Lookalike audiences allow advertisers to target more people who look like their established customers. A lookalike audience uses several kinds of user set as a "seed" and an audience is built of similar users. Lookalike audiences can be used to support any business objective: Targeting people who are similar to sets of customers for fan acquisition, site registration, off-Facebook purchases, and coupon claims, or simply to drive awareness of a brand, and so on.
You need to have at least one source based on which we will create your lookalike audience:
In the step Who do you want your ads to reach? click the button Create Lookalike Audience in the right column ("Tips").
Pick the source on which we should create your lookalike audience: Facebook Page or Custom Audience. Next choose a country to further define your lookalike audience.
Once you pick a source and country you can select the size range of your lookalike audience. Size range is based on the total audience in the country you choose:
Smaller audiences most closely match your source audience.
Creating a larger audience increases your potential reach, but reduces the level of similarity to your source audience.
After creating your lookalike audience configuration we will run the compilation of your audience in a background process. It may take up to 2 hours for your audience to be ready. In the meantime you can continue creating and booking your ad. Your ad will not be ready until the audience is ready. You can check its status in the audiences tool in the ads manager.
You can create lookalike audiences via the ads manager as well.
Go to Audiences in the tools section of the Ads Manager. Click the button Create Audience and choose the option Lookalike Audience. Follow steps 3 & 4 of the "Step-by-Step via Ads Create Tool" guide. All lookalike audiences created via the ads manager will available in the ads create tool.Manage Audiences (Ads Manager)