Advertising on social media has become an essential strategy for businesses looking to expand their reach and attract more customers. However, advertising costs can vary significantly depending on the platform. In this blog, we compare the cost of advertising on Instagram, Facebook, LinkedIn and Pinterest in 2024, and explain the best time to advertise and how to make the most of your budget.
Instagram: a focus on visual content
Instagram, known for its visual appeal, remains a popular choice for brands. Advertising costs on Instagram are primarily determined by Cost Per Mille (CPM) and Cost Per Click (CPC).
CPM (Cost Per Mille): In 2024, the average CPM on Instagram ranges from $7 to $9, depending on the target audience and ad placement (feed, stories, reels).
CPC (Cost Per Click): The average CPC is around $0.70 to $1.10.
Instagram offers a favourable environment for brands with visually appealing products and a younger target audience. A trend unique to Instagram is the concept of Q5, the period from 18 December to 8 January, when advertisers can benefit from lower CPMs and less competition after the festive season.
Facebook: flexibility and broad reach
Facebook, as part of Meta, offers a wide range of advertising options, from image and video ads to carousels and slideshows. Costs on Facebook are broadly in line with those on Instagram, with some differences.
CPM: The CPM on Facebook ranges from $6 to $8, depending on the target audience and ad placement.
CPC: The average CPC is around $0.50 to $1.00.
Facebook’s strength lies in its extensive targeting options and large user base. Like Instagram, Facebook also offers a Q5 opportunity, with CPMs during this period falling by around 20% compared with the festive peak.
LinkedIn: the professional networker
LinkedIn is the go-to platform for B2B businesses and professional networking. Advertising costs on LinkedIn are usually higher because of its highly targeted business audience and extensive targeting options.
CPM: The CPM on LinkedIn varies considerably, but averages between $10 and $15.
CPC: The average CPC ranges from $2.00 to $5.00.
Although LinkedIn is more expensive, it is ideal for businesses looking to position their brand in front of a professional audience and reach business decision-makers. Q5 is less relevant for LinkedIn because advertising costs remain relatively stable throughout the year, without major seasonal dips.
Pinterest: inspiring and driving traffic
Pinterest, a visual search and discovery platform, offers unique advertising opportunities for brands focused on inspiration and lifestyle. Advertising costs on Pinterest are generally lower than on other platforms.
CPM: The average CPM on Pinterest ranges from $5 to $7.
CPC: The average CPC is around $0.30 to $0.90.
Pinterest is particularly effective for brands in the fashion, home and DIY sectors. The platform offers a cost-effective way to reach an audience actively looking for ideas and inspiration.
Comparison and strategy
Here is a summary of the costs by platform:
| Platform | CPM (average) | CPC (average) |
|---|---|---|
| $7 – $9 | $0.70 – $1.10 | |
| $6 – $8 | $0.50 – $1.00 | |
| $10 – $15 | $2.00 – $5.00 | |
| $5 – $7 | $0.30 – $0.90 |
Strategy for Q4
At Social Roots, we are already working on Q4. Here is our strategy.
Instagram and Facebook: Advertisers can benefit from lower CPMs between 18 December and 8 January, a period when advertising costs fall because many brands reduce their budgets after the festive season. This offers an opportunity for cost-effective advertising.
LinkedIn and Pinterest: Although these platforms show fewer seasonal fluctuations, they remain effective for specific audiences and content.
Conclusion
The cost of advertising on social media varies by platform and time of year. Instagram and Facebook offer an opportunity for cost-effective advertising during Q5, while LinkedIn and Pinterest remain effective options for their respective audiences. By understanding these costs and planning carefully, advertisers can optimise their ROI and reach a wider audience.
