I belong to some private ad buyers groups and occasionally run into some great insights from other ad buyers. This one is from Theo who has a great and easy to replicate method on how to do Cold Targeting with Facebook Ads. This is reposted in its entirety and edited for clarification.
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If you are looking for interests to target OR are running out of ideas/audiences you think you can target – steal this! Whether you are looking to find more audiences in a niche market… Or are looking to scale after finding winning interests…
Your next priority should be this strategy I am about to show you what I do to find winning interests and my first customers, this strategy will have you testing as much as possible with a very likely success rate
In the video below you can “borrow” my strategy and try it for yourself
It will be broken down into 3 parts:
- Scoping your audience
- Market-focused targeting
- Execution and maintenance
Part 1 – Scoping your audience (Pre-Game):
Begin by searching for TV shows, movies, bands and magazines that fit your niche.
Here’s some examples: Christian bands, Religious magazines, Religious movies, Gardening magazines, Gardening TV shows, Gardening influencers/personalities, Parenting books, Parenting magazines, Pet magazines, Feline blogs.
You get the point, this works for just about EVERY niche.
Search these in your favourite internet browser, have a couple of tabs open and have a look at what comes up 
Simple enough right?
Part 2 – Market-focused targeting (Hunting Season):
Here is where you type what you found on your search, to see if it is a valid interest within Facebook.
You will find a majority of them here, some you won’t. So go ahead, type it in to the detailed targeting part of the ad set level and see how big your audience is 
Part 3 – Execution and maintenance (Money Makin’):
Once you have your interests found in Facebook, create 2-3 CBO’s at $50 a day with 5 ad sets in each CBO.
Make sure that detailed targeting expansion is OFF – you are now ready to launch your campaigns 
At the ad level you should be testing 2-4 creatives per ad set.I recommend waiting 2-3 days to see data roll in.
If you don’t get sales this is likely because of your creative, you need a video or picture that resonates with your audience
After a few days, you should definitely have some sales, turn off the losing ad sets and ads. Then put your 5 best ad sets into a brand new $50/ day CBO with the creatives that got the sales.
You can also increase the budgets on your other campaigns if you are seeing immediate profits
You now likely have between 1 and 4 campaigns, as well as a brand new CBO that has an army of killer ad sets
Go out and find your next customers!
Hope you guys learned something interesting and new here today!