiences you want to clone.
AUDIENCE INSIGHTS
This is the best way to gauge what is going on with your audiences on Facebook. Audience Insights will not only help you take a closer look at who your audience is, but it will also help you find similar audiences to your own, that you can then target. You get to be far more selective when using Audience Insights than any other option. Just a few of the factors you get to select from when using it is:
     - Who your audience is.
     - Demographics, including age, gender, etc.
     - Pages your audience like.
You want to make sure you target people who have similar interests as those in your custom audience, as well as an interest in whatever you are advertising. If you already have something that is giving you great numbers, try to use those same demographics and interests when creating your Audience Insights.
There are a handful of topics to sort your Audience Insights by, but our favorite to use is to sort by “Affinity”. This option gives you the strongest numbers associated to your demographic, therefor should give you the best results. Not all pages on Facebook can be targeted, but most business pages, brands, companies, etc. should allow this.
When you create a Lookalike Audience Facebook is the one making the decision as to who would be similar to your target audience, but when you create your own Audience Insights, you have this control. Facebook may only be looking at a handful of attributes when making their selections, but when you are in Audience Insights, you have the ability to select the topics that are most important to you, and your audience.
TRANSCRIPTION
Hi there, Mitch Gandy, Fan Page Traffic Academy. This video is about how you can do better than the basic Lookalike audiences that Facebook will create for you.
What happens often times is that we get success with a particular Ad Set, and of course we want more of that. What we want you to avoid doing is just going into that Ad Set and increasing the spend. Really what we teach is to:
     - Avoid, at anytime, making changes to a particular ad set.
What we suggest to do instead, is to:
     - Duplicate that successful Ad Set, and then start that duplicate at 12pm the following day.
We seem to get a lot of success doing that. If you want to avoid duplicating the Ad Set, and just increase your spend on your successful Ad, you could still do that, but it isn’t ideal.
We often times talk about being efficient with your Ad spending. So for a particular Ad set, to a particular audience, we always suggest:
     - Spend between $1 per million per day, to $20 per million per day.
That ends up being a pretty wide range, $1-$20 per million per day. If you’re spending somewhere around $20 per million per day that’s going to be the least efficient spend for your money, but if you’re spending closer to $1 per million, it’s going to be far more efficient. It’s also going to extend the life of that Ad Set, and how long you can target that particular audience, which is important to keep in mind.
LOOKALIKE AUDIENCE
So, what we want to do instead of messing with our particular Ad Set, or taking the rout that Facebook suggests, which is to create a Lookalike Audience that we will talk about briefly, is to look in to Audience Insights. But first, back to Lookalike Audiences.
     - A Lookalike Audience is basically a clone of an already existing audience of yours.
To create your Looklike Audience, you want to start in your Ads Manager. To get there, you can either do a Google search of Facebook Ads and go into ‘Facebook.com/advertising’, or just go directly to your Ads Manager if you know how to already. You then go into Audiences, and you can create a Lookalike Audience by selecting Create Audience, then select Lookalike Audience, and then it will ask which of your particular Audiences you would like to create a Lookalike Audience from. The selections are:
     1. Ads Manager
     2. Audiences
     3. Create Audience
     4. Lookalike Audience
It will then walk you through that process, which is pretty easy. For your best Ad Sets, it does make sense to do a Lookalike Audience, since they have already proven to be successful, but Lookalike Audiences aren’t the only way to scale what we’re doing on Facebook.
AUDIENCE INSIGHTS
The better way to get an idea of what we’re doing on Facebook is to check out Audience Insights.
     - You head in to your Ads Manager, then go to Audience Insights.
What Audience Insights will do is allow us to take a closer look at who our audience is, and what other similar people/audiences there are to our own audience. You can basically make a very selective “Lookalike Audience” in a way.
Let me walk you through our process that we use for Audience Insights. You will be able create a better targeting with Audience Insights than you might get with Lookalike Audience.
So what we do here is you would want to either go to:
     - Custom Audience, add the audience that you already have in your Ads Manager.
People that are already landing on your website, or whatever that custom audience is that you’ve created.
Or you can:
     - Select the particular Demographic of your ideal customer.
Once you select that particular “Demographic“, you can then find out what it is those people like, what pages they like, all the different demographics involved, and then find more people similar to them.
So what we do is, whether it is making a selection in the “Custom Audience” section, selecting certain options in the “Demographics” section, or finding the other similar “Interest Groups“, for example: Facebook marketing, we try to:
     - Associate the same interests of your original Ad Set with your new Custom Audience.
So let’s say we wanted to target people who were interested in Facebook Marketing, unfortunately it looks like this a pretty small audience, so we wouldn’t do that since there’s less than 1,000 in this demographic. But, if we want to find a really broad example and pick a particular interest, like “Advertising”, you want to select the same attributes that you’ve used in the Ad Set that you’re already having success with and include them in the new Audience; “Advertising” in this case.
So you:
     1. Take the same targeting from your Ad Set you’re getting success with.
     2. You put it (“Advertising”) into Audience Insights.
     3. Then, what we can do now is we can click on “Page Likes”.
Now we can find all of the pages that the people who you’re targeting also like. So for example, we can sort by:
     - “Relevance”, which means they’re the largest number of people per page.
Or we can sort by
     - “Affinity” which means you’re looking for the largest percentage of a particular audience that likes this particular page.
Which is what we suggest doing, sort by “Affinity“. So what we selected previously as our example, Advertising, is unfortunately not very targeted, it is an extremely large group with 30-35 million people, so it isn’t what we would want you to do, we are just using it as our example today.
     - Typically you would want to try to target a generation of people, say a 10 year age span.
We’re usually going from ages 22 to 32 or so, but today we’ll say 22 to 30, that’s almost a generation. Then you can select whether you want your audience to be men, or women, or both, we selected men which has about 7 to 8 million people in this example.
Anywhere from roughly 1 million to 5 million is great, by about 10 million you are getting pretty big, and anything more than that just starts to dilute your targeting too much, so we try to avoid that. Anything smaller than a million, unless it’s something that is really highly highly targeted, is a little bit too small for an audience.
So anyways, let’s say we are at 4 to 4.5 million, we have men age 22 to 30 who are interested in Advertising. That’s a select group, and so what we can say from the results that were generated is that the men age 22 to 30, who like Advertising, also are highly likely to like all these beer pages listed, go figure… 22 to 30 year old men ha ha, very familiar with those pages. Then we can check out all these other examples: Eat, Sleep Boost; Edge Shave Gel; LED Concepts, and so on.
What you’d want to do is, once you’ve selected your audience here, like I was saying, similar to the audience you were getting success with in your own Ad Set, you can then:
     - Make a decision on which other pages here you may also want to target.
Some pages you won’t be able to find, for example when it’s a “Community“ often times you can’t target it, but most of them you should be able to. When the page type is a “Brand” or a “Business“ or something like that, you can typically target it. So you will have all these options of different pages that you can target, that have similar interests to your own target audience.
LOOKALIKE AUDIENCE VS. AUDIENCE INSIGHTS
When you’re creating a “Lookalike Audience“, what Facebook is doing is it’s basically going through 40 attributes, or however many attributes that it decides that it knows about us like age, where we live, what we do, our interests etc.
     - Facebook takes these sets of attributes and they find people that have similar attributes to that set.
But unfortunately we don’t know exactly which of all of these attributes Facebook is taking and using.
But when we go into “Audience Insights“, we then have the power to make that decision instead of Facebook.
     - We get to decide exactly which attributes to get, we decide exactly what we want our audience to look like, and we can pick from the list of pages that they also like.
We get to be more selective in this process, and with the pages we are going to target.
So I hope that gives you some value, and hopefully when you’re trying to scale your ad sets and your success with your Facebook advertising in the future, you will consider taking advantage of using “Audience Insights“. Mess around in there, check it out, because if haven’t seen it before, it will blow your mind. It adds humongous value, and it’s pretty awesome that Facebook has given us this tool to use as a resource. So take advantage of that resource, put your comments and thoughts down below, let us know if you’ve had any success, or if you have any questions! Obviously I am so thankful that you’ve watched all the way through this video, and really appreciate you tuning in and hope to see you next time.
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