With every new shift in consumer behaviour, the rules of advertising change as well. From newspaper pages and billboards to radio spots, TV commercials, and the infamous rise of the pop-up ad, staying informed of new trends – and visible in a sea of competitors – is crucial to success.
Over the last six months, we’ve watched one of these shifts happen before our eyes. One of the digital marketing world’s most well-known platforms, LinkedIn, has seen big changes in its traffic and cost-per-click (CPC) rates. Why is this happening? And more importantly, what does it mean for your company’s LinkedIn traffic and marketing success?
Working (and Browsing LinkedIn) from Home
As many workplaces went remote in the spring of 2020, something predictable happened: radio and TV ad spends became less important, and online advertising rose in prominence. People started spending more time online at home and growing their networks on platforms liked LinkedIn – engagement went up by 50%, with 26% more sessions overall. It’s no surprise, then, that a lot of B2B marketing occurs on LinkedIn, but now B2C companies are turning their attention there, too.
LinkedIn leads the way in B2B advertising (from Omnicore Agency)
At first, that seems strange. Why those changes in Linkedin traffic and ads? But it’s important to note that many users on the site have a high “lifetime value” – that is, the things they purchase will not just be an impulse, but rather the start of a long consumer relationship. Industries like higher education, luxury goods, legal or financial services, recruitment, and automotive needs can all reach high-value lifetime customers, right there on LinkedIn.
The Impacts of Changing Online Activity
One of the biggest consequences of the shift to more online time is over-exposure to advertising. Many users are scrolling past ads on social media even more than usual, hardly even registering its presence. With that said, there are many more users than ever before – looking for new careers and opportunities, or building networks – and they’re ready to engage. They’re simply more picky about what to engage with, and a strong strategy is still a keystone to success.
This trend is combined with a surge in competition in some industries for online advertising space, as they try to make up for lost foot traffic and physical storefronts with increased online spends. For most industries, CPC rates went down – as some companies reduced their advertising budgets due to tighter finances – but for many large sectors, rates increased. Real estate and retail CPCs went up by roughly 15%, and construction and manufacturing went up by 5%. Others, such as home improvement, automotive, education, jobs, and legal services, all saw various increases, too. So if your boss has sent an unexpected email saying “Why does LinkedIn have high CPC?!” in all caps, know that you’re not alone in feeling the effects.
The Future of LinkedIn Advertising
While consumer habits have changed, their needs and wants are still there, waiting to be fulfilled. However, it is no longer good enough to simply make an offer and wait for sales and revenue to roll in, because those days are gone. Post-pandemic consumers want something more – something engaging, authentic, and valuable to their personalities.
Keep the new customer experience in mind (from Forbes)
Here are some tips that will definitely come in handy for the future of advertising on LinkedIn:
- Be “cautiously creative” with new techniques, looks, audiences, and tools. People have moved from work computers to personal devices, throwing off all the carefully-calibrated algorithms of days past. But that’s okay! Experiment with different audiences, retargeting parameters, lifestyle demographics, and even creative tools like graphics and copy. Just make sure it’s not too off-the-wall or intrusive.
- Aim to help and educate rather than make a sale. Useful resources like blogs, e-books, webinars, and so on may take a while to pay off – but when they do, you’ve made a loyal, lifelong customer, who remembers the help you offered in a hard time.
- Use your full funnel and always get a way to follow up. With more eyes on your ads, you get more potential customers – but also a lot more dead ends. A properly-constructed sales funnel will guide the best ones to the end. Don’t forget to offer incentives that will help build an email list so you can follow up down the road.
- Be active when your audience is. The best results for boosted posts have changed to reflect the lack of commutes and office idle time. Wednesdays after 3, Thursdays between 9-10 AM, and Friday before lunch (11 AM–12 PM) are your best bet, while overall engagement trends have moved to roughly 8 AM to 4 PM.
- Stay upbeat and positive. There’s a lot going on, and people are often looking for an escape. Help them find it with positive messaging, optimistic offerings, and a way to forget their troubles for a moment or two.
If you need help defining your strategic LinkedIn advertising plan for the future, coming up with new branding, or creating a full eye-catching campaign, you’re in the right place! Let us know what you’re thinking, and together, we’ll come up with something tailored to your needs – after all, it’s what we’re best at!