What are Personas or Interest groups?
Personas/ Interest groups are basically characterization of your customer based on information about them and how they use your product or service. These descriptions target various market segments, with names to match the type of buyer. One can create your personas based on characteristics like -
- Age, gender, income level, education
- Attitudes, beliefs, personality
- Purpose of buying your product
- How your product is used, Functions, Solutions
- What solutions it provides
- How often they buy it
Below is an example of Persona Clothing, it includes interest groups like Amazon, Biba etc and targets customers who may be interested in such brands.
What are Lookalike audiences?
The term Lookalike audience is a group of prospects that represents your audience. This audience represents the kind of people you are targeting.
Benefits of creating Lookalike audiences
A lookalike audience is a great way to reduce your acquisition costs, as it helps your target your ideal customer. This is essential in increasing your conversion rates and reducing your cost per sale.
How to decide the size of your Lookalike audience?
Deciding the size of your lookalike audience is crucial to your finding prospects that more closely matches your desired personas. You can determine the audience size you want from 1% to 10% of a population.
However, the larger your audience size, the less targeted your lookalike audience becomes. Therefore, consider starting with 1% and then increase gradually for best results.
Here is an example of Lookalike audiences. You can create Rolling lookalikes based on the events like users who have added to cart, viewed the product, purchased from you etc with different time periods like 180 days, 30 days, 7 days tet
