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Did you know Instagram generated $43.2 billion in ad revenue in 2022? Being one of the top 3 social media platforms, it boasts 2 billion active daily users. This makes Instagram a goldmine to increase brand awareness and audience reach.
But every opportunity comes with a hint of competition. With the shrinking attention span of consumers, it is crucial to optimize Instagram ads to boost ROI and stay ahead of your competition!
Moreover, even after creating a compelling copy, adding visually attractive elements and writing killer CTAs, 60% of brands fail at Instagram ads. So, what are they doing wrong?
This article aims to debunk this mystery and help you improve Instagram Ads performance in 2024. Let’s get started!
What are Instagram Ads?
Instagram ads are a type of online marketing method. They are made to support brands in using aesthetically appealing material to connect with their target market. Instagram ads come in a variety of formats, such as story, carousel, photo, and video ads. These advertisements are an effective technique for attracting potential customers since they can be tailored to particular regions, interests, behaviors, and demographics.
Why Advertise on Instagram?
Simply put, Instagram attracts a large and engaged audience, mostly between the ages 18-34. Whether you have a small business or a well-established brand, advertising on Instagram is a great opportunity to pull in more customers, improve your reach and increase brand awareness.
Here are a few other statistics why you should could consider advertising on Instagram-
- After seeing an Instagram advertisement for a brand, 50% of users show increased interest in that brand.
- On Instagram, the CTR for feed advertisements varies from 0.22% to 0.88%. The CTR for Stories advertisements, meanwhile, ranges from 0.33% to 0.54%.
- 70% of consumers check the platform before making a new purchase.
Different Types of Instagram Ads
You can create an ad using a variety of different content formats. Here are a few ad formats you can use for advertising on Instagram-
1. Image Ads
Instagram users' feeds display image adverts, which are single-picture advertisements.
2. Carousel Ads
These let brands display several pictures or videos in one advertisement. Because users can swipe across the carousel to see every image or video, it's a fantastic format for exhibiting a variety of goods and services.
3. Explore Ads
Designed to help brands target people searching for fresh content, these ads show up in Instagram's Explore section.
4. Video Ads
These let brands show off their goods or services while they're in motion. They could be either long- or short-form videos.
5. Collection Ads
These give brands the chance to highlight several products in one advertisement.
6. Story Ads
These are immersive full-screen formats that show up in users' Instagram Stories and can contain either a video or an image combination.
7. Shopping Ads
With a call-to-action button that directs visitors to the product page on the company website, shopping ads give companies a more direct approach to present their goods.
8. Reels Ads
These are brief video advertisements that show up on Instagram Reels, a feature that lets users make and find short films.
How to Optimize Instagram Ads to Boost ROI in 2024
In the earlier sections of this article, we talked about why you need to put your best foot forward while advertising on Instagram. Here is a comprehensive list of tools and best practices to help you boost ROI in 2024-
1. Test your Instagram Ads
“The more you sweat in peace, the less you bleed in war”
By testing your Instagram Ads, you can get valuable insights to help you reduce the chances of ad failure.
One of the best ways to test your Instagram ads is by using Decode’s Instagaze feature.
Instagaze helps you get in-depth insights about-
- Attention and engagement
- Consumer emotions and behavior
- Each element with heatmaps
You can get to know more about Instagaze here: Boost Performance of Advertisements for Instagram with Instagaze
2. Choose the right format
Choosing the right ad format to advertise on Instagram is crucial to successfully gain the attention of your target audience.
Here are a few things to consider while deciding which format to go for-
- Instagram story ads are experiencing low reach and the retention rate decreases as number of story frames increase.
- Reel ads surpass other media formats by about 4-5%.
But these trends keep changing, making a diversified ad strategy the backbone for improving reach.
3. Place your CTA carefully
Even though Instagram allows you to create ad content of more than 10 seconds, consumers only see it for 2-3 seconds, making your CTA placement key!
4. Create a toolset
Having a modern toolset to create compelling ads is important to win this war of engagement. You can use tools like Influencity to find influencers or Flick Social to help find the right combination of hashtags!
5. Make your ads mobile first
Most Instagram users will see your ads on their phone. Ensuring the elements in your are in frame, are not too cluttered and CTAs are big enough to be seen is as important as the content itself.
The Bottom Line
Instagram Ads are a great way to be seen by your target audience. But with the rise of competition and the declining consumer attention span, optimizing Instagram ads has become crucial to ensure that your efforts do not go in vain.
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