Advertisers who’ve relied solely on interest & demographic targeting will be getting a boost thanks to a new Facebook Advertising feature, Lookalike audiences. This feature will allow advertisers to segment based off of a similar customer profile instead of specific data points from a user.
Advertisers will be able to target users that match specific profiles that have previously been uploaded in the Custom Audiences tool. The Custom Audiences tool lets advertisers upload email, user names or user IDs into Power Editor to create audiences for targeting. The new Lookalike feature will analyze the Custom Audience and find other users who meet the uploaded customer list.
Facebook stated the following about the new product:
With Lookalike Audiences, advertisers can expand their reach to specific geographic areas or audiences who are not already fans of the company’s page while still maintaining the desired demographic profile of their existing audience using Facebook’s algorithms. When using Custom Audiences, the data is hashed so no information is shared between the advertiser and Facebook.
Lookalike audiences will be available in the Power Editor and are currently in beta.