What are lookalike audiences? How can they improve marketing campaign results?
Most if not all of us want to find new customers, donors, members or other target audiences who are likely to be interested in what we offer. Whether it’s through email, direct mail, paid search or social or a myriad of other channels and techniques, that’s what we do as marketers.
And we’re always looking for ways we can acquire more of these targeted audiences as effectively and efficiently as possible. That’s where lookalike audiences come in!
What is a lookalike audience?
A lookalike audience is a group of people who share similar characteristics with your existing customers and prospects. The great thing about lookalike audiences is that they have not yet interacted with your business but are highly likely to be interested in what you offer.
How do you create a lookalike audience and how is this data used?
A lookalike audience can be created using your current customer data or prospecting list. The list is then uploaded to advertising platforms like LinkedIn, Meta, or Google and the data is used to target new customers who are more likely to convert than a general audience.
How can lookalike audiences gain me more qualified leads who convert?
You reach more of your target customers.
One of the best things about lookalike audiences is their scalability. By using advanced algorithms that leverage your data set, platforms can identify many more target customers than manual targeting or broad audience demographics.
Higher conversion rates and lower cost per acquisition
It may seem obvious but it’s worth pointing out – you’re targeting people much more likely to be interested in your product which can mean more conversions at a lower cost. In fact, marketing website The Current reports that lookalike audiences can dramatically increase conversion rates by up to 50% when compared with traditional audience targeting methods.
More time for campaign optimization and other marketing efforts.
Because you simply upload the data and the platform does the rest, you have more time to focus on other aspects of the campaign – like creative, analysis and optimization – or other marketing initiatives on your to-do list.
Overall, lookalike audiences are a powerful tool for businesses looking to expand their customer base and improve the effectiveness of their marketing campaigns. By leveraging data to identify and target new customers who match your ideal audience, you can meet and even exceed your goals and drive revenue and growth for your organization.
Looking for an experienced digital marketing agency to improve your performance with data-driven solutions? We’re here to help!