Instagram has become one of the most popular advertising channels today. However, one of the questions that many companies and individuals ask is the price of Instagram advertising. “How much does Instagram ads cost per day?” – This is a question that many people ask. With the growth of Instagram, advertising costs are also constantly changing over time. Therefore, in this article, Optimalmk will analyze the price list for advertising on Instagram so that you can make the right choice for your budget.
Instagram ads cost per day
On average, advertisers who choose the CPC model pay $0.20 to $2 per click while CPM can go up to $6.70 per 1,000 impressions. However, the amount of money invested in IG advertising depends on 4 factors:
- Bid amount
- Ad relevance score
- Estimated engagement rate
- Competition
When your ad meets most of these factors, PR has a higher chance of getting market leads.
1. Bid Amount
The most important factors when using Instagram advertising are your budget and bid amount. The number of clicks your ad will receive depends largely on these variables. As an advertiser, you should estimate how much you are willing to pay for your ad.
Because IG’s advertising system is like a price war, IG will have a lot of ability to promote your competitor’s ad more aggressively if they bid more per click or impression. If you are not sure how much you should pay, IG has an automated bidding feature that will help you determine the average cost of your ad.
2. Ad Relevance Score
In addition to the bid amount, IG also studies the engagement of your ad, which depends on how your target audience interacts or responds to your ad. For example, if your ad has a higher number of clicks, likes, and comments, IG will determine that it is relevant. Therefore, your ad will be shown more often, even more widely than ads with higher bids, which will help you drive more conversions. Also, be mindful of the people who hide your ads. Such negative reactions can affect the relevance of your products and services and lead to the performance of your ads.
3. Estimated Action Rate
Interaction is also essential for IG. Your ads must be compelling enough to encourage more action from your audience. Cheap promotional materials or Instagram-worthy photos can grab the attention of your potential customers. It is also important that your PR directs them to the product you are promoting instead of just redirecting them to your homepage. Understanding your specific target market is essential to make your paid advertising worth investing in. You can customize your target market, just like FB ads. This will lead your product to the right audience and lead to a higher action rate.
4. Tough Competitors
Since you are not the only one operating in the market, IG also takes into account the activities of your competitors in the same industry. That is why your bid amount may be higher at peak difficulty because other players are willing to pay a higher bid amount.
How to optimize Instagram advertising costs
The price of running Instagram advertising does not have a minimum or maximum level to determine, because your content will be managed and provided by Instagram according to the budget you determine to spend in the initial advertising plan.
According to digital experts specializing in running Instagram advertising, the price for an Instagram advertising campaign should be at 1.5 million/campaign for a minimum of 5 days. This is the most optimal profit level for a campaign that requires conversion in a short time. Of course, there are many different criteria such as branding, pulling leads to the website, PR events… This report will be different but will still be from this.
The cost of running Instagram advertising to a fixed number of audiences is often higher than Facebook, however, the conversion efficiency is higher, especially for prominent product areas on this platform.
In addition, if the brand does not have enough staff to run Instagram PR, you can spend money to outsource. In addition to the budget you have to spend to create conversion efficiency for advertising, you will have to pay an additional fee to run PR. This price can be fixed for each campaign, or calculated based on the percentage of revenue generated from these advertisements.
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