New Facebook targeting options are becoming more robust, stepping outside of traditional impressions/clicks/conversions and delving into value.
One of the most important dances that digital advertisers perform is the maximization of revenue on a minimal budget. It is quite remedial, really; the goal is to optimize the value of campaigns. Well, now Facebook can help you with that. Two new features have been launched by Facebook: Value Optimization targeting and value-based Lookalike Audiences.
Instead of relying on conversions, clicks, impressions or installs to power Facebook campaigns, advertisers can now target by value. This targeting is made possible by the Facebook pixel and the purchase values that are sent back to Facebook. Facebook will then take that data and estimate just how much a person may spend with you over a seven-day period. This new targeting will then adjust your bid automatically to cater to these more valuable folks. This adds a layer of clarity above traditional conversion targeting, as the end goal is revenue, not just transactions.
Value Optimization is beginning to roll out today and will be seen for eligible businesses over the next few months. Value optimization is accessible within website conversion ad sets that are optimizing for purchases within Facebook Ads Manager.
Another significant upgrade announced is the addition of value-based Lookalike Audiences that will try to target users who are similar to your best customers. This again brings revenue into the targeting mix, something that is wildly important for any type of comparison audience intelligence. With value-based Lookalikes, advertisers can view a value column to their customer list that will then be used as a weighted signal when targeting. This can be used for all objectives and is being rolled out on a global scale.
These upgrades are rolling out today and can be found within your Ads Manager or Business Manager accounts. For more information, see the official Facebook post.