While browsing my Instagram feed recently, I came across a lead ad advertising a home loan from Macquarie Bank.
Given that the lead ad format still seems to be underutilized by many businesses, I thought I’d record the experience to highlight how powerful lead ads are.
Here’s a quick 40 second video illustrating how lead ads work on Instagram.
Within 30 minutes of submitting this form I had a missed call from Macquarie Bank. After they were unable to reach me, they sent me an SMS:
Following up via SMS is much more effective than an email, particularly if your product is a financial services product. Emails pertaining to be from banks or financial institutions can often look spammy or even end up in spam.
But I’m not a Big Bank!
Try not to let the fact that this advertiser is a bank turn you off. You don’t need to have a big advertising budget to us lead ads on Instagram.
If you watched the video above, you’ll notice that when I clicked on the ad, I was taken to a form that’s still within the Instagram app. The form is pre-filled with my name, email address and phone number. This get pre-filled from my Instagram profile. The only field I needed to fill in was the “Describe your home loan needs” field.
This means I don’t have to try use my two fat thumbs to fill in all my details.
How Much Do Instagram Lead Ads Cost?
If you haven’t run a Facebook or Instagram lead ad campaign before, you can publish campaign for as little as $5 per day and spend as much or as little as you like.
I recommend you budget at least $500 to $1000 to test lead ads and see if they return enough quality leads to justify continuing your campaign.
What to focus on
When running a lead ad campaign, the main metrics you should track are:
- Cost per lead
- Cost per sale
Your Cost Per Lead metric is visible from within Facebook Ads Manager and looks something like this:
You’ll need to keep track of your own cost per sale though.
How to create an Instagram Lead Ad
You can create a Instagram Lead ad via Facebook Ads Manager. Check out our guide here.