Facebook Offers Value Optimization Ads and Lookalike Audiences
Facebook wants to help marketers get more juice for their squeeze according to an announcement from Facebook Business this week.
Facebook ads have a couple new options for us -- specifically, a new value optimization tool and an updated value-based lookalike audiences tool. Both features draw on the capabilities of Facebook's pixel, which mines data about audience behavior and interactions to help businesses understand and optimize their targeting ads. This update is aimed towards helping eCommerce and B2C businesses improve their ad performance and improve ROI from Facebook ads.
With this new update, Facebook uses their data to identify which users are likely to make a purchase or download information from a particular company and thus determine which audience holds the highest value for the campaign. Value optimization is the mechanism by which marketers can tailor their ad buys to these "valuable users".
Meanwhile, the value-based 'lookalike audiences' tool is receiving a global rollout after its introduction four years ago.
The functional purpose here is to provide marketers with a smarter way to grow their potential consumer base by targeting users whose online usage history mirrors that of preexisting, high-value consumers. Now marketers will find a new 'value' column for entire customer lists that will help make their target audience, or "valuable users", see your ad.
These latest updates continue to build on Facebook's efforts to help marketers optimize their campaigns and target the customers that matter most to them. Value-based lookalike audiences are available immediately for all advertisers to take advantage of; meanwhile, value optimization has just been introduced and will continue to be rolled out over the coming months.