Facebook has become an essential part of our lives. We use it every day or almost after every hour to be exact. We use it for various purpose like communicating, socializing, marketing, business promotions, sales and so on.
Despite of all these facts have you ever thought of targeting your Facebook audiences according to their income?
I am not sure that most of you might be aware of this fact. Rather there are some of you who must be knowing this. Mostly all of you might not have the idea of what I am saying. Do not worry I am going to tell you all about it in this particular article.
Well first of all it is very important for you to know that Facebook is the most preferred and also the most used social media networking site you can find these days. There are other social media channels too but Facebook ranks the highest. In addition to this while using Facebook you can search out approximately about ten thousand or more options for ad targeting. There are various factors on which the targeting of different ads really depend This mainly includes some of the major factors like the age factor, gender factor the location factor and so on.
Factors Contributing to Special Targeting
While using your Facebook account for the purpose of targeting you may face quite a lot of restrictions. It is because Facebook has set them so. There is different type of targeting options on which some special restrictions are set accordingly. You will know about these special type of restrictions if you start targeting the other users.
Facebook has given a special name to the various targeting options. These are known as the “Partner Categories.”
If you are planning to create a particular ad or want to set up your target options. Then you will be able to view some detailed options for targeting along with different parameters for every target option. Let’s say for example there is a common status which is used by Facebook. That is the status of home ownership. Here when you select any of the particular category you can also view its description too. This can also be related as the subcategory of the main partner category. This subcategory can be viewed as demographics > home > home ownership > homeowners. It also includes some explanation of the specific target option which you are using. Here another important thing which you can see are the details of the options and not to forget the main source of data.
Another thing which I want to tell you here is that at the time when you use any of the targeting options which are specifically known as the “partner category”. It means that the data you are getting is not from Facebook itself. Rather Facebook is providing you all the required data from a different source or probably from one of its third party partners.
This data which you are getting is not directly linked with Facebook. In simple words you can consider that some other party sold that specific data directly to Facebook. Or probably in the form of a big database. And now Facebook is providing you all that data which they purchased from another party.
Example of Partner Categories
With over billions of users all around the world I have no doubt in saying that Facebook must be having tons of data. And this data must also include all the personal data or information of those billions of users. Not only that many people also provide their business as well as a detailed information about their income too. This can be the information like their credit card numbers, their bank account numbers and also their bank balances etc.
So here the point rises that is it worthy to provide your income details to Facebook?
Well it is just one of the greatest social media networks and not a personal loan provider. Where you need to give all of your income information. I have never done that from the time since I started using Facebook. I do a lot of work and earn money through publishing my posts and articles. And probably Facebook does not know it because I have not mentioned any of my income levels. Although I am not sure about you that how many of you have given your income information to Facebook.
There are many such groups on Facebook as well as all over the internet where they ask you about your income information. Additionally, there are also some of those groups which are only meant for those users who fall in the category of the mentioned income level. To tell you the truth I have not joined any such groups and never provided any of my income levels. I think it is better that you also must not provide any type of your income information or levels on Facebook.
Have you ever speculated how does Facebook copes with tons of data?
Facebook does not manage that solely. One of the most famous company named Acxiom that is basically an IT service management company is well known for its expertise all around the world. Acxiom is also an expert in data analysis and harvesting too. The company gathers data from different sources and then further collate and analyze it. Then they pass on all the collated and analyzed data to many of their business clients. Acxiom has their clientele ship spread all around the world. And one of their major clients is none other than Facebook.
As one of the major business clients Facebook pays quite a lot of money to Acxiom. And in return they demand the direct access to all the collated and analyzed data from the company.
So how Facebook is able to earn that much money?
I know many of you might be thinking about this question. The answer to it is simple. It is from “you”. Facebook earns from all of you who pay a lot of money just in order to target other users particularly based on their data or information. I have seen many users as well as large companies who pay a lot of money to Facebook for the purpose of getting their information so that they can target them.
Apart from this, there are several companies which Facebook works with. Facebook has officially disclosed the names of those companies who are their partners too. These include famous companies like Acxiom, Acxiom Japan, CCC Marketing, Epsilon, Experian, Oracle Data Cloud, and Quantium.
Partner Data of Facebook
You can find all those companies which are the partners of Facebook all around the world. These partners are not just located at one place but are spread in different countries. It is not wrong to say that the Facebook partner companies are available in some specific locations. For example the Acxiom company is meant to provide all that is gathered from countries like Australia, France, Germany, the United States of America, the United Kingdom, and Japan.
Another partner company that is the CCC Marketing company works to provide the analyzed data from Japan only.
Epsilon a third partner company provides all the required data of customers from the United States of America. Other partners’ companies like Experian collates the collected data from the countries including Australia, Brazil, the United Kingdom, and the United States and then provide it to Facebook. Oracle another famous partner company provides data from the countries including both United Kingdom and the United States, and lastly the Facebook`s partner company Quantium collects the data from Australia and then provide it to Facebook.
One important thing which you must know is that the Partner categories of Facebook particularly consists of having two unavoidable restrictions.
The most important restriction is that of the location. This means that you are not able to target the required data of any user living in any country if in any case Facebook does not have the permission to access the user’s data of that particular country.
This is something which you need to remember. In addition to this if any such similar situation arises then you are also not permitted to access the partner category information even if you are outside that particular area. For example, if you are a Russian agency and want to access any information that is only available in Australia then unfortunately you cannot access it. The case remains the same and does not change even if you want to restrict your targeting to Australia only and your client is in Australia too. Most importantly you actually need to be based in Australia and not from any other part of the world in order to have an access to the Australian marketing.
Is Income a Partner Category?
I know most of you might be thinking about the fact that either the income is a Partner category or not. I think it is a good and relevant question. Although I am not pretty sure about it. It is because I have never thought about it. I might not answer you because I do not know exactly about it myself.
I think that I have previously read somewhere that income is a partner category.
It might be due to the fact that the people who lived in the United Kingdom were not able to have an access on the income data of those users who were living in the United States. As a result of this they failed in targeting the citizens of United States by the means of their income.
My ad account is currently not showing any source as a partner category. It can probably be because of two main reasons. Firstly, my data is local so I think that Facebook might not feel the need to display any related data knowing the fact that it is from one of a local partner. Secondly I am not sure that either the data which I am using still exists in the list of a partner category or not. I don’t know about that. And there is also no such mean from where I can test it or get to know about it.
I am currently unable to access the partner category. So I think that the option of income might possibly not included in the partner category of Facebook now. Or this might be due to some geographical restrictions. Here I might not be wrong to conclude that the option of broad income targeting is available to all the users whereas some specific options of income targeting information might still be a part of the partner category.
Kinds of Income Targeting
There are various types of income targeting. If you are planning to access the income targeting, then the very first thing which you need to do is to create your new ad campaign. You new ad campaign which you have created needs to have a new objective too. On the ad set level of your new ad campaign you need to click on the section of “Audience”. As you click this particular option you can now see a lot of additional options of creating new audience on your screens. If you already have any saved audience, you can use that too. Click on it to create a new audience. You can now enter all the required details like your location, your age, gender, languages and so on.
Income Level on Facebook
To check out the income levels on Facebook you first need to go to the Detailed Targeting section of your Facebook account. Over here you can view the text box. If you are not able to find the text box here, then you can browse it from the dropdowns. You need to go to the demographics drop-down. Under this option you can see what you are looking for. That is the Financial drop-down. When you click the option of Financial drop-down you will see two further options. First is the Income and second one is the Net Worth option. In addition to this under the category of Net Worth you can see another option and that is the Liquid Assets.
There are different ranges which the Income option covers. These income options mainly range from 30K to 40K, from 40K to 50K, from 50K to 75K, from 75K to 100K, from 100K to 125K, from 125K to 150K, from 150K to 250K, from 250K to 350K, from 350K to 500K, and ranges over to 500K.
All the above income ranges totally depend on your target options. Let’s say for example if there is a base setting in the United Kingdom that comprises of these users who have ages between 18-35. This further includes both males and females without any distinction and also having no restrictions of language. In this situation Facebook can probably make Facebook around 40-50K range by targeting a total of 15 million people. In some cases, the 500K income range or above comprises the users up to 1.3 million people approximately. Moreover, if you are planning to target the income range up to 50-75K comprises to a total of up to 41 million people or more.
Moreover, if you are interested in knowing the ranges of Net Worth category then I can tell you that it mostly ranges $1 to $100K, 100K to 200K, 200K to 500K, 500K to 750K, 750K to 1M, 1M to 2M, and over 2M.
On the other hand, if we talk about the ranges of Liquid Assets. It mostly ranges from $1 to 25K, 25K to 50K, 50K to 100K, 100K to 250K, 250K to 500K, 500K to 1M, 1M to 2M, 2M to 3M, and over 3M.
In my opinion you get great benefits out of Income Targeting. So I recommend you to use it.