What is Value-based Lookalike Audience?

Value-based Lookalikes are an enhancement of Lookalike Audiences. Value-based Lookalike Audiences enable you to provide a monetary value for each person and Facebook can then use this value to determine which people on the list are most valuable to your business.

With Value-based Lookalike Audience, you can reach new people similar to your high ROI customers and improve campaign results.

Requirements

In order to create Value-based Lookalike Audience, you need to have an event source, such as the Meta Pixel on your website which is also passing the `value` parameter with the events. You can also create a value based lookalike based on a Custom Audience that has customer value as a filter parameter.

How to create Value-based Lookalike Audience from event source?

In Smartly.io Value-based Lookalike Audiences are created under the Library tab.

To create value-based lookalike form an event source, click Create Lookalike Audience, and choose From signal source.

Select a the correct Pixel and and event that has value passed with the value. You can verify this from the event count shown in green.

How to create Value-based Lookalike Audience from file?

In Smartly.io Value-based Lookalike Audiences are created under the Library tab.

If you do not yet have a Custom Audience with customer value data to be used as a seed audience for the value-based lookalike audience you must first create a custom audience.

Click Create Custom Audience, select Add new custom audience and provide customer data with value column as shown below.

Once you have created the Custom Audience you can directly continue to create value-based Lookalike Audience by clicking Create a new lookalike.

Select at least one country and one percentage to determine the size of the Lookalike Audience.

How to Determine Customer Value?

The hardest part of creating a Value-based Lookalike Audience is to assign a monetary value to each person in the seed audience file. Check your CRM software as many businesses are tracking purchase history or Lifetime Value of their customers in their CRM system.