Brands can start with an audience size ranging 100,000 to a million.
This article makes suggestions about targeting cold audiences using Facebook Ads. Brands can use Facebook Audience Insights within Facebook Ads Manager to collect data about demographic and interest categories, to arrive at a ranking of the audiences that could be targeted.
The author suggests that an ideal audience size to start off with is between 100,000 and a million. Advertisers can then adjust audience size to be between 50 to 80,000 and up to 5 million. Depending on the budget, the author suggests testing each interest ad set separately.
Once an advertiser settles on an ideal audience, they can start testing the creative. The article cautions that brands must expect to spend three to four times the worth of the product in audience testing.
[8 minute read]