Join Viveka von Rosen for an in-depth discussion in this video Understanding bid strategies: PPC or PPI, part of LinkedIn Advertising Fundamentals.
- Let's take a closer look at your payment options to really understand bid strategies for your text ads. First of all, LinkedIn gives you suggested bid prices. These are a good last ditch effort but I always recommend starting a little lower. You know, if you're not getting the response you feel you should be getting, you can always up that minimum bid. In fact, LinkedIn's gonna send you an email suggesting that you do so. Okay, I'll fess up, LinkedIn does have pretty expensive pay per click compared to some of the other social sites out there, but, if you're a B2B, LinkedIn also has the most active B2B network willing to click on and purchase your product and service.
This is according to LinkedIn's great ebook The Sophisticated Marketer's Guide to LinkedIn. Now, you'll also notice that PPM is pretty high on LinkedIn as well but you are getting the right audience to see your content. And, you might notice, the more focused your audience, especially if you refine your audience by the groups that they belong to and engage in, then you'll notice you have higher PPM but you'll also notice that you have more responsive audience.
So sometimes it's worth paying a little bit more for that responsive audience, that's why it's important to focus your audience on LinkedIn. If you can get your audience refined as close to that thousand person number as possible, it gives you a really good idea and control over how often your content is gonna show up on their timelines. I mean, I know if I'm paying $2 per thousand impressions and I have 1,200 people in my target audience, that my update's gonna show up at least every day because LinkedIn is gonna show it as many times as it can in order to hit that target number.
So that's not a bad investment to get my content in front of the right eyes. As I mentioned before, you do not have to pay what LinkedIn suggests. Start low, see how people are responding and if you're driving any traffic. It might mean creating more campaigns but that's okay, you're gonna hit that sweet spot and see what works. Now, with text ads, I like to play what I call the CPC or the PPM game. If I really just want to get my name, my face or my product in front of the right people and I'm not so fussy about them actually clicking through to my webpage, I'm going to run a CPC ad, stay with me here, to a very refined audience, in hopes that LinkedIn will show my ads enough times to increase my impressions in front of those people.
So let me say that again. I'm gonna run a text ad as CPC to get more impressions. Alright, so this is what I mean. Let's just say Yuri wants to get in front of a lot of marketers in California, specifically Bakersfield, Chico and Greater San Diego and he's really interested in getting in front of the marketers in those areas that are in social media today. He's doing that because he's gonna be in town soon and he just wants to create that face and that name recognition.
He doesn't necessarily need to drive people to his app. He's just wanting to increase his visibility to increase that sense of know, like and trust. So he is actually going to do pay per click and then set a daily budget in the hopes that LinkedIn will continue to show his ads, give his ad greater impressions until such a time as he's gonna show up in Bakersfield or Chico or Greater San Diego. Now, when I do this, I usually do it so that I can target a company that I wanna get in front of, that I wanna create that face name recognition for or a group of people in a specific location, so if I'm gonna go speak in Alaska, say.
I might run an ad just to increase my visibility in front of those people. And, believe it or not, I will actually get closer to the suggested bid range, knowing that LinkedIn is more likely to share my content often if it's gonna make more money doing so. It's really, really, really important to set a daily budget and a By When, how long should you run your campaign for, so that this doesn't get crazy expensive.
Just so you know, I got 22,000 impressions for $29 doing this once. Also, what I love about the metrics page, so just to get to that, you go to https://www.linkedin.com/ads and it's gonna take you to where your metrics, your campaign manager is. If you scroll down a little bit, it will show you how many impressions you made, how many clicks through you got, the cost per impression and the Total Value. So check this out, my cost was 2.29, the Total Value though of this campaign was actually $29, so 10x, practically.
And for only $29 I got 22,000 impressions. If I remember correctly, the payment per impression was something like $10-20 per impression, so for 22,000 impressions, that would have been a big price tag. Like I said, you might not see the clicks through, but when you reach out to prospects and they recognize your name and your product and they're willing to take a phone call, hey, it worked. Now, I actually recommend a combination of CPC to get those clicks and CPC to get visibility and PPM.
I like PPM for Sponsored Updates. Whenever I do a Sponsored Update, I use PPM. So basically, you just wanna see what's getting you the best results and then you wanna check your metrics often, test your ads often and just do more of what works.
- 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