This is a well worn quote and for our purposes here we are going to extend it a tad. Not only is imitation the greatest form of flattery but it can also be very profitable for you.
OK I will get back to that quote shortly and tie it in to a problem that you and probably every other business on the planet has. HOW TO GET MORE CUSTOMERS
Lets say you are using Facebook Custom Audiences. You have built a list of buyers by tracking those who have landed on your Thank You page or you have built a list of people who are really interested in your service because they may have visited a specific page or downloaded a free report you had on offer.
All is good but you had to do a lot of work and possible spend a lot of cash to build these lists. You want to be sure you can leverage these lists for greater profit for you.
Facebook Lookalike Audiences can deliver that leverage for you.
Do you ever watch Criminal Minds, good program, it’s on Netflix. Basically you have all of these men and women who are part of the Behavioural Analysis Unit jetting off all over the US.
They help solve crimes by profiling the possible suspect based on the characteristics of others who have committed the same type of crime. In the program all the members of the BAU are super smart psychologists.
Well Facebook can by your own personal BAU except you are not looking for criminals.
You are looking for buyers.
The evidence you can bring to the table is not from a crime screen but a custom audience you have built up on Facebook of your exisiting buyers.
Facebook will look at your customer audience and then create a new audience from its members that matches the profile of your list.
Facebook stores everything you do while on its system. It spends billions looking at that data so it can build up these profiles. Its ability to profile is getting better and better all the time.
You can ask Facebook to match the top 1% – 5% of people in its database of members that best match the profile of your list and use this information to create a new list. You can then target ads at this new list.
The new lookalike list tend to be large. In marketing smaller more targeted lists are better. You can take your new Lookalike list and over lay with other targeting options such as location or gender. You can also overlay it with interests from the Interest Targeting options in Facebook
This will refine the list, make it smaller and more targeted.
Whoops another quote but it is important to know you can create your Lookalike list from a relatively small custom audience.
You may be a small player in your business sector but looking to grow. You may be about to enter a different market where you only have a few customers. Whatever the reason you may only have a small list of buyers or prospects in your custom audience.
No worries, if you have more than 100 Facebook will create the lookalike audience for you.
So can you now see how imitation can be profitable for you !