Facebook Lookalike Audience is the segmentation tool in the Facebook Ad Manager that helps you reach people whose demographics and interests are similar to those of your existing customers and who may be interested in your offer.
Facebook Lookalike Audience is an effective marketing tool because it dissects your existing followers and user base as well as leverages its massive store of customer data to find the features that connect your customers and your target audience. Such sensible targeting optimizes your media expenses and decreases the cost of acquisition in the process.
The size of the target group in the lookalike audience can be variably defined. Setting larger audiences gives you more reach, but the matching will be less precise. A smaller lookalike audience reaches fewer people but will be more targeted. So, it’s important to strike the right balance according to the needs of the campaign.