What Is A Good Cost Per Conversion Benchmark
Its the average amount of dollars you spent per conversion.;A conversion can be any action defined by the advertiser. This makes benchmarking this metric tricky. It will not be accurate. Best to benchmark this against your historical data.
Ask yourself: How much is an action or conversion worth to you?;
Let say the conversion happened on a Request a Demo form, how much is that form fill worth?;
For example: Out of 10 demo requests, your sales teams are able to close 1 at $5,000. That means you have a positive ROI for anything below $500 cost per conversion.;
When Marketers hear a $500 cost per conversion as compared to Facebooks cheap $50-90 per conversion, it will make Linkedin seem expensive.;But thats not accurate.
Most miss out on the whole point of B2B marketing.
Youre selling a high-value enterprise product/service. What you need is high-quality leads, not cheap low-quality leads.;
Theres no point in churning out hundreds of low quality leads from Facebook and making your sales team busy with rubbish leads.;;
;It will backfire and marketing will lose the seat at the decision-making table.;
Layer Your Targeting Options
As we saw earlier, theres no shortage of LinkedIn advertising targeting options. As a digital marketer, you should be thrilled about thismore targeting options means more valuable opportunities! Allow me to explain.
No matter which digital advertising platform youre looking at, the whole point of targeting options is to enable advertisers to reach the people most likely to become their customers. LinkedIn, of course, is no exception. The closer you can get to reaching your ideal customer, the less money youll waste on impressions and clicks from users who present no value to your business. Layering multiple LinkedIn targeting options is the only way to do this.
Lets say youre using LinkedIn advertising to promote a software solution that helps small restaurants optimize their online presence. If targeting users who work in the food service industry is the only parameter you set, youre going to waste a ton of money. Alternatively, if you layer a variety of parameters in order to target owners of small restaurants, youd drive substantially better results!
A word of warning: Dont layer your LinkedIn advertising targeting options too much. If you go too far, youll target an extremely narrow audience and miss some valuable opportunities.
What Determines Your Linkedin Advertising Costs
According to LinkedIn, three factors influence your LinkedIn advertising costs:
Understanding these ad cost factors can help you lower your LinkedIn ad costs.
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What Are Linkedin Ads And How Can They Benefit Your Business
LinkedIn Ads can be highly effective both for reaching a professional target audience or for B2B campaigns. LinkedIn, as you may already know, is the quintessential and professional social network on a global scale. With this said, make sure to dedicate a part of your budget towards advertising on LinkedIn!
Though LinkedIn doesnt have nearly as many users as Facebook has, profiles found on LinkedIn are exclusively those of professionals; profiles like these are almost impossible to identify in the same capacity on other social media platforms.
As time goes on, it becomes;more and more challenging to stand out as a business without the aid of LinkedIn Ads.
Optimize Your Linkedin Ad Costs With Webfx
If youre looking for a way to help your business reach new people and expose them to your brand, LinkedIn is the answer. This social business platform will help you connect with people that are looking for a business like yours. At WebFX, we have years of experience creating social media advertising campaigns.
Were a full-service social media marketing company that specializes in LinkedIn advertising. Our team of over 200 experts will bring their knowledge and expertise to your campaign. Well help you create a campaign that works for your business.
If youre looking for a social media expert that knows how to drive results, look no further than WebFX. In the past five years, weve driven over $1.5 billion in sales and over 4.6 million leads for our clients. We focus on creating campaigns that grow your business.
Dont believe us? Just ask our clients! Check out our 550+ client testimonials that attest to the awesome work we do!
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Engagement Rate Benchmark On Linkedin
Engagement rate measures the number of times people engage with your ad
What is this useful for?;
Its mainly a brand awareness measure. Building hype to your brand and providing air cover for your sales team is just as important.;
Here are the engagement rate benchmarks:;
- Non-video Sponsored Content: 0.5%
- Video Sponsored Content: 1.6%
Pro Tip: Take note these how Linkedin charges these clicks and engagements are different based on the objectives. For the benchmarks below, well be using traffic
How To Use Linkedin Analytics
To start, know that you can begin tracking LinkedIn analytics natively or with a third-party LinkedIn analytics tool, like Hootsuite. And the route you go depends on your social media marketing strategy.
If your brand only uses LinkedIn, youll find all the data you need in LinkedIn itself. If your brand is active on several social media platforms, a third-party tool like Hootsuite can be more efficient. It shows you performance metrics across all social channels in one place.
To access the LinkedIn analytics dashboard, start by logging in to your LinkedIn profile. Then, open up the LinkedIn company page you manage. Note that page analytics are only visible to page admins, or at minimum, people with analyst access.
As long as you have the right permissions and access, you will be able to monitor your LinkedIn metrics.
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The Cpm Average On Linkedin: $3380 Per 1000 Impressions
We seldom use this unless were running brand awareness campaigns where the only bidding option is CPM.;
Also, youll notice other reports saying that CPM is around $8.50 on Linkedin. Thats only true if you target the entire world. In most situations, you will not be targeting the entire world, so this metric is not accurate.
The majority of the time, advertisers will be particular with their targeting, especially for B2B businesses. For example, they wont target an entire country. Instead, they might target by industry or job functions .
This causes the CPM to spike high.
How To Create A Content Publication Sponsored On Linkedin
In order to create sponsored content ads, there are currently 2 options, with the old LinkedIn ad manager interface and the new interface :
1) With the old interface:
2) With the new interface
With the new interface, the first thing that must be defined is the objective that we pursue with the campaign. Depending on the objective, the system will let us use some types of ads or others. To create sponsored content ads we can select the objectives:
- Website visits
- Conversions on the website
And the other step, select the Single image ad option in the ad format section:
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What Are Sponsored Updates On Linkedin Going To Do For Me
- You will get your company’s updates out to more people and attract new followers.
- You will reach just the right audience with Linkedin’s many targeting options.
- You can get your message on every device from desktop and tablet to smartphone.
- You can set your own budget and choose from cost per click or cost per impression.
All these features will help you raise awareness about your brand by getting the word out on every platform and by reaching exactly the audience you choose.
Sponsored updates will help you build relationships and by sharing your company’s content you will spark meaningful conversations with the right people.
According to Contently sponsored updates have both advantages and disadvantages:
- Strong network of professionals and executives.
- If you have a specific target sponsored updates can provide a lot of value.
- Good filtering based on company, job title, location etc.
- Other social media may yield more clicks but LinkedIn has built a platform that can yield the right clicks.
- It is expensive and LinkedIn will charge you for every click.
- There is value in a LinkedIn click but only for businesses which are able to write bigger checks.
- The sponsored ads are not very customizable and an image must fit a standard thumbnail size.
Examples Of Native Advertising:
Promoted listing: Etsy features artisan and handmade products sold by individuals. You can search a large variety of products. Here, we searched for wedding centerpieces:
Youll see that the first row includes products that display an ad icon in the upper left corner. This type of native advertising boosts views of a brands products by bringing them to the top of the page. Shoppers are more likely to see these listings;than if they appeared later in the results.
Paid search units : When searching for a new product on a search platform, a paid search unit will appear at the top of the search platform, similar to the promoted listing.
Recommendation widgets: Using tools like Outbrain or Taboola, you can create an ad that links to a post youd like to promote. The ad will appear at the bottom or on the side of of an article on a website that may look like the following:
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Final Thoughts On Linkedin Advertising Stats
Advertising on LinkedIn has never been easier . You can gain a competitive edge through targeted marketing tactics with LinkedIn advertising solutions.
Choosing the right type of LinkedIn advertising ads can be difficult. But youll succeed if you start with goals and then build an advertising strategy around your target audience and offerings.
Take a closer look at LinkedIn advertising options today. Use the tips above to start promoting your business on the worlds largest professional social network today!
Set Your Ad Budget And Schedule
Next, set up the budget, scheduling, and bidding options that work best for you.
Set a daily budget for what works best for your company’s marketing spending. Before investing a lot into one campaign, test and measure the success of each campaign and ad variation. You don’t want to put thousands of dollars, for example, into an ad that doesn’t resonate with your target audience.
Let’s say you’re the VP of Marketing at a high-end floral company. You assume that most of your target market is made up of soon-to-be brides, so you direct your LinkedIn Ads to bridal groups. But after spending thousands of dollars, you only generate 10% of the leads you were hoping for.
Your subsequent research shows this was the wrong move, and you later learn that people near your store who are on LinkedIn are actually looking for flowers for corporate events. It would have been nice to know that before spending a large amount of your budget on LinkedIn Ads, right?
That said, because of its extensive targeting opportunities, LinkedIn Ads can successfully target niche markets. But the cautionary experimentation is crucial to do early on if you observe a campaign performing well, then you can put a larger budget toward it.
Choose a date for your campaign to start. You can indicate for your campaign to be shown continuously or til an end date.
In this section, the three options you have are:
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What Is Lead Gen Form Completion Rate
LGF completion rate is a percentage of open forms that were submitted .;
When you have low lead gen form completion rate, it means members are opening your forms without completing it.;
This happens commonly when:
- The lead gen form details are not enticing enough;
- It does not reflect the same promise of the front ad they clicked on.;
- The target audience is not correct
Why Is Linkedin Advertising Important For Your Business
In 2016, Microsoft announced that it had . This move was a surprise to some, but many analysts saw this as a natural step for Microsoft. LinkedIn is a natural partner with Microsofts strong corporate connections and Office Suite.
Microsoft began investing in the social network to bring the platforms features to be more in line with mainstream social networks.
Over time, LinkedIn has developed features to help people connect through video, voice, and in-person meetings.
In the past, LinkedIn had limited advertising options for companies. Yet, as the platform has continued to mature it has seen some different marketing tactics open for business owners looking to engage professionals on the social network.
Through its B2B targeting options, you can make sure the right people see your ads. Advertising on LinkedIn can help your business achieve a number of objectives when kicking off your LinkedIn advertising campaigns like:
- Brand Awareness
- Drive Qualified Traffic To Your Site
- Lead Generation
- Boost Website Conversions
LinkedIn could be a better marketing choice than Facebook or Twitter because LinkedIn algorithms are tuned to drive engagement from qualified business professionals. This is especially true for B2B sales and marketing initiatives.;
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The Complete Guide To Linkedin Sponsored Content
LinkedIn sponsored content ads are very similar as regular publications in our LinkedIn feed, you see a small text and an image . But the big difference is that we can segment who we want to show the ad, so that the publication has a much greater scope. If as a result of the segmentation we do, an audience of 200,000 members on LinkedIn will mean that the sponsored content ad will potentially be shown to each of those 200,000 people . As you can see the scope can be very large.
Sponsored content ads are one of the oldest ad formats on LinkedIn. It is the usual ad format, the of a lifetime. In 2018, many new formats appeared on the platform: the video ads, the carousel-type ads , the dynamic ads . And in 2017 appeared a variant of ad format called Lead Gen Form, an option when creating the ads that allows the form to be a form within the Linkedin application itself.
Below we explain in detail how are sponsored content ads on LinkedIn.
Posts Can Now Be Promoted Directly From A Brands Linkedin Page And The Platform Is Also Launching A New Event Analytics Tool Alongside Its Event Ads
LinkedIn has introduced Event Ads and the ability to Boost organic posts from within a brands page, the company announced Tuesday. Alongside these ad products, the professional networking platform also announced Custom Streaming integrations and Mobile Page Analytics.
Boosted posts. Brands can now increase their posts reach directly from their LinkedIn page. This feature, known as Boost, creates a campaign in an ad account associated with your page.
To boost a post, click on the Boost button above the post youd like to promote. Next, youll select an objective for your post . Then, youll select the type of audience for your boosted post . Youll also need to designate your audiences profile language and location, select or exclude more targeting criteria, set a daily budget and schedule the post.
Note: Posts can only be boosted once and only events and posts with a single image can be boosted at this time. Posts that include a poll, document, job ad or Pulse article are ineligible for boosting currently.
Event Ads. This new ad format appears in the LinkedIn feed and highlights important event details like date, time and how to register. If a users mutual connections have expressed interest in attending, that will be shown as well.
Custom Streaming and Mobile Page Analytics. Alongside its latest ad products, LinkedIn also announced two features that improve the platforms usability: Custom Streaming and Mobile Page Analytics.
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How Does Linkedin Sponsored Inmail Work
Sponsored InMail offers a great way to digitally reach prospects outside of the email inbox. Sponsored InMail delivers a message you createmuch like a standard LinkedIn messageto the LinkedIn inbox of your selection or your targeting. Its like sending an email to someone, except you dont have to have that persons email address for the message to reach them.
Things You Need To Know About Sponsored Content
Sponsored content is always evolving with the digital landscape. As new ways for us to consume content emerge, you can bet that sponsored content will follow.
Because its ever-changing, many sponsored content definitions arent complete or comprehensive. When defining sponsored content, there are 3 aspects you need to consider:
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Put Essential Information Upfront
Attention that wanes after the first few seconds will typically drop off after the 10 second mark, . Thats backed up by , which show 65 percent of people who watch the first three seconds of a Facebook video will watch for at least 10 seconds, while only 45 percent will watch for 30 seconds.
Plan to share your message, or show your audience what you want them to see, early on. That way you increase the likelihood of leaving an impression with more viewers.
Should You Use Linkedin Advertising
Whether you are running a retail shop or a manufacturing business, LinkedIn has advertising options that can help you reach your target audience and reach your goals.
Advertising on LinkedIn is best if you want to reach business professionals who focus on learning about new business opportunities.
LinkedIn advertising is a smart investment because your ads can reach millions of people. Each month, about 303 million users log in to LinkedIn to engage with content.
This means that your business has a great opportunity to reach your target audience and drive engagement for more conversions and sales. But thats only the tip of the iceberg when it comes to why you should invest in LinkedIn Ads.;
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