LinkedIn is a great platform for your B2B business. With the right messaging, targeting and delivery, advertising on LinkedIn can open a ton of possibilities and position your business to find quality leads and generate meaningful B2B relationships. Read more about why LinkedIn is important here.
With over 660 million users worldwide, (12 million active users are from Australia), LinkedIn has become the go-to platform for networking, business connections and the number one professional social media platform that enables you to connect with employers from all around the globe online. Any business looking to acquire talented team members, generate brand awareness or leads, or onboard qualified clients, advertising on LinkedIn is essential.
However, if you’re not careful, running ads on LinkedIn can be more costly than running ads on Facebook; leading many businesses to think LinkedIn Ads aren’t worth doing.
But there are ways you can get the most from your LinkedIn Ads, if you only have the right know-how. Here are our tips for getting results on LinkedIn – even with a shoestring budget.
LinkedIn Advertising Budget
Budgeting for advertising on LinkedIn can be done only if we understand how the ads work.
Many Marketers will argue about the budget for LinkedIn advertising. I’d say it depends from person to person and business to business. The best thing to do is to spend what you’re comfortable with spending and being more decisive about where your spend goes.
LinkedIn provides you with three options for the budget. Daily Budget, Lifetime Budget & Combination of both. As the name suggests, daily budget is how much you want to spend per day on that campaign and Lifetime budget is the total amount of money that you want to spend on that campaign. The minimum daily budget amount required to start on LinkedIn is $10, for any ad format & the minimum lifetime budget amount is $100. To pace and deliver your campaign through the end date, set both a daily budget and total budget.
Interested in LinkedIn advertising ? Learn about the tips & tricks here
LinkedIn Ads groups campaigns together that share a single budget amount. LinkedIn tracks the total grouped campaign spend and pauses the campaigns when the target budget is hit.
Launching more than one campaign with a minimum of two ads is a good idea to test them individually. You need to allocate the budget to each campaign equally or differently depending upon the campaign.
LinkedIn gives you the following options for what to bid on:
- CPC or cost-per-click
- CPM or cost per 1,000 impressions
- CPV or cost-per-view charges you each time someone plays your video.
- CPS or cost-per-send is used in sponsored message campaigns
LinkedIn has 3 types of bidding:
- Maximum delivery
- Target cost
- Manual bidding.
To know more about bidding, click here
Daily Pacing predicts platform activity over the course of one day and optimises budget distribution and spend accordingly whereasLifetime Pacing predicts the activity over the course of one week.
Hyper – Targeting
Instead of targeting a broader audience, it’s better to target a smaller audience who is more likely to benefit from your service and convert. This will also reduce the unnecessary cost and increase the ROI. So, trim and narrow your ad audience & write your ads to appeal to niche audiences so they’re more relatable and relevant.
Regular monitoring the performance of the ads is crucial for optimal results and delivery. Checking the CTR, CPC, Conversions etc and making tweaks in the budget, creatives or audience is essential for a good ROI.
LinkedIn advertising is tricky but worth it. It might be more expensive than FB or Google Ads but the quality of the leads and precise targeting justifies its higher costs.
So, if you’re a professional marketer, it’s always smart to have a budget and a plan to maximise the ROI when it comes to LinkedIn advertising. But if you’re new to advertising, you can attend our Social Media Workshops and learn more about advertising and its importance.