With every platform advertisers can use for their companies, it’s important to determine the costs for each. We’ll look into LinkedIn ad costs to determine if it is advisable for your company to use the platform.
What’s the Cost?
Cost depends on the type of ad and campaign you run on the platform. It is important to set budgets and bids to have a better chance with the selected advertisement. These are the cost options:
- Pay-per-Click: The amount you’re willing to pay for each time someone clicks on your ad.
- Pay-per-1,000 Impressions (CPM): For every 1,000 times the ad is shown, you will pay a set amount, regardless of clicks.
- Pay-per-Send (CPS): You will pay for each time a message ad is successfully delivered to the receiver.
These are the daily minimums advertisers must follow:
- There is a $10 daily budget per campaign.
- There is a $10 total budget per campaign (Plus an optional feature for sponsored content).
- There is a $2 bid for CPC, CPM, and text ad campaigns.
Know Your Targeting Options
No matter the cost, your target audience is the most important part of a campaign. Meeting the right targets can lead to the high return on investment you’ll need for your business. Make sure you conduct research to see which will be the best fit, or your investments could be wasted.
- Member age
- Member gender
- Member groups (up to 100 active groups allowed)
- Fields of study
- Member schools
- Member skills
- Job seniority
- Job function
- Job title
- Company size
- Company industry
- Company name (current employer listed on the member’s profile
- Location (required for targeting)
Narrow down a couple of targets and experiment. Those who perform better can win more investments for the future.
Where Does Your Investment Appear?
Now that you know what the general cost will look like, take a deeper dive into where the investments will appear on the platform. The following three ways will illustrate a better way for you to find out the best method to advertise for your company. From images to text, ask yourself what is more engaging for the message you’re striving to convey.
Sponsored Content: These specific ads appear native to the initial platform. They are used to boost posts from your company’s feed for higher reach. To create this post you need a headline, an image, and a link to a sponsor within the ads manager.
There is also the opportunity for carousel ads, video ads, and lead generation ads.
Text Ads: These are similar to those found in Google or Bing. Text ads are designed specifically for pay-per-click or impressions. They are also found on the sidebar of the platform. All that’s needed for this type of advertisement is a text block for a headline and the company logo.
Message Ads: Users will often log into their accounts and find messages sponsored by advertisers representing a company. Marketers will have the ability to make lists of contacts and then will submit personalized messages. Plus all marketers or advertisers are in control of their own content wording.
Ask Yourself These Final Questions
Before investing in these advertisements, ask yourself the following questions. The answers you give will shed light on the right advertising path for your business.
- What’s your budget?
- How much of an investment are you willing to lose?
- What is your lifetime value of a customer or employee for a business?
- What is the campaign’s main goal?
- Are there multiple assets or call-to-actions (CTAs) to test?
- How much return on investment do you need to break even?
- How many A/B tests have you run so far?
Now that you’ve answered all of the above questioans, ask yourself if anything provided is alarming. If so, this may not be the right platform on whicha to advertise.