What are lookalike audiences, how do they work, and why should you be using them?
Lookalike audiences are groups of people who have similar characteristics, or who have behaved similarly, to your existing clients.
People who have things in common often act in the same ways, because they have the same needs, wants, and beliefs, and this is backed by data; lookalike audiences in general have significantly higher conversion rates than audiences you create using only interests and demographics!
Why is this? Well, you might have a really good idea of who your ideal client is (this varies depending on the type of legal services you provide). But Facebook has a gargantuan amount of data that makes your knowledge look puny. It’s able to access all of its data and combine it with yours, and easily discover commonalities between people who have already hired you and people using their platform who have not been introduced to your brand yet. Facebook connects you with these qualified users you would have never thought to look for. Lookalike audiences are also cheaper to target (the cost per acquisition is much lower).
Let’s say that you are an estate lawyer – your current clients are probably wealthy, retired senior adults who have kids and grandkids that they want to secure a good future for. Lookalike audiences give you the power to serve ads to other wealthy, retired, senior adults who are concerned about their family’s future and their legacy – they’ll be more interested in converting than young parents who are just trying to make it paycheck to paycheck, for example. You can set parameters on the location, demographics, and interests to get even more qualified prospects.
Facebook has to have an audience to compare, so you need to choose a source audience (which is created with your Facebook pixel data, mobile app data, or Facebook page data). There are two main factors you should consider when you select your source.
1. Size – the size that you set your lookalike audience to be will affect performance. Smaller audiences match your source audience more closely, but larger audiences increase your potential reach.
2. Quality – the quality of a source determines the effectiveness of the lookalike audience. For example, a lookalike audience based on your best clients (highest settlements, most qualified cases, etc.), will yield better results than a lookalike audience based on all of your clients.
Social prospecting for cold leads (people who have never interacted with your brand) is hard. Advertising to a lookalike audience makes it easier and gives you a better chance of success.
Here’s how to create a lookalike audience:
Step 1: Create a source audience
We recommend creating a custom audience first based on your best clients (learn how to here).
Step 2: In your Facebook Ads account, select “Lookalike Audience” under the dropdown menu
Step 3: Choose the source audience you created
Step 4: Choose location(s)
Step 5: Choose Audience Size
As the percentage increases, so does the broad nature of the audience. You’re closest to your target at 1%, so especially in the beginning of a campaign, stick to that. If you need to find more people, increase the percentage later.
Step 6: Hit “Create Audience”
All finished! Now, you have a lookalike audience.
Did you find this helpful, or do you have any more questions? We’d love to talk to you! Empirical360 has extensive experience in social media marketing for attorneys, and we’ve generated hundreds of thousands of dollars for clients through Facebook advertising campaigns. Contact us to see how we can help you grow your firm through paid advertising on social platforms!