Creating Lookalike Audiences are one of the best ways to find new customers on Facebook. When we have enough conversions, we create lookalike audiences to expand our audience size.
Because we can’t exceed $10/10,000 people in an audience, our audience size dictates our threshold spend. By creating lookalike audiences, we rapidly expand our audience size and threshold spend.
We start with 1 Babel audience, we then derive multiple audience interests from Babel, we then derive multiple audience interests from our winning audiences, we then use Fb’s algorithm to derive audiences.
Once you’ve had 100 optins, create a LAL on ad engagements. Once you’ve had 300 optins, create a LAL on optins. Once you’ve had 300 SS applications, create a LAL based on SS applications.
You start at the top of your funnel (ad engagements) and create LAL’s on each stage as soon as it has sufficient conversions. (300+ needed).
But remember when creating LAL’s for the first time, use 1% audiences and keep your country(s) to what’s proven. Once you’ve tested and proven LAL’s at 1%, try 3% and up and see if they work. Always try to keep things simple.
Why 1% Lookalike Audience, because if you’ve had success with a 1% Lookalike Audience, your Facebook Pixel should be filled with valuable data that the Facebook algorithm can use to filter through this larger audience and find you even more likely customers, eliminating the risk that a new advertiser with very little Pixel data would face when targeting such a large audience.