The rise of LinkedIn has been well documented over the past several years. The user base has grown from 13 million in 2007, to 140 million by 2011, to currently over 500 million monthly users. It now connects over 9 million companies, with 100,000 articles published weekly and over 10 million active job listings.
As a social platform for professional engagement, LinkedIn is essentially unparalleled. But there are other factors that make LinkedIn the go-to venue for B2B marketers.
Here’s why it’s more important than ever to invest in your company’s LinkedIn promotional strategy.
Small Supply, Growing Demand
What’s the biggest difference between your Facebook newsfeed and your LinkedIn newsfeed? Barring cat videos (hopefully), one of the biggest differences is sheer volume. With Facebook creeping over the 2 billion-user milestone, it’s no surprise that in terms of content overload, Facebook takes the cake.
There’s a reason for all that content—people crave it, even as they complain about being overwhelmed by it. That’s where LinkedIn provides an advantage: It’s notably under saturated with content.
That’s why you’ve probably noticed posts in your LinkedIn newsfeed coming from all kinds of sources, from close acquaintances to unfamiliar middle management and C-suite folks you’ve never heard of. These posts—referred to as either a “LinkedIn Haiku” or “Hero Story” or my personal favorite, “Bro-etry”—usually involves someone sharing a personal tale of entrepreneurial struggle that resolves itself neatly with a positive adage like “Focus on the person, not the resume” or “What have you done today?” or “20 Years later, that man is the CEO of Tesla.”
The best part is, you don’t have to be Elon Musk or Walt Whitman to compose one of these bite-sized nuggets of inspiration and get thousands of views. Just share something inspiring that relates to people and is easy to digest, and let the relative dearth of LinkedIn content do the rest.
Better Cost per Conversion
Over the course of 2017, the average CPM and CPC for Facebook ads more than doubled for advertisers, increasing 171% and 136% respectively. The real kicker? During this same period, CTR’s didn’t change one bit. That’s right, advertisers are paying more to play ball on Facebook despite getting the same level of impressions and engagement that they already had. At the same time, LinkedIn advertising costs have remained steady.
Despite starting at a slightly higher price point, LinkedIn actually delivers better ROI for B2B Marketers. Most notably for Hubspot, which reported a better conversion rate and 28% lower cost per lead compared to Google Adwords spending. According to another study from 2015, over 80% of B2B Marketing leads from social media had come through LinkedIn.
Size up the best networking platform for B2B Marketers, and LinkedIn is currently unsurpassed.
Improved Targeting, Data Analytics
One of LinkedIn’s biggest advantages for B2B marketers is that the entire network is already an ideal population of users open to receiving messages from businesses. And with the audience targeting options available, marketers can precisely target the accounts and leads their sales teams are pursuing. For example, the integration of Lookalike modeling means that marketers can target audiences who behave like their current prospects and customers, but are entirely new.
Marketers can target based on years of experience, seniority, job function, and industry to name just a few options. Plus, the sales navigator tool enables marketers to drill down into how specific prospects are interacting with their company’s marketing campaigns. This type of specific customer data mining combined with the myriad approaches available for engagement—such as Sponsored Content, Sponsored InMail and Native ads—up the odds of reaching prospects at every stage of the funnel.
Here’s your takeaway: If B2B is your ecosystem and you’ve been less than engaged with promoting through LinkedIn, it’s time to take the initiative.