Updated – June 2016. For years LinkedIn has been making great strides to evolve from being a professional social networking platform to a powerful marketing suite for professionals worldwide. Though this may not happen soon, but it’s certainly within its grasp as more and more businesses are spending their advertising dollars with the network.
As a case in point, its Marketing Solutions revenue increased 29% year-over-year to $154 million in Q1 2016. They now have 433 million registered members worldwide, and over 7 million of which are Australians. It is no surprise, therefore, that LinkedIn is implementing big changes to its marketing solutions platform to capitalise on the growing interest from businesses wanting to tap into its member base.
Introducing Two New Marketing Tools
One big step for LinkedIn happened last year when they bought the B2B marketing platform Bizo for $US175 million.
They combined Bizo’s lead generation and analytics products with their own content-based solutions to create two new tools, with the goal of helping advertisers reach potential customers throughout the sales cycle.
We now know these tools as the LinkedIn Lead Accelerator and LinkedIn Network Display.
- LinkedIn Lead Accelerator
LinkedIn describes this new tool as their “new lead generation and nurturing product that connects companies to the right professionals with the right content as they make their way through the purchase decision process”.
Essentially it’s a tool that captures consumer behaviour (Web site visits) and combines it with LinkedIn’s data on its users — such as their location and the industry in which they work — to determine where the consumers are in the buying process and what messages are going to be most relevant. Ads and content are then delivered with precision. In other words, it’s “putting the right content in front of the right audience at the right time”.
What’s great about this tool is that it allows you to capture better leads by focusing only on your highest value audiences. Moreover, it gives you the ability to measure how your ads are performing at any stage of the process which is really important.
- LinkedIn Network Display
LinkedIn now enables marketers to retarget LinkedIn users even after they’ve left LinkedIn
Russell Glass, head of products for LinkedIn Marketing Solutions, explained it this way: “These sales cycles are really long. In the consumer space when someone abandons the cart, you’ve got to get them right away or you’ve lost that opportunity to convert them. In the B2B world, these decision-making processes can last for as long as a couple of years.”
This makes off-site ads critical to the marketing strategy of every business.
The newly expanded LinkedIn Network Display is designed for this purpose, and that is to serve up ads both on LinkedIn and on 2,500 other business-focused publisher sites across the web.
What LinkedIn is trying to say to us is that marketing through their platform is a money well spent. Leveraging on Linkedin Marketing Solutions assures you of a full sales funnel. First, it’ll attract customers with On Site Display and Network Display ads. Then, it’ll move them down the funnel with Sponsored Updates and Sponsored InMail. And finally, assist in the final stages of customer acquisition through the Lead Accelerator.
Marketing Angels develops and implements LinkedIn campaigns for several of our clients. If you would like assistance with developing a strategy to generate leads and enquiry on LinkedIn, contact us.