Welcome to the first in our series of blogs exploring LinkedIn as a means of Lead Generation. Today we will explain why LindedIn is such a great platfrom for generating meaningful leads. We all know LinkedIn is where the professionals are with over 690 million users and with 30% of LinkedIn members checking social media more often since the start of the Covid-19 outbreak if you can offer a solution to a problem a B2B company has, chances are you can get access to them on LinkedIn. Outlined below are a few of the reasons you should be using LinkedIn for Lead Generation:
LinkedIn users have purchasing power
There are more than 427 Million professionals on LinkedIn, with 90 million of them being senior-level influencers and a further 63 million decision-makers. With this many users in decision-making positions, there’s a good chance your target market is already on LinkedIn you just need to connect with them. Once you make the connection you can start showing your value to potential leads. There has been a 55% increase year over year in conversations between LinkedIn connections from March 2019 to March 2020, making contact with key decision-makers on LinkedIn and sharing information and valuable resources is a great way to show your value. Building relationships with these influencers and decision-makers will go a long way in filling your sales pipeline with meaningful leads.
Convert More Leads, Pay Less
HubSpot found that LinkedIn Sponsored Ads by their US customers yielded a conversion rate of 6.1%, compare this to the average rate of 2.58% from B2B advertising on google search and it’s quite impressive. Globally the conversion rate was higher at 9%. While the CPC on LinkedIn might cost a little more, the average cost per click on LinkedIn for HubSpot customers was €4.87 vs €2.84 for Google AdWords. Breaking the results down further showed that LinkedIn Ads worked out at around €76 per lead versus Google AdWords costing €106 - that is, a nearly 29% cost saving on LinkedIn Cost Per Lead (CPL) versus Google Adwords. As Hubspot put it: “We think it's safe to put the myth that LinkedIn ads aren’t great for conversions, to rest.”
Target the right audience
LinkedIn Target Audiences allows you to get very specific when choosing who you are going to target. They have a huge selection of criteria you can choose from such as:
Reach target audiences based on where they are located. This can be done quite specifically, based on town, county, country or region
Audience attributes such as company, job experience, education, demographics, interests and traits allow you to target very specific audiences. A successful example of the implementation of these criteria to generate leads is 7Speaking who successfully targeted HR and training functions in large enterprise business to generate over 800 marketing qualified leads.
Custom Audiences using Matched Audiences
Matched Audiences allow you to create custom audience segments you can include in your campaign targeting selections. Some types of matched audiences might include an uploaded contact list, retargeted customers who may have visited your page or someone who’s RSVP’d to a LinkedIn Event. Bacula used Matched Audiences to cut their cost per lead in half by leveraging a combination of Sponsored InMail and LinkedIn’s Lead Gen forms to obtain MQLs.
People are online
With 94% of the world’s workers residing in countries that have some type of workplace closures caused by Covid-19, we are seeing unprecedented levels of individuals logging in remotely. With 4 in 10 Europeans working from home in June and July, when asked if they’d preferred to work from home even after the lifting of COVID restrictions over 75% of workers said they’d prefer to at least occasionally continue to do so. What does this mean for lead generation? Well, without people at their office desks work phone numbers previously used may not be answered. LinkedIn allows us to access to those who work at home, while a missed call may simply be missed, an InMail will be delivered to an individual’s LinkedIn account and can be viewed whenever and wherever they may log in. LinkedIn can also let you see details about those who have opened calls to action you have included using Smartlinks. Allowing you to research potential leads and follow up with personalised messages.
With today’s business environment still being heavily influenced by Covid-19, I hope this blog has shed some light on why LinkedIn is an ideal platform to help you capture more leads for your company. These are some of the reasons to use LinkedIn as a means of generating leads for your B2B company.This is just the first in a series of blogs in which we will explore LinkedIn further as a means of Lead Generation. Thanks for reading and check back soon for our next post!