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Facebook Business: Lifetime Value And LookAlike Audiences

Facebook Business: Lifetime Value and LookAlike Audiences

Facebook for business can help your business in a multitude of ways. Arguably one of the most important is figuring out how much of a net profit your customer will gain throughout the duration of your relationship with them. This is also known as customer lifetime value. It’s a numeric representation that can be broken down into multiple factors:

  1. How often a customer makes a purchase
  2. How much they spend when they do
  3. How much you project they will spend over time while working with you
  4. The potential length of your relationship together

It’s advised to never base the numeric representation off of one of these factors alone, but rather combine all of them. By doing this, you receive a much more accurate number that can really help you determine the projection of your time together.

Figuring out your customer lifetime value is especially relevant for value-based Lookalike Audiences. If you add a customer lifetime value column to a file you’re uploading to create a Custom Audience, you can use that Custom Audience as a source for a value-based Lookalike Audience. On its own, it will create a list of customers most similar to yours. To create this, you must follow these steps (as per Facebook Business Ads Help Center):

  1. Go to your Audiences.
  2. If you already have audiences, click the Create Audience dropdown and select Custom Audience.
  3. If you don’t have any audiences, you’ll see audience creation buttons rather than a dropdown. Click Create a Custom Audience.
  4. Click Include LTV for better performing lookalikes.
  5. Accept Facebook’s Business Tools Terms via Ads Manager.

From there, there are five other parts to creating your CustomAudience:

  1. Add list
  2. Select customer value
  3. Edit data mapping
  4. Hashed upload & creation
  5. Next Steps

Though this might feel daunting, Facebook will help you throughout this process, so there is nothing to fear. Calculating the net profit has never been easier, and with a company as big and experienced as Facebook, you are sure to have a healthy symbiotic relationship with your customers.

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Frequently Asked Questions

Some of the most common questions, along with the complete answers from our social media support experts.

On your LinkedIn profile, there is a button toward the bottom of your profile that says, “Link Facebook.” When you click here, you will be asked for your Facebook information. When you do this, you can easily connect everything together.

On your LinkedIn profile, go to your profile drop down menu in the top right hand corner. Open it and click on “Privacy and Settings.” Directly under “Settings” in the top right hand corner, click on “Manage your Twitter Settings.” This will bring you to another page which invites you to add your Twitter information.

Go to your profile and click “lists.” Create a short description for each list, then add different Twitter accounts. You can decide whether you want them to be public or private.

On your homepage, find groups. In the top right hand corner, there will be a button that says, “create group.” Click on this and make a group and add descriptions and invite people to be a part of it.

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