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Los Angelas, CA -- (SBWIRE) -- 02/14/2013 -- Facebook Inc (NASDAQ:FB) has expanded its feature to target custom audience by including ‘lookalike audience’. Advertisers can choose to reach out to their current customer base sharing similar interests by porting their CRM databases to the social networking platform.
Customer audience algorithm of Facebook will now be attracting extra clusters of users for advertisers to target them based on their interests, location and demographic information. In case the beta feature seems to work, brands will be able to get a unique insight and direct association with the users on Facebook who can be potential customers.
VP of cross-channel solutions at Adconion Direct, James Malins thinks that this move will give advertisers a chance to gain better understanding and a new way of seeing who their audience is. A lookalike profile created against the existing CRM base of an advertiser implies that advertisers will be targeting the audience similar to their existing ones.
Communications manager at Facebook, Elisabeth Diana said that the new move is dependant on the Facebook data that can be targeted at the moment. Advertisers are getting new customers through the new feature and they are also noticing lower CPA.
The level of probability for purchases, conversions as well as other marketing objectives have a tendency to get amplified when advertisers target users sharing similar interests with their customer profile and offer them different ads and offers.
Facebook has not named any specific brands in its initial results for lookalike audience. However, Diana has mentioned that a shopping site is reporting 56% CPA reduction while a travel site is reporting 70% CPA reduction.
The new beta feature of lookalike audiences, Custom Audiences, can be applied to any ad sector on Facebook. The moment advertiser extrapolate new audience, they can also filter the clusters of users on Facebook that match a desired profile by expanding the chances to a larger population or by optimizing for accurate similarities.
In the last trading session, Facebook Inc (NASDAQ:FB) stock traded at the beginning with a price of $27.36 and throughout the trading session climbed to a high of $28.32 and later, when day-trade ended, the stock finally climbed +1.96% to $27.91.
FB current year earnings per share experienced a decline of -95.27% while its current quarter performance remained +39.06%. FB has 2.38 billion outstanding shares, among them 1.06 billion shares have been floated in the market exchange. FB stock institutional ownership remained 28.10% while insider ownership was 1.31%.
The stock is ahead of its 52 week low +59.03% and is lagging behind its 52 week high price -37.98%.
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