Join Viveka von Rosen for an in-depth discussion in this video Budgeting strategies for Sponsored Updates, part of LinkedIn Marketing: Advertising.
- Once you're happy with your content, and you've chosen your audience, you're gonna have to pay for it. As you can see here, there are several different options offered to you when budgeting your ad campaign. There are different thoughts about CPC and PPM, cost per click and payment per mille. So let's talk about what these actually mean. CPC or cost per click means you pay each time a person clicks through the link you provide in the text ad or sponsored update.
And PPM, or pay per mille, means the money you pay each time LinkedIn shares your content 1,000 times. You're probably gonna end up testing both methods, and choosing what works best for you. And I'll be giving you tips on that in the following video. Also, you must set a budget. Set both a daily budget, and, just to be safe, a total budget as well. I have heard of too many people who have spent thousands of dollars on LinkedIn ads without knowing it until it was too late.
LinkedIn is going to keep sharing your content even if your content is no longer relevant, until you give them an end date or a budget amount. So you're also going to let them know how long you want to run your campaign for. Do not choose the default which is indefinitely. Choose an end date. We'll also dive a little deeper into things like CLV or customer lifetime value, that help you create and set a budget. And then LinkedIn will help you by giving you suggestions on bid ranges, what you should pay per click, or per thousand views.
You do not have to pay the suggested bid. In fact, I recommend you start low and see how it goes. LinkedIn's gonna actually email you if it feels that you're not hitting your target effectively. Also, the more targeted your audience, and depending on your location, bid prices can change drastically. But remember, paying more for exactly the right person is better than paying less and throwing spaghetti at the walls, meaning, throwing money at a general audience and just hopin' and aprayin' and awishin' that you're gonna convert them into clients.
So next we're gonna talk about the actual metrics of your sponsored content, how to find them and how to manipulate them, and how to create strategies and campaigns to increase your visibility, increase your shares, and increase the likes of your sponsored content. Also, as I mentioned earlier, it will help you decide on how much you want to spend, what's working, and which campaigns you can just turn off. That's comin' up next.
- Understanding LinkedIn ad options
- Budgeting strategies for Sponsored Updates
- Targeting text ads
- Targeting new audiences
- PPC vs. PPM big strategies
- Enterprise marketing with Sponsored Groups, Sponsored InMail, and Lead Accelerator