Facebook and Twitter have recently improved their advertising tools. Facebook has introduced their new Lookalike Audiences feature, while Twitter has improved it's self service ad platform with new targeting options and a more advanced interface.
First a look at Facebook's Lookalike Audiences. The Lookalike Audiences first require advertisers to upload a set of data of at least 500 people. This data can then be used to target certain audiences who meet this profile. This audience can be either specific to match as closely as possible the entered data set, or to focus on an expanded reach that targets more people but they are more dissimilar than the original target audience. This new feature will be available to all advertisers by the end of the week. There will be no additional cost for the feature. Results from early adopters look promising showing lower costs per action.
Twitter's advertising update also improves the targeting options for advertisers. These changes were brought about by feedback from current Twitter advertisers. The new changes went live on March 19th. Advertisers can now target by location as well as over 350 different interests. Advertisers will also have the option to target by device & gender. Devices are categorized as desktop, iOS, Android, Blackberry and more. However, to have access to the new advertising platform advertisers must be invited by Twitter to join. Advertisers will also have to set a daily spending limit for advertisements, however they will only be charged for advertisements that actually work.
The changes to both Facebook and Twitters advertising platforms now give advertisers greater control over who sees their ads. This will let advertisers reach out to the people who are most likely to be interested in what they have to offer. This should increase the effectiveness of advertising on Facebook and Twitter.
Do you use either Facebook or Twitters paid advertising platforms? Will these changes influence how you feel about these advertising options? Tell us about it in the comments.