Facebook is coming up with more robust targeting options which stand apart from its traditional impressions/clicks/conversions.
The first, ‘Value Optimization’
To power Facebook campaigns, advertisers can now target by value as the solution enables them to optimize their ad campaigns based on purchase value data passed through the Facebook pixel.
Value optimization works by using the purchase values sent from the Facebook pixel to estimate how much a person may spend with your business over a seven-day period.
The ad’s bid is then automatically adjusted based on this estimation, allowing campaigns to deliver ads to people likely to spend more with your business at a low cost.
The feature has rolled out on Tuesday, 13th June 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.
The Second, ‘Value-based Lookalike Audiences’
Facebook is enhancing its Lookalike Audiences feature to help businesses grow specific cohorts of their audience based on the value to their business.
With the improvement, advertisers now can include a value column to their entire customer list, which Facebook can use to create an additional weighted signal for people most likely to make a purchase after seeing an Ad.
In simple word, by including a value column in your customer list, you can reach to new people that look like your highest spending customers. Value-based lookalikes can be found across all objectives in Ads Manager or Business Manager. To know the details, read on the official Facebook blog post!