For example, according to a report by AdEspresso, the average cost per click for Instagram ads in the apparel industry is $0.45, while the average cost per click for ads in the finance industry is $3.77. Industry: As mentioned earlier, the industry you’re in can greatly affect your conversion rate and ad cost.However, accounts in certain industries, such as beauty and fashion, may have a higher engagement rate, which can lead to a higher conversion rate and a lower ad spend. According to a report by Hopper HQ, the average engagement rate on Instagram is 1.22%.
Engagement Rate: The higher your engagement rate, the more likely it is that your audience will interact with your ad and convert.This means that smaller accounts may be able to achieve a higher conversion rate with a smaller ad spend compared to larger accounts. Number of Followers: According to a study by Influencer Marketing Hub, Instagram accounts with less than 1,000 followers have an average engagement rate of 8%, while accounts with over 100,000 followers have an average engagement rate of 1.60%.Here are some figures that can give you a better understanding of how these factors can affect the conversion rate and cost of an Instagram ad: The cost per impression (CPM) can range from $2.50 to $10.00.Ĭost Per Impression (CPM) On Instagram In 2021 However, it’s important to note that an Instagram ad cost can be much higher for competitive industries or highly-targeted audiences. In general, the cost per click (CPC) for an Instagram ad can range from $0.20 to $2.00. The cost of an Instagram ad can vary widely depending on the type of ad, the audience you’re targeting, and the industry you’re in. It’s important to keep in mind that these rates are constantly changing and can be influenced by a variety of factors.Ĭost Per Click (CPC) On Instagram In 2021 For example, the conversion rate for e-commerce ads was 1.85%, while the average conversion rate (or average CTR) for healthcare and pharmaceutical ads was 0.56%. However, the conversion rate can vary greatly depending on the industry and the specific product or service being advertised.
Additionally, Instagram ads can help businesses drive website traffic, increase sales, and promote new products or services.Īccording to a report by Hootsuite, the average Instagram ad conversion rate for Instagram ads across all industries in 2021 was 1.08%. Instagram ads allow businesses to target specific demographics and interests, making it easier to reach potential customers. One of the primary reasons is to reach a larger audience and increase brand awareness. People use Instagram ads in 2023 for a variety of reasons. In this blog post, we’ll discuss the current industry figures for Instagram ad conversion rate, the costs of running Instagram ads, the factors that affect conversion rates and ad costs, and why people use Instagram ads in 2023. Instagram’s visual nature and large user base make it an attractive option for advertisers. Instagram has become a popular platform for businesses to advertise their products or services. If you use these links to buy something we may earn a commission at no extra cost to you.
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