Lead generation is the core of any organization. B2B marketers use combinations of several tried-and-tested marketing strategies to capture leads that might convert. However, has the volatility of market data left you clueless?
A report by Forrester said that 37% of marketers spend their marketing budgets incorrectly because of inaccurate data. Around 35% of marketers target incorrectly, and because of that, 30% have lost prospective customers. You can reap the benefits of your marketing efforts as long as you have accurate customer data.
You have a loyal customer base. But what if you can trace the target audience based on similar profiles? Then the chance of conversion significantly increases. In this article, we will be discussing the concept of a lookalike audience and how you can use it to improve lead generation.
What is a lookalike audience?
As the name suggests, lookalike audiences are selective accounts that have attributes similar to your existing customers. Based on shopping behaviour and key demographics, you identify them, thus increasing the chances of conversion. The idea is to bring in high-quality leads instead of casting a wider net.
Facebook is one of the most popular ways to find the best-fit target consumer base. It has the largest database of contact information for people from all walks of life. Using Facebook’s AI, you can implement lookalike modelling to find the right audience.
However, Facebook is more targeted towards individuals and hence more suitable for B2C lookalike building. Most B2B businesses prefer LinkedIn. The latter has less engagement and is also not as cost-effective as the former. So, if you are a B2B marketer looking to implement a lookalike strategy on LinkedIn, consider the same.
How does a lookalike audience get better results?
Today’s audience is more aware of its surroundings than it was a decade or half ago. Cookie-cutter solutions don’t work anymore, and businesses are looking for a more customised approach. They are more likely to respond if the solutions address their pain points and requirements.
In traditional lead generation strategies, your organisation might filter the audience base and approach them with products or services. Lookalike modelling ensures that your brand interests the audience and becomes qualified for purchase. The dilemma is choosing between quality and quantity. Most B2B marketers would pick both: high-quality prospects in abundance.
Lookalike modelling is the answer. Here’s why this approach is effective:
- Tools can dig deep into your existing database to create lookalike high-value audiences based on behavioral data.
- Based on your ideal customer persona, you can direct your existing marketing campaigns to an audience that has a high chance of purchasing.
You can create highly personalized messages and offer customized solutions since you have detailed information from the get-go.
What are the benefits
Use Machine Language (ML) and Artificial Intelligence’s (AI) natural language processing to improve the solutions that you provide to your intended audience. The following are the advantages of replicating a best-fit target consumer base:
- Identify the best-fit audience in a shorter period of time.
- Spend less time nurturing leads.
- Easy scalability as AI adapts to changing market trends.
- Can easily tweak the strategy even as the audience base changes.
- Improve ROI with targeted marketing.
Lookalike modelling and audience is not all about using the latest technology to identify the audience to target. Instead, it is about understanding them and personalizing the interactions. It is also about streamlining a prospective customer’s journey with you. So much so that they purchase and remain loyal to your brand.
Dig deeper to get to know your customers better and give a makeover to your marketing strategies. And if you need help doing so, Resolute B2B is here for you. We provide end-to-end assistance when it comes to lead generation and digital marketing. If you want to know how we do all this, drop an email at email@example.com.