While ad spending on social media networks is expected to grow around 8% annually, it can be difficult to understand which marketing tools and strategies are the most effective.
Now, new insights shared by SocialInsider reveal that conversions were the main campaign objective for 27% of Facebook ads, while 24% were aimed at post engagements, and 23% at link clicks.
Brand awareness was a less popular strategy on the social network.
When it comes to ads on social media, brands prefer Facebook (45%) over Instagram (36%), Messenger (10%) or Audience Network (9%).
Facebook boasted the highest average CPM ($5.82) and CTR (3.90%). Average costs on social ads were:
- Facebook – $5.82 CPM & $0.33 CPC
- Instagram – $5.33 CPM & $0.98 CPC
- Audience Network- $4.47 CPM & $0.52 CPC
- Messenger – $4.15 CPM & $0.52 CPC
Click-through rates spiked during 2020 following a greater shift to mobile and digital in light of the COVID-19 pandemic.
The study also found that Instagram ads boasted the highest average CPC ($0.98).
Meanwhile, ads are displayed an average 1.75 times when using Audience Network, compared to 1.55 times on Facebook, 1.21 times on Instagram and 0.98 times on Messenger.
The most common types of ads were those created from existing posts (45%) and videos (26%). These also have the highest CPC and CPM.
Status ads were found to be relatively effective at a CTR of 6.65%.