LinkedIn, the largest social media network for 630 million professionals worldwide, has also become a fine platform for ads. Just as Facebook, Google, Instagram, and Twitter have already been established as the go-to platforms for online marketers, this rapidly growing channel for professionals offers much more.
As it has a specific demographic, i.e., professionals and business owners from various industries, it is convenient to target the audience, especially when you are a B2B enterprise. According to studies, 80% of B2B social media leads are generated from this platform alone.
Basics of LinkedIn ads and their rates in India
If you want to take full advantage of advertising on LinkedIn in India as part of your marketing strategy, you simply have to make an account with the channel’s Campaign Manager. You can then choose from the currency list and select the Indian currency. You also have three convenient ways on how you would want to spend on the platform –
• When you have a set financial plan and need your campaign to be done fast, you have the option to select the total budget.
• When you want to run a campaign on a daily basis, choose a daily budget.
• You can choose the maximum amount for the number of clicks or impressions.
Let’s elaborate some more.
Once you have created your account, you can create your own Campaign Group. In each Campaign Group, you can create up to 200 campaigns. Based on the objective of your ad campaign, you can select from three options: Awareness, Consideration (website visits, engagement and video views) and Conversions (lead generation, website conversions and job applicants).
Suppose, you have chosen the option, ‘Awareness’, you can select the working professionals from various industries such as Financial Advisors, Event Planners and Marketing Professionals, among many others. Based on what target audience you choose, you can select from the ad formats including single image ad, carousal image ad, video ad, text ad, spotlight ad and follower ad.
After that, you would have to specify whether your ad is set on a daily budget or a daily and total budget. In India, the minimum daily budget for running any ad is Rs.500. You can schedule it by specifying the dates, for which you will know how much will be the total expense, along with the total number of clicks and total number of impressions. This is based on the audience size you are going to target.
LinkedIn even allows you to choose how you want to pay for your ads, which ranges from cost-per-click (CPC), cost-per-1000-impressions (CPM) to cost-per-send (CPS). Cost-per-click is when your audience clicks on your ad and cost-per-1000-impressions are when the audience sees your ad. These two types of payments are for your sponsored content and text ad. The cost-per-send is for the Sponsored Inmail (a dedicated LinkedIn feature) that allows you to send personalized messages to your potential customer.
Bidding on LinkedIn for ads
The best part about bidding for an ad on LinkedIn is that it is transparent. You only have to pay the least amount more than the second-highest bidder does. On LinkedIn, there are two types of bids – automated bid and maximum cost bid. You can choose between any of the two.
The automated bid option is only for sponsored ads though. When you choose this option, the platform automatically uses the information you have shared and your campaign’s details for the bid. This helps when you want to know about the results you will get with the budget you have.
When you choose the maximum cost bid option, you have more control of how many clicks or views your ad gets and the costs required for it. You get to know instantly how much you need to spend so that your ad can reach the audience.
How to run successful LinkedIn ad campaigns – a case study on ICICI Bank’s ad campaign on thought leadership
India’s private sector bank, ICICI, ran an ad campaign four years ago on LinkedIn with the main objective being audience engagement to promote itself as a thought leader in the finance industry. It specifically targeted High Net Worth Individuals (HNWIs) and young professionals.
As the bank could get more updated knowledge of similar profiles by collaborating with Financial Services of LinkedIn Marketing Solutions, it was easy for the brand to address the issues that its audience on LinkedIn wanted to be clear about. From innovations in the banking sector to topics including career development and real estate, it created engaging Sponsored Content through infographics, updates of the company and long-form articles.
ICICI Bank got the first rank in the Content Marketing Score on LinkedIn in 2015, with 2.03% of engagement from young professionals and 1.76% of engagement from HNWIs.
Running an ad campaign on LinkedIn is easy as it is very streamlined. In India and worldwide, this platform is great for marketing professionals in the B2B segment.