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Many brands have already uploaded their first party data or CRM lists so that they can re-target past customers or people who have shown interest in their brand. These lists of data are compiled of people who have input their phone number, email address, name etc. either online or in person. These specific people which are now an audience on a DSP are all people that are definitely interested or have shown interest in a product or brand. This audience is perfectly fitted for a specific brand, but the problem is how do you reach people just like this that haven’t been in contact with this business? This is where lookalike audiences come in play.
Lookalike audiences are created using insights of past web traffic, first-party data or custom audiences and finding others that are similar across the web. Once similar people are found they can be organized into an audience that can grow and expand your reach to wider yet effective range. This targeting strategy allows you to serve ads to people that are similar in demographics and online interests to people who have already came in contact with your brand. That being said, implementing lookalike audiences of valued customers into an active campaign is like giving candy to a baby.
Lookalike audiences fill the missing gap between the reach capabilities of digital marketing and the precision of CRM marketing. There are a few ways that a lookalike audience can be formulated. Some DSPs offer technology that automatically finds online profiles that have the most similar activity and interests as those listed on a CRM. Formulating a lookalike audience this way is the simplest but there is still another viable method for creating one of these audiences. The other way of creating a lookalike audience is by having insights set up for your website to gather audience related information of customers. With these insights you can utilize your data management providers data to create an audience with the most similar demographic traits as those who have been on your site.
Lookalike audiences can be used in email campaigns, programmatic advertising, search engine marketing and social media marketing and more. Although it is not guaranteed success, lookalike audiences enable you to market towards people who are much more likely to convert. Besides quick new leads, formulating lookalike audiences and testing different demographics and traits will ultimately help you understand your audience. For businesses looking to get their foot in the door of an industry, utilizing lookalike audiences can be a great step towards moving forward.