How has your marketing plan shifted since the start of the current pandemic? If you regularly invest in Facebook ads for your business, you've likely altered your plan in the face of COVID-19. According to online marketing tech company Evocalize, there have been drastic changes to the way real estate professionals utilize Facebook ads in the past few months.
Between March and April, the team at Evocalize conducted a month-over-month analysis of ad business on Facebook, as well as Instagram. The company studied over 160 million ad impressions and behaviors—which, in turn, generated over 70,000 leads.
The report, which was updated earlier this month, incorporates a seasonality analysis in order to ensure that the changes in ad figures are in fact due to the pandemic.
Although media costs remain stagnant and incredibly low—a benefit for those looking to invest more heavily in Facebook and/or Instagram ads—there are two areas that are seeing shifts: CVR and CTR. The conversion rate (CVR) increased over the course of April (+47 percent), which indicates a boost in buyer and seller intent. However, click-through rates (CTR), the figure which indicates how much people are engaging with ads, continued to fall last month (-9 percent).
Additionally, the study included heat maps of the country, which help better illustrate the month-over-month changes. Below are the two U.S. maps, which show the differences in conversion rates between March and April:
To view the report and a full breakdown of Evocalize's methodology, click here.