Facebook has amassed a humongous userbase of 1.7 billion till date, but it no longer just a social network for friendly conversations. It has now become a playground for proliferating small and middle-scale businesses as well. Thus, the company is introducing a set of new tools to help businesses expand their reach globally.
Facebook believes that more than one million users engage with atleast one business in a foreign country that matters to them. And as the technology is bringing people closer, it can also help businesses grow beyond their restricted demographic scope. This can easily help small businesses become large and local businesses become global. (what a thought!!)
Sheryl Sandberg expands on the same point, and in a post on her personal account mentions that,
At the turn of the century, my great-grandparents opened a paint store in New York City. Over time they grew their business, attracting new customers through word of mouth and local marketing. But they never would have imagined reaching customers internationally.
So, Facebook is announcing a new set of tools that will easily help your business expand country-after country. These advanced tools will offer you suggestions about which country to take your business to next, to reach a wider audience. It will also take the pains of optimizing advertisement delivery to the countries with maximum returns for your business.
A new feature called the ‘Lookalike Audience Tool‘ is being introduced by Facebook, to help you find people in other countries who share the same traits(interests, gender, age, etc.) as your current audience. This will also emulate your custom audience preferences to boost returns on advertisement campaigns in foreign countries. You can now navigate to the Adverts Manager > Audiences and click the ‘Create Audience button’ to choose a lookalike audience. This will allow you to choose a custom audience demographic, high-potential leads or a tracking pixel to find your next audience.
In addition to the Lookalike Tool, Facebook is allowing businesses to target users in specific regions or trade zones. This could help advertisers achieve objectives such as mobile app installs or website conversions. They can, thus, refine their global campaign strategy based on how each ad performs in a certain assigned area.
Facebook is also introducing a set of webinars on international marketing tactics and a handbook on how to find the right customer in your next country. There is also a Cross-Border business handbook up for grabs. This handbook will share information the different markets around the world. It gives businesses an insight into the purchasing power of users in different demographics.