Facebook has this week announced two new tools to help marketers target people who are likely to spend money on their services.
The social network is doing this by opening up data it has learned about users’ spending habits from the Facebook pixel.
When set up, the Facebook pixel tracks the actions people take on your website after they click a Facebook ad, including whether or not they make a purchase.
And Facebook is now using this purchase data to help advertisers optimise their campaigns and target customers more likely to spend money.
The first tool is called Value Optimisation, and lets marketers include a value column in their customer list, which can be used to reach new people that “look like your highest spending customers”.
It does this by using purchase data from the pixel to estimate how much a person might spend with your business over a seven-day period.
The ad’s bid is then automatically adjusted based on this estimation, allowing you to deliver ads to people more likely to spend money with your business at a low cost.
Announced in a blog post, the new tool will be rolled out to eligible businesses over the next few months.
The second tool is Value-based Lookalikes – an update to Lookalike Audiences, which lets marketers target people that have similar interests to those in their existing customer lists.
The update lets marketers find out who among these lookalike audiences are likely to purchase, by adding a new value column to customer lists.
Facebook then uses this to create “an additional weighted signal for people most likely to make a purchase after seeing your ad”.
This new Value-based Lookalikes update has been made available across Ads Manager and Business Manager.
The new value tools were described as a “priority product” for Facebook by a spokesperson, and are similar to new updates recently announced by Google AdWords.
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