Different businesses have different KPIs and ads should be aligned with the objectives or goals. Instead of spending on ads and not getting any results, a user should be more strategic in his/her approach.
Create and specific hashtag, make activities that involved costumers unto something special for the brand.
Reels are now what I focus on mostly
Use of reels that are usually interesting and engaging
Good aesthetic, quick, captions and a clear CTA
setting up the right audience helps alot i’ve created a few interest based ads through research of the ideal consumer and it has helped incredibly in driving sales.
Making sure my CTA is consise as well as using the Sales Platform helps turnover sales for me
Setting up the right audience
Knowing exactly who your core audience is, aka customer. Plus, the aesthetics need to be on point! 
Putting a catchy/ funny photo with attactive colors it’s a good idea to get audience attention more than 3 seconds.
Knowing exactly who your core audience is, aka customer. Plus, the aesthetics need to be on point!
Creative that represent your brand tone and values are the post or ads that will drive engagement. But some times stepping out of that zone or boundation and trying to be unorthodox or taking creative freedom also comes as a fresh and a pleasent surprise to your audience.
Tell a relatable story and a call to action
Show your brand, product, or service in the first three seconds. Make sure your ad copy complements your images. Engage with your audience
I believe having high quality images or video is very imporant
I think having an ad that shows it can solve a problem you have is very important. People will then explore it much more than something that has a high quality photo or video but might not have value in it for them.
This response is taken from three other responses that agree with my opinion and to save time 
Making sure my CTA is consise as well as using the Sales Platform helps turnover sales for me and Create and specific hashtag, make activities that involved costumers unto something special for the brand and finally Creative that represent your brand tone and values are the post or ads that will drive engagement. But some times stepping out of that zone or boundation and trying to be unorthodox or taking creative freedom also comes as a fresh and a pleasent surprise to your audience.
I believe that the process of creating effective ads begins with normal social media content. More specifically, there are really two things that are necessary in order to make effective and engaging content. The of these is to make sure that you are targeting the right audience. Next, you have to make sure that the content you are creating for Instagram is effective at getting engagement from that audience. As long as both of these boxes are checked and a brand is making great and engaging content, then creating effective ads is merely a matter of promoting said content as Instagram ads.
High-quality image, good aesthetic, concise, make sure of taking their attention in the first 3 seconds, CTA.
What’s really important to me is the engagement I get from comments. They’re going to be a mixed bag, but replying to the healthy comments in a supportive and productive way really sells your brand’s ability to listen!