Setting up your bid and budget is the final step before you set your Sponsored InMail campaign live. In this online tutorial Irina Skripnik, Senior Product Marketing Manager will guide you through the bid, budget and duration screen setup. This is where you're going to dial in on the specifics of what you're going to be spending, and how you're going to be spending it.
- [Instructor] Setting up your bid and budget is the final step before you set your campaign live. By now you've finished setting up your creative assets, targeting and we've navigated over to the bid, budget, and duration screen. This is where you're going to dial in the specifics of what you're going to be spending and how you're going to be spending it. LinkedIn sponsored email runs in a second price auction environment which means that you're competing with other advertisers who want to reach a similar target audience. Within the sponsored email auction, you're bidding on a cost per each send. It's easier to understand second price auction with a quick example.
Let's say there are two advertisers bidding on the same target audience. Advertiser A sets a bid of $1.00 while advertiser B sets a bid of $2.00. And when competing in the same auction, advertiser B will win the auction but they will pay only one cent above advertiser A so they'll win the auction at $1.01. The first thing that you'll need to do is add your bid. The bid is the value you're willing to pay on a cost per send for each sponsored email message. As a guidance, the tool will help you identify a minimum bid based on the targeting information you provide when you setup your target audience.
Minimum bid is the lowest amount that you can bid per send. You'll notice that the tool is also providing insights into what other advertisers are bidding. This is a suggested bid. Now there's no magic formula for identifying your bid since this varies by campaign, objective, and your goals. The best thing, is to set a bid that you feel comfortable with. To start, consider using the suggested bid as a guide and this way you can monitor how competitive your campaigns are and optimize accordingly. If your average cost per send is hitting your bid each time, you'll know that there's competition happening.
You should continue to run your campaign and optimize your performance. Next, you'll need to select a daily budget. Setting a daily budget will help you pace your campaigns and that means that each day your campaign is running, it will deliver up to your daily spend that you've specified. If you prefer to not pace your campaign using a daily spend, simply enter the total budget you'd like to spend for this campaign and your campaign will deliver as quickly as possible without a frequency daily cap. From here you have an option to start either immediately or select a future date to delay the start of your campaign.
Remember your campaign will not begin delivering until you click the Launch Campaign button here. Now there are more options available if you click on show more. You can choose an end date for your campaign, which means your campaign will stop delivering on the specific day, even when there's budget still remaining. And as an alternative, you have the option to set a total budget. This is the total value you'd like to invest in this campaign. Your campaign will stop delivering once your total budget runs out. One thing to note, if you've only set a daily budget and you don't have an end date or a total budget, your campaign is going to run indefinitely for the daily budget set.
Your going to have to do some testing to see what works best for you. Once you launch a campaign, as a best practice, check back in to make sure the targeting, creative, and the bid setup all look good.
- What is Sponsored InMail?
- Setting up and managing your campaign
- Crafting your message
- Adding your bid and budget, and setting your campaign live
- Reporting on your campaign