In order to access income targeting, you need to create a new ad campaign with a new ad objective, which can be whatever you want it to be. Then, at the ad set level, you can click on the Audience section. There will be a lot of options here, to create a new audience or use a saved audience. Create a new one. You can specify whatever location, age range, gender, languages, and whatnot you want.
Income Level on FB
Under the Detailed Targeting section, there’s a text box you can search, or browse through drop-downs. What you’re looking for is the demographics drop-down, and under that the Financial drop-down. Inside that are two options: Income and Net Worth. Additionally, under Net Worth is another option, Liquid Assets.
Your options under Income are various ranges. These are 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 over 500K. All of these ranges have an estimate of the number of people in the audience based on your other targeting options. For example, with base settings in the USA, ages 18-35, all genders and no language restrictions, Facebook will make the 30-40K range target 14 million people. The over 500K demographic slice is 1.2 million people. The largest slice is the 50-75K range, which is just under 41 million people.
Obviously there are a lot more people in the USA who make that kind of income range, but not all of them are on Facebook or have data available through Facebook’s source.
If you choose Net Worth, this is where you start to see that it’s Partner Category data. In this case, Net Worth and Liquid Asset information is partner category information provided by Acxiom, modeled based on age, income, presence of children, occupation, property data, vehicle data, investment interest, and census media data.
In other words, the data may be inaccurate due to Facebook getting modeled data. The data is estimates based on factors, rather than actual reported or recorded data. I might make a lot more than they think I make, but based on few investments, a cheap car, and renting rather than owning property, they might think I make less. However, when your sample size is in the tens of millions, your estimates tend to be relatively accurate.
The categories for Net Worth are ranges from $1 to $100K, 100K to 200K, 200K to 500K, 500K to 750K, 750K to 1M, 1M to 2M, and over 2M.
As far as Liquid Assets are concerned, it’s also modeled data, and the ranges are 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.
As a test, it seems like foreign data is now accessible and is not partner data, at least for basic income information. My US-based account is able to target Japan residents with specific income ranges, though the numbers are much smaller. All of Japan, age 18-65+, all genders and no other restrictions, with the income range 75K to 100K USD, is an audience of 5,600 people, estimated.
Is Facebook Income Targeting Worthwhile?
First of all, I have to warn you that Facebook’s income data is not perfectly accurate. The data is modeled based on various factors, correlated with other data, and matched against Facebook users who fit those categories. It’s entirely possible that Facebook’s algorithms are inaccurate or broad, so you might not be entirely reaching the exact income ranges you want. Now, with massive sample sizes, you’re going to get a lot of accurate targeting, it’s just fringe people you might not properly reach. Unless you’re paying for 100% saturation of your audience, it probably won’t come up.
Is it worth it to target people of certain income or asset levels?
That depends entirely on what you’re selling, I suppose. If you’re a specialty yacht manufacturer, I can pretty much guarantee you no one under the 1 million mark is going to even look at your ads unless they’re screenshotting them to laugh at. If you’re selling some low-end budget version of a smartphone, you might do well to target people of the lower income brackets who are more likely to buy a Hauwei than a Samsung.