How To Create Purchase Behavior Audiences on Meta Ads Manager
- RCKSTR Media
- Jul 20, 2024
- 3 min read
Updated: Mar 30
Using value-based parameters to improve retargeting and lookalike audiences.
Looking for new ways to optimize your Meta ads? Value-based audiences can be a very effective way to test new audience segments and unlock additional areas of value in your business's advertising efforts.
Understanding how to effectively target potential customers is crucial for any successful marketing strategy. By utilizing value-based parameters on Meta, businesses can refine their retargeting efforts and create more precise lookalike audiences. This approach not only enhances ad relevance but also maximizes return on investment by focusing on high-value prospects.
What is a value-based audience? A value-based audience consists of users who meet specific criteria you set. Using value-based audiences, you can identify customers within a more engaged audience segment than average website retargeting or lookalike audiences.
What parameters can you set for a value-based audience?
Priority ranking
Rank customers in a list from highest value to lowest
Currency value
Set a specific order value
Conversion event frequency
Set a minimum or maximum frequency of events
URL
Get visitors who took a conversion event action on a specific landing page or product page
Device
Create an audience of people who took action using a specific device
For these examples and audience ideas, we'll look at a Purchase event, however this can similarly apply to other conversion events.
There are two ways to break up value-based audiences:
Audience Segments - Users who already fit the parameters.
Minimum value
Set a minimum order value for a purchase audience
Frequency
Set a minimum purchase frequency
Ideal for targeting repeat buyers
Lookalikes - A modeled list of users likely to complete the desired action that will fit within the parameters you set.
Value-based lookalike
Using either Meta's automatic value-based lookalike creation, or uploading a list of your own and indicating lifetime purchase value per customer, you can give Meta a prioritized list of your best customers to then find users who best match based on those values.
Minimum value lookalike
Lookalike of users who are likely to spend over a certain amount per-purchase. This helps to identify potential customers who are likely to spend more money.
Frequency (repeat buyer) lookalike
Using the frequency parameter under "Aggregated value" when creating a website audience, you can create a lookalike of repeat buyers and thus an audience of people who are likely to be repeat buyers of your product or service.
How to create value-based audiences in Meta Ads Manager?
In the audiences section on Meta, click on "Create audience" then select "Website"
From here, choose your pixel from "Source", select the event, and add in the number of days for audience retention (we'll use 90 days in this example). Under the "Refine by" option, you can define by URL, aggregated value or device. We'll select aggregated value.
When should I use a value-based audience?
Value-based audiences and value-based lookalikes should be used once you have enough data. By definition, Meta looks for 1,000 events at the minimum - however, you can create audiences and lookalikes if you have less than 1,000 events. We would just emphasize that the more events you have within the parameters you set, the more accurate and effective these audiences will be.
To monitor the performance of these audiences, regularly check the metrics in Meta Ads Manager. Key performance indicators such as return on ad spend (ROAS), cost per acquisition (CPA), and conversion rates will help you gauge effectiveness. Additionally, use A/B testing to compare different audience sets and optimize your targeting strategies based on real-time data.
Ultimately, leveraging value-based audiences can significantly enhance the precision of your marketing efforts, leading to higher engagement and improved ROI. By continuously monitoring and refining these audiences, you can ensure your campaigns remain effective and aligned with your business goals. Remember, the key to success lies in the data—use it wisely to make informed decisions and drive your marketing strategy forward.
At RCKSTR Media, we specialize in crafting Facebook advertising management strategies that prioritize conversions, ensuring your advertising budget is spent effectively. With our expert guidance, you can unlock the true potential of your Facebook campaigns and drive significant growth for your business.
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