Itching to Know Your Customers’ Actual Buying Power? Facebook Has the Answer
Business owners and marketers are missing free data about customers’ wallets. Facebook, of all places, can unlock crazy deep insight into customer income.
PHOTO CREDIT: Getty Images
Many business owners and their marketers miss out on how easy it is to mine Facebook for incredibly intimate information about existing customers. Best of all, the tools live right there, in your own personal Facebook account for free! Today's post offers a quick tutorial on customer email list analysis. A few easily navigable steps will unlock the power of Facebook psychographic data and deliver illuminating customer insights.
The payoff? Think about how customer income insight could impact a business. Knowing that many customers earn a certain amount means product developers could tailor pricing toward what the market will bear. Marketers or sales people may upsell bigger-ticket packages, debunk theories or verify surveys and other data points. At Aimclear, we've seen stark surprise on clients' faces as we hand over social media data revealing the truth about current customers. Having empirical data rules the day, so we want as much information about our customers as possible.
Mine invaluable customer insight
Let's dig in. First, grab your customer email list and start building a Facebook Custom Audience. If you don't know how yet, there are two easy to digest paragraphs at the end of this post with instructions. It's super easy.
Once in the Facebook Ads targeting screen, you'll work with custom audiences. You will see how many people are in your custom audience. Audience size will be a little smaller than the email list, because not every email will match in Facebook. The bigger your email list, the bigger your customer audience, though.
Now it's time to mine for gold among existing customers. It only takes a few clicks to open the door (Detailed Targeting > Browse > Demographics > Financial > Income).
Apply one of the income ranges, say $125,000 - $149,999 (see image), and check the new audience total to see how many of your customers fit that income range. Take note of the number, then one at time, test the other income ranges, higher and lower. From that point, visualizing the spread of income ranges is a breeze using spreadsheet reports.
The same area of the Facebook interface shows net worth and even liquid net worth (how much cash customers have on hand). Wow!
Important to note, income data in Facebook is anonymized. You won't find out how much Susan Smith makes personally, but you can find amazing insight about customers overall.
Once you start down this path, you'll want to continue. Psychographic insight via Facebook goes way beyond income ranges to a radical depth of info about your customers. Without cluttering this post with the exhaustive list, you can discover insight about education, relationships, life events, hobbies, charitable activities, travel - and the list goes on and on. And the data? It's free. The other thing you could do is pay a market research firm gobs of money to probably discover less about customers. Your choice.
How To: Build a Facebook custom audience from an imported email list
Here's the promised nuts-and-bolts section of how to build the audience. If it seems daunting, share this post with your marketing team. They'll grow and learn a lot. Or ask your teen. They could probably knock out a custom audience in minutes.
On the left-hand side of your Facebook account, click on the link, "Ads Manager." If you don't see the link, then search for Facebook Ads Manager and click the link in the search results. Once in Facebook Ads Manager, find the three horizontal bars just to the right of the small Facebook logo, upper left corner. Select Audiences > Create Audiences > Custom Audience > Customer File. You'll be guided to import an email list of customers (or any email list for that matter) and name the Custom Audience.
Once the Custom Audience is created, then close repeat the process, with once change: Select Audiences > Create Audiences > SAVED AUDIENCE. This opens a window with the classic Facebook Ads targeting window. The next step is to select the Custom Audience, and you're ready to analyze. It really is that easy to get started.