Currently there are more than 800 million users on LinkedIn across more than 200 countries. Major enterprises around the globe have long been running their LinkedIn profile and building their business network and reach. This article will guide you through the logics behind LinkedIn connections and network building, utilizing lead generation marketing methods to find your potential customers and couple with ad campaigns to maximize the use of your contact leads.
LinkedIn personal network is based on degrees of connection – first, second and third. When other LinkedIn members accept your invite to connect, they will appear as a first degree connection. The connected members of your first degree connection are your second degree connection. By the same logic, connections of your second degree connection, are your third degree connection. Through your connected network, you can make use of the connection degree as an icebreaker to start a conversation and introduce yourself.
LinkedIn also has premium membership features, such as Premium Career, Sales Navigator, Recruiter Lite, Premium Business and LinkedIn Learning, with a free trial of one month.
Sales Navigator is widely used as a tool for leads compilation, through filters such as geography, job titles and company size, businesses are able to find members in the relevant industries. Key decision makers make up 45% of LinkedIn members, setting the right filters means you can find your lead precisely and efficiently.
The term lead generation is widely used in the B2B sector, as well as searching for contacts via LinkedIn, businesses also obtain leads through ad campaigns on the platform. There are different pros and cons having ad campaigns on each platform, B2C tend to choose Google, Facebook or Instagram for their ad campaigns, while B2B ads are usually posted on Google and LinkedIn due to the nature of the type of leads B2B require.
Businesses are constantly looking into how to improve lead generation and retarget these leads with ad campaigns. There are three main types of ad campaigns on LinkedIn: Sponsored Content, Text Ads and Sponsored InMail, these should be applied accordingly.
It is always prudent to understand your cost and expenses and know what each expense is attributed to.
CPL (Cost per lead) is the cost of lead generation by a particular channel, divided by the number of leads obtained through that channel. For example, the cost of attending an overseas expo was half a million and obtained 100 leads, CPL comes to $5,000 ($500,000 / 100 = $5,000).
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