How do you split your budget for sponsored content marketing initiatives?Irina Skripnik gives tips for revisiting bids and budgets, including using the 70/30 split.
- [Instructor] Sponsored content can be used for a variety of marketing initiatives, ranging from top of the funnel demand generation, to bottom of the funnel lead generation, but it can be challenging when you're starting out, to decide how to split your budget. Now, a good starting point is to aim for a 70/30 split, where 70% of your budget goes towards the bottom of the funnel conversions. When you're starting out, this can help validate your campaigns, and it reinforces your ability to increase your overall budget. Now, this allocation is going to vary, depending on what your company's marketing goals are, so you may want to start adjusting your split, as you review those metrics, and your needs shift.
It's also important that you don't start too small of a budget, and fail to give your campaigns a fighting chance. Allocate enough money to reach a large enough audience, in your first two weeks, so that you can evaluate your performance. From there, you can adjust your allocation up or down, and consider that first weeks' money spent is on testing and learning. You need a better picture of the landscape, and the best way to get to it, is to capture real data by spending on your campaigns. Now, as you move into Bid Strategies, I'll leave you with a few tips.
First, if you aren't winning enough auctions, consider increasing your bid. Sponsored content works on the second-price auction basis, so this means, to get your ads seen in the member's feed, you bid for a placement in the marketplace. Now, highest bids aren't always the way to win the auction. LinkedIn's relevancy score rewards marketers who regularly post content that earns a lot of clicks, likes, comments, and shares. So another great approach is to pause any ads that aren't delivering the desired results, and be sure to alternate versions that you can swap into rotation as needed.
Now, from there think about the goal of your ad. If you're driving leads, or content downloads, start by bidding on a cost-per-click basis, so you're only paying when someone takes action on your update. Now, if you're focused on both leadership and branding, well, views might be more important than clicks, so explore a CPM bidding. Another great approach is to start strong out of the gate by bidding at the high end of the recommended range. Now finally, if you see that your campaign is exhausting its budget too quickly, try adjusting your daily budget to moderate your spend.
Keep an eye on your metrics on your spend, and fine tune based on your business objectives. Eventually, you'll develop a strategy that is unique, and delivers results for your business.
- Discovering content you already have
- Developing new content
- Promoting content through your employees
- Creating a campaign
- Navigating the Campaign Manager ads platform
- Creating a new Sponsored Update campaign
- Creating a new Lead Gen Form campaign
- Setting a budget and schedule for your campaign
- Adding conversion tracking to a campaign
- Campaign reporting
- Optimizing your campaign
- Rich media and targeting best practices