LinkedIn advertising has grown significantly over the last couple of years. With unique access to professional data, it is the perfect advertising solution for B2B marketers. Here’s what you should know about LinkedIn advertising costs, options, procedures, and best practices in 2023.
The cost of advertising varies widely across all platforms depending on the type of campaign you are running and how fierce the competition is. Similar to Facebook, LinkedIn allows you to bid on audiences across the Microsoft network.
While costs vary across industries, you’re likely to spend more than $5 per click for regular ads and more than $6 for 1000 impressions on an ad.
LinkedIn has a $10 daily minimum for many ad campaigns. Practically speaking, this means you’ll only get 1-2 actual clicks per day if you spend the lowest amount. Make sure you have sufficient budget to allow for scaling.
LinkedIn advertising options allow you to reach different groups more effectively as they offer you several targeting options. You can customise both ad formats and targeting options.
Ad format varies depending on the advertising objective you choose. Equally important is choosing the right ad format for your audience. B2B market typically focus on marketing objectives and the main ones are:
Image ads are designed to feel close to regular platform content. It appears directly in LinkedIn’s feed, complete with different options including carousels, images or videos, and links.
Image ads are especially useful for avoiding banner blindness and sharing content that offers value. While the best types of ads vary by company, you’ll generally get the best return on your LinkedIn advertising cost with feed ads. After all, they have the highest chance of being viewed.
In other words, image ads are ideal for softer advertising like blog posts and informational articles. It may not work as well with direct sales attempts.
These ads generally serve on the right side of the LinkedIn interface. They have a little text and often a logo for your company, but they’re not particularly exciting in most areas. While you can get these through an impressions format, it’s usually better to get them in a pay-per-click model instead.
Spotlight ads are personalised to the user profile and are dynamic in nature. On desktop devices, users may see these dynamic ads that are tailored to them based on their own LinkedIn profiles, such as profile photo, name of the company, or job title.
The Follower Ad encourages members to follow your Showcase Page or LinkedIn page on desktops and mobile devices. These ads are great for building LinkedIn followers but keep in mind that only a percentage of your followers will see your posts organically at any given time.
Sponsored InMail or Conversation Ads
LinkedIn is a little unusual among social networks in that it allows you to sponsor messages going to inboxes. This process differs from merely messaging people directly in that you have added visibility into the performance of your content and can get send multiple messages to a targeted audience.
This form of advertising is usually more expensive than other options. So, it’s best when someone is further along your sales funnel, and you want to nudge them through the rest of the way. This strategy can work really well with outbound sales teams or ABM marketing.
The My Company tab is a relatively new part of LinkedIn, but it has clear value for promoting your brand. This tab creates an area that links people from your business together, allowing them to share and engage with content. In turn, that helps build brand recognition and boosts your visibility in other areas.
This functions on two levels. First, employees can share your content. Second, they can also share each other’s content. People are significantly more likely to engage with material from their co-workers or known contacts.
LinkedIn is a particularly good platform for targeting professional audiences. There are many targeting options B2B marketers can leverage which aren’t available on any other platform. When you combine these targeting options with LinkedIn sales navigator for sales teams, LinkedIn truly presents a variety of options in revenue generation.
Fundamentally, you can target ads through audiences or audience attributes.
You can use your own data to retarget audiences or reach known contacts and accounts through audience targeting. The options include
List Upload – add your own CRM data to retarget them
Lookalike – create similar audiences from your list uploads
Other – you own created audiences
Retargeting – allows specific retargeting of all visitors
Third-Party – target audiences generated through third party websites.