How does it work? A lookalike audience will give you with a large group of people who “look like” the people who already like your page. Meaning, they will have similar demographics. This is the same as someone saying, can I give you 1,000,000 people who are demographically just like your contact list?
Why is this good for your business? You can use these audiences that are created through Facebook algorithms to advertise specifically to people who are like the people who already like your page. In essence, it makes your advertising demographics even more specific. Keep in mind you have to have at least 100 likes in order to use this tool.
In order to create a Lookalike audience, you go to Promote Business (on the top right of your business page) –> Ads Manager. Once you are in the Ads Manager, you want to select “Audiences” in the left hand side bar. Then you want to select the Create Audience tab.
You have the option to create a custom audience, or a lookalike audience.
All you have to select for your custom audience is:
1) Which page’s following you want to be targeted
2) Which country you want targeted
3) Whether you want them to focus more on Similarity (people who look very similar to those who already like your page) or Reach (reaching more people who may have fewer similarities to those who like your page).
It will take anywhere from 45 minutes to 24 hours for Facebook to generate your Lookalike Audience Once they do, then you can run an ad that targets those people specifically.