Since the release of iOS 14, there have been significant changes to the way that Facebook Ads are delivered and tracked on iPhones. These changes were made to give users more control over their data and to increase privacy on the platform.
One significant change that has affected the performance of lookalike campaigns is the introduction of App Tracking Transparency (ATT). ATT requires apps to ask for permission before tracking a user's data, which can be used for ad targeting and measurement. This means that Facebook may have less data available to use for ad targeting, including for lookalike campaigns.
Another change that has impacted the performance of lookalike campaigns is the new Aggregated Event Measurement (AEM) system. AEM limits the number of events that can be tracked and reported on for each app, which may make it more difficult for Facebook to accurately track and report on the effectiveness of lookalike campaigns.
In addition, iOS 14 has introduced new requirements for data collection and tracking that may impact the accuracy of ad measurement. This can make it harder to determine the ROI of their lookalike campaigns, as well as other types of campaigns.
Overall, the changes introduced in iOS 14 have made it more challenging to use lookalike campaigns effectively on Facebook Ads. While these campaigns may still be useful in some cases, they may not perform as well as they did before the release of iOS 14. Thus, to maintain profitability on Facebook Ads, you may need to adjust your strategy and consider using broad targeting instead.