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:
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 …