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.
You can create Instagram Lead Ads via Facebook Ads Manager.
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.
Luke is the founder of LeadSync and, as a Digital Marketer, has been helping businesses run lead generation campaigns since 2016.