The Revenue Engine Newsletter

Just Out: 2024 LinkedIn Ads Benchmarks

Hey there! Alex from T.A. Monroe here.

Wondering how your LinkedIn campaigns stack up against others? These latest LinkedIn benchmarks will help you gauge your performance, set realistic goals, and optimize your campaigns for maximum ROI.

From click-through rates to cost per lead, these metrics cover key performance indicators across various ad formats. Whether you're just starting out or looking to refine your existing strategy, these insights will give you a competitive edge in the crowded marketplace.

With the benchmarks as a guide, you still need to ensure your LinkedIn campaign is optimized to its full potential, but how?

1. Crafting a Winning Value Proposition for LinkedIn

The foundation of any successful LinkedIn campaign is a strong value proposition. For SaaS, this means clearly articulating how your product solves specific pain points in the development process. Your value proposition should:

• Highlight your competitive advantage?
• Clearly position your product in the market
• Articulate your unique selling proposition

When crafting your value proposition for LinkedIn, consider these elements:

1. Quantify the value: Can you calculate how much time or money your product saves developers? For example, "Reduce sprint planning time by 35%."
2. Address specific challenges: Focus on common pain points in SaaS such as "Streamline code reviews" or "Automate deployment processes."
3. Highlight integration capabilities: Emphasize how your product works with popular development tools and platforms.

Remember, on LinkedIn, you're not just selling a product – you're selling a solution to a pressing problem in the SaaS workflow.

2. Optimize Your Ad Format Selection

Use these SaaS industry benchmarks (US market) to inform your choices:

When selecting ad formats, consider the stage of the buyer's journey:

• Awareness: Use Single Image and Carousel ads to introduce your product and its key benefits.
• Consideration: Leverage Video ads to demonstrate your product in action.
• Decision: Use Document ads to share detailed case studies or technical whitepapers.

3. Implementing a Multi-Stage Demand Generation Strategy

Effective demand generation on LinkedIn requires a strategic approach that guides potential customers through the entire buyer's journey. Here's how to structure your strategy:

Awareness Stage:

• Goal: Introduce your product to potential customers
• Content: Blog posts, infographics about industry trends
• Ad Formats: Single Image (CTR: 0.51%), Carousel (CTR: 0.51%)

Consideration Stage:

• Goal: Showcase features and benefits
• Content: Case studies, product demo videos, feature comparison sheets
• Ad Formats: Video (CTR: 0.34%), Document (CTR: 0.42%)

Decision Stage:

• Goal: Convert interest into action
• Content: Free trial offers, technical documentation
• Ad Formats: Lead Gen Forms (completion rate: 7.50%)

4. Pricing Strategy for LinkedIn Campaigns

Your pricing strategy plays a crucial role in your LinkedIn marketing efforts. Consider these approaches:

• Value-Based Pricing: Focus on the value your product provides to development teams. If you can quantify time or cost savings, highlight this in your ads.
• Tiered Pricing: Use LinkedIn's targeting capabilities to segment your audience by company size or industry, allowing you to promote different pricing tiers to different segments.
• Freemium Model: If you offer a free tier, use this as a lead magnet in your LinkedIn campaigns. Highlight the value of the free version while teasing premium features.
• Trial Offers: Promote free trials in your LinkedIn ads. This can be particularly effective with Lead Gen Forms, allowing users to sign up directly on LinkedIn.

5. Measuring Success: Key Performance Indicators

To gauge the success of your Single Image LinkedIn campaigns, focus on these key metrics:

• Cost Per Click (CPC): Benchmark is $9.09
• Cost Per Lead (CPL): Benchmark is $279.08
• Click-Through Rate (CTR): Benchmark is 0.51%
• Lead Gen Form Completion Rate: Benchmark is 7.50%
• Engagement Rate: Benchmark is 0.72%

Remember, these benchmarks are averages for the SaaS industry. Your actual performance may vary based on your specific offering and targeting.

The 2024 Benchmarks are spot on with what we’re seeing for B2B SaaS clients. If you’d like us to send the complete set of metrics reply with ‘YES’.?

Best,

Alex