LinkedIn Now Lets Brands Track the Effectiveness of Their Ads.
Posted by Will Shadbolt
In June, Microsoft announced it was purchasing the business social networking site LinkedIn for $26.2 billion. At the time, LinkedIn brought in $881 million and boasted 433 million users at the time of purchase, up from 300 million in 2014. Although the cost was large, many commentators proclaimed that the buy was worth it due to the data LinkedIn has on its members. Microsoft has the ability to integrate that data into a number of their other products, such as Outlook, Skype and Cortana, their version of Siri. It could also be a tool to help Microsoft hold its own as it continues to alter its image from just a software and hardware company to an online business juggernaut.
Seth Solomans, the North America CEO of Wunderman, a direct marketing agency, said in AdWeek, "As Microsoft transforms their brand-and I think [Microsoft CEO Satya Nadella] has done a pretty amazing job getting Microsoft into considerations it hadn't been in a long time-as that brand gets more relevant, LinkedIn will become a key component in that sort of brand refresh, brand evolution."
Now, Microsoft is revamping the social network's marketing system, allowing advertisers to see how effective their campaigns are. On September 8th, a tracking system was launched that reveals to marketers how many people were roused into action-buying a product, signing up for a service, downloads, etc.-after seeing an ad of theirs on LinkedIn. To do this, all advertisers have to do is add a bit of code into their websites. Russell Glass, the head of product for LinkedIn Marketing Solutions, was quoted in AdWeek as saying that the aim is to "get below the clicks and engagement metrics and beyond to the conversion metrics that are happening on a marketer's own website."
With these statistics on ad tracking, marketers can revise a campaign and work on the targeting. Although this concept is not exactly new-ad networks, Google, Facebook and others provide comparable services for research-LinkedIn's version has a slight difference. It offers advertisers mountains of professional data on users of the network.
In the past, brands have had to employ third-party companies to get these statistics. LinkedIn, on the other hand, has these calculations built into its own software. And advertisers can see the same stats on ad tracking when they purchase ads through two of LinkedIn's tech partners, 4C and AdStage.
For the past few months, over 200 advertisers have tested the software and now almost 1,000 are signing up for it. Many of these are B2B companies, but some are high-end luxury brands. LinkedIn says that during late summer, the average cost-per-conversion for marketers plummeted by 21%.
LinkedIn now has 450 million users with 106 million using it each month and shows no signs of slowing down. In the coming months, it will launch more ad targeting software, such as website retargeting.
If you're curious about how well your marketing is doing, come to Giovatto Advertising. Not only will we give you research to confirm that our advertising for your brand is getting to your target audience, much like LinkedIn, we will also go one step beyond and create hard-hitting ads across various platforms ourselves. Our aim is to offer the best comprehensive and integrated marketing communications plan for your brand, your company, your products and you, while also increasing your sales. Give us a call today.