LinkedIn is one of the most popular professional social media sites, with over 700 million global users and almost 100 million active users per month. LinkedIn Ads can be a powerful tool for businesses and individuals looking to promote their products or services to a target audience. But, as with any advertising campaign, it is critical to track your performance, ROI (Return on Investment), and make adjustments to optimise the campaign. In this blog, we’ll discuss the key metrics, must-have tools, and details on how to analyse and optimise your LinkedIn Ads.
The Metrics that Matter
Conversions
Conversions are the name of the game and the primary metric for measuring success in online ads. These are the actions users take after encountering your ad – clicks, lead generation, purchases, you name it. LinkedIn offers conversion tracking on 4 types of conversions: website tag conversions, imported conversions, URL/Page conversions and event specific conversions.
Click-Through Rate (CTR)
CTR measures the percentage of folks who can’t resist clicking on your ad after spotting it. Number of clicks divided by number of impressions = CTR. On average, LinkedIn Ads boast a CTR of around 0.35%.
Engagement Rate
We don’t just want people to glance and run. We want them to dive in and get involved! Engagement rate reveals the percentage of users who take any actions, including liking, commenting, clicking on ads, or following the promoted company, among others.
Impressions
Think of impressions as your digital footprints. They tell you how many times your ad has strutted its stuff in front of curious onlookers.
Cost per lead (CPL)
We totally get that every penny counts. CPL breaks down the total cost of your LinkedIn Ads campaign, divvying it up by the number of leads generated.
Return on Ads Spend (ROAS)
ROAS is the percentage of revenue generated from the ads compared to the cost of the ads. Your ads need to make it rain by generating revenue that exceeds your costs. This is where dreams become a reality.
Tools available for measuring success
LinkedIn Campaign Manager
LinkedIn Campaign Manager is LinkedIn’s ultimate command centre for ad creation and management. It provides performance metrics like impression, clicks, conversions, and cost.
Conversion Tracking
What happens after users click on your ad? LinkedIn’s Conversion Tracking tool is used to monitor users’ activities after clicking on ads and gauging their potential to convert. Helping you optimise your strategies and stay a step ahead.
Google Analytics
Google Analytics is a free tool used to track and analyse data for websites and ads. It offers reports to help you uncover the mysteries of customer behaviour, such as bounce rate, session duration, and acquisition reports. Integrate this gem into your LinkedIn Ads campaign and let it guide your way.
How to Analyse and Optimise LinkedIn Ads Campaigns
Test your Ad
Embrace your creative genius and let it run wild! Polish your ad copy, fine-tune those visuals, and craft compelling messages that hit home. Remember, a clear message, a captivating value proposition, and eye-catching content will shoot your ad straight to the stars.
Play around with different ad types like Sponsored Content, Sponsored Messaging, Dynamic Ads or Text Ads to find out which formats work best for your audience. Check out LinkedIn’s Ad Guide for more details on the types of ads offered.
Focus on targeting
LinkedIn allows you to target users with details like job title, industry, seniority, and location. Track open rates, clicks, and conversions across different targeting features and let that message resonate with your dream audience. Discover ad targeting options here.
Optimise bids
Putting ads on LinkedIn is an auction, and the amount charged is based on ad placement and competition. The higher the bid, the better ad placement on LinkedIn. It’s all about securing prime placement and getting the best bang for your buck. Don’t forget to tap into LinkedIn Ads’ automated bidding strategy for maximum conversions and an efficient cost per click.
Budget optimisation
It is essential to keep track of your total budget and allocate it wisely across multiple campaigns. Track your budget’s performance like a hawk, and pivot when needed. Success lies in the ability to navigate budget waters with finesse. Find out more about the cost of LinkedIn Ads here.
Conclusion
LinkedIn Ads is an incredible tool and your gateway to professional success. Measure your triumph with key metrics like conversions, CTR, and ROAS. Lean on the dynamic duo of LinkedIn Campaign Manager, Google Analytics, and Conversion Tracking for comprehensive reporting excellence. Unlock your true potential through ad experiments, targeting precision, bidding wizardry, and budget optimization.
Let LinkedIn Ads be the cornerstone of your digital marketing strategy.
