Modern B2B marketing professionals go to LinkedIn to find relevant, high-quality content. In fact, there are various marketing guides for LinkedIn already, making it a compelling networking platform. If you’re a B2B company trying to increase your LinkedIn conversion rate, it’s time to start refining your marketing efforts.
LinkedIn’s advertising platform is ideal for promoting your content because of its flexibility to target companies, job functions and seniority. However, compared to other platforms, such as sponsored search management, LinkedIn advertising expenses are exorbitant, typically between CA$8 and CA$13 per click, which can be a turnoff for many people.
In addition, the inability to schedule ads efficiently means that money will be spent during unprofitable times.
Thankfully, there are some basic strategies to keep your spending under control and make the most of your LinkedIn ad spending:
Draft Creative Ads
If your advertisements are not clicked, they will fall in the feed, and your cost-per-conversion will climb. This is not ideal, so the simplest method to overcome this is to create engaging advertisements.
The ad description and image are two key factors to think about. You want an image that will attract a user’s attention on their feed. However, the image should also be relevant to the offer that you are marketing.
Including data in the ad image and opening the description with a direct query to the visitor is two strategies that have shown to be effective on LinkedIn.
Make Sure You Have The Right Offer
Ensuring that you have the appropriate LinkedIn offer is critical to reducing ad spending and finding success on the platform.
People at the beginning of the awareness stage are not ready for free trials or demos. It will only lead to high CPA (cost per action) but low CTR (click-through rate). This translates to low conversion rates and revenues.
Likewise, sending people to infographics and blog posts where personal information is not being collected is a waste of spend. It will lead to the same dismal results.
Offer gated content assets that solve a problem related to your product or service to lower your CPA and ensure your advertising money isn’t wasted. These are lower-effort offers where the value still outweighs the cost of filling out a form with personal information.
Find and Engage the Right Market and Audience Size
You must first target the right people to exceed the average conversion rate for LinkedIn advertisements. Many marketers make the mistake of directing their marketing to the wrong crowd.
As a result, LinkedIn will “penalize” your ad by showing it less frequently because it fails to engage or pique people’s interest. This reduces conversions and raises the cost per lead. To persuade people to engage with your ad, start by targeting the correct audience.
Creating buyer personas is the greatest strategy to develop the correct audience. Buyer personas assist you in focusing on those who are most likely to be interested in your products or services.
People can be targeted based on gender, age, occupation, professional interests, and the like. Setting up the right target audience can help you reach more people interested in your products or services, increasing your LinkedIn ad conversion rate.
While targeting your audience, you also want a sufficient number of users to click on your ad and avail of your offer. Remember that, unlike other social media sites, people only use LinkedIn for a specific purpose and for a short period during the day.
If your audience is too small, your CTR and CPC (cost per click) will be reduced. As an example of a ballpark figure, target 30,000-90,000 people on LinkedIn. This audience size will ensure clicks on your ads and a consistent CTR, reducing ad costs.
Start Your Bid Low
In terms of bidding, many advertisers submit the LinkedIn-recommended bid. This is an excellent option if you aim for enough impressions and clicks, but placing the starting price just above the minimal floor is better. If LinkedIn’s minimum bid is at CA$4.75, start with CA$5.
If you don’t use your budget throughout the day, your advertising won’t get enough reach, increasing your bids. Your bid is reasonable if you’re using all of your budgets and getting enough clicks.
Conclusion
LinkedIn is the best platform for getting leads because of its more corporate usage. Though LinkedIn advertising costs are high, there are ways to limit how much you spend on ads on the platform. By doing the aforementioned steps, you will be on your way to lowering the platform’s costs while getting the most on your investment!
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