Facebook lookalike audiences are an advanced targeting option that goes beyond the basic interest and demographic targeting functionality.
Facebook takes all of the data points of your source audience and finds new, similar people using a set percentage sample (which you specify) of the population in your chosen country
Lookalike audiences are best used to target new cold audiences at the top of your sales funnel.
To create your first Lookalike Audience, go to the ”Audience” section of the Facebook Power Editor or Ads Manager.
To create a new one by clicking the green “Create Audience” button. A popup window will open and ask you to pick which type of audience you’d like to create: Click on Lookalike Audience.
In the Create a Lookalike Audience box, you’ll see three fields: Source, Country, and Audience Size. Source: Choose your source (based on an app, conversion pixel, or Facebook page)
Select the country where you’d like to find a similar set of people.This is typically the country in which the majority of your source audience is located.
Choose your desired audience size with the slider.Audience sizes range from 1% to 10% of the total population in the country you choose, with 1% being those who most closely match your source. You may want to start at 1% and increase the audience size when you want to scale campaigns to reach more people.
Click Create Audience