A Lookalike audience is a way for advertisers to target new people similar to their current customers on Facebook. Lookalike audiences are created by finding the common characteristics of people who already like your Page or engage with your content and then finding more people on Facebook who have those same characteristics.
You can create a Lookalike audience by uploading a list of your current customers to Facebook. Facebook will then use its algorithms to find people similar to your list. A Lookalike audience is a way for businesses to target new potential customers who are similar to their current customers. Facebook generates a Lookalike audience by taking the information it knows about people who like your Page or engage with your ads and finding others who are similar.
Example

Simplify Your Social Media Strategy.
With Social Champ, effortlessly apply the best practices you’ve just learned. Schedule posts, analyze performance, and engage with your audience—all in one place.