What does potential reach refer to?

Potential reach refers to the estimated size of an ad set's audience based on the targeting options selected by the advertiser. This metric provides insight into how many unique users the ad could potentially reach within a specified geography or demographic group. It gives marketers an understanding of the overall audience available for their ads and helps in determining the adequacy of targeting settings for reaching the desired customer base.

When considering other options, while the total spending potential of an ad may reflect how much budget is allocated, it does not directly correlate to the reach metric. Similarly, the number of people likely to buy a product is more about conversion potential rather than audience size. The total reach of all your ads would indicate the performance of multiple campaigns, but does not specifically define the potential reach of an individual ad set.