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Show Transcript
What if I told you that I was going to lay out all the different ways that I handled LinkedIn Ads reporting and optimizations in one single episode of the LinkedIn Ads Show? interested? Let's go.
Welcome to the LinkedIn Ads Show. Here's your host, AJ Wilcox.
Hey there LinkedIn Ads fanatics! One of the topics that we get the most questions on is reporting and optimization on LinkedIn. And it's simple enough to jump in and just build some ads build some audiences. But that means at some point, you have to analyze what you're doing, and decide what's working and what to do differently. This is an episode that was requested by one of our subscribers, Mark Bissoni, who's a digital ads pro in Chester, England. And in this episode, we're gonna go through how you can use all the data that LinkedIn provides, both within campaign manager, as well as some of the things that you can do once you get the data out of campaign manager and into Excel. And also, because building reports is such a visual thing, I'm going to do a series of videos on our YouTube channel, where I walk you through how to build each of the different types of reports that I'm talking about. So make sure you click the link in the show notes to our YouTube channel, and follow that so you can get notified when they get released. This week in the news, I just saw that the link to business manager appeared suddenly in the left hand navigation at the bottom of all of our accounts. So it may still be a feature that's rolling out if you don't happen to see it in your account yet, but it is coming and it's probably out for most. For those of you who don't know, what business manager is, it is LinkedIn is answer to Google's MCC, or multiclient center. Early on, it was a big challenge for agencies who advertised on Google, because they would have to go and grant every one of their employees access to the Google Ads account. And what was especially painful is that once a Google Ads account was connected to an email address, that email address, couldn't administrate or have access to any other Google Ads account. So Google came out with the multiclient center or MCC. And it's a group where you can have multiple accounts granted access to a single email address. And that's how agencies manage Google Ads. Facebook lots of years later came out with business manager. LinkedIn is very, very close to that. Obviously, LinkedIn is following in Facebook's footsteps most closely of all the platforms. And it's making it a lot easier for agencies to grant access to their team, just by adding their team member to one business manager account, instead of adding that same team member to every single LinkedIn ads account that you have. So this is something that the community has been asking for for a long time. And it's a great release. I want to highlight a review that came in this week. It was left by Gabe Harris, who runs Facqt Media, and they're a paid social agency out of Oakland, California. And I got to actually meet him when I was out on a trip to the Bay Area years ago, way cool guy. And he said, "Insightful LinkedIn expert. Indeed, this podcast is like having a LinkedIn ad coach for free. I love how generous AJ and his guests are in sharing their knowledge and expertise. I love how he leaves these experts to offer the best of their knowledge and experience to us listeners. Super insightful, we learned so much." Thanks so much gave, I really appreciate the kind sentiments there. That's exactly our goal. We treat this podcast like training for our own employees. And we don't hold back. I'm glad it's been good for you and your team as well. As a reminder, I love to give a shout out to those of you who leave reviews for us. So please take this as a sincere ask for me. If this show has been of any use to you, please do return us the favor by leaving us a review. I'd love to shout you out. Okay, let's hit it.
Starting out with a little bit of a disclaimer, we may not touch on every single optimization or reporting case, but we're gonna hit a lot of the most common ones. We've definitely tried. But I'm guessing that we probably have 40 or 50 different reports that we've built for clients over the years. So my hope is we hit the major ones. But definitely if there's a type of report that we didn't hit on here that you'd like to use, please get in touch and let us know. So let's start out with the types of reporting that we can do from right within campaign managers dashboard. One of the things that I like to do is go in and look in the campaign's view. And I will sort the campaigns from high spend to low spend. What this does, it shows me in case I have limited time, let's say I only have five or ten minutes to look at campaigns in between meetings. If I sorta like this, I'm going to be immediately analyzing the five most impactful campaigns in the account because they're driving the most volume they're spending the most. Also big spenders is how you find out your most expensive mistakes that are going on. So this is a great way to analyze. It can also be really nice to sort your campaigns by click through rate from high to low, because then you're looking at the five most active audiences. Or if I'm looking to improve campaigns, I might sort from low to high. And it's that toggle is a little bit janky on LinkedIn. So basically, every time you hit one of those filters, you never know which way it's going to sort. But if you're looking at your click through rates from low to high, you're seeing those audiences that you may have created ads that aren't hitting the mark, that could be a good clue that those are good ones that you need to go in and adjust, launch new ad copy, consider different offers, really anything to get that back up and performing. If you're using LinkedIn lead gen forms, it can be nice to sort by cost per lead, or lead form completion rate from either high to low or low to high. If you're going high to low, you're seeing your top performers that you can maybe pour a little bit more gas on how to get that fire burning brighter, or the ones with the lowest could be a good one to either launch new ad copy, or consider if that might be the right audience for you. Another sort that we like to do is buy cost per click either high to low or low to high, looking at those audiences that are the most competitive. Plus, that can also show you opportunities if you're paying too much for clicks, that could be campaigns that you want to go in and try to launch ad copy that might be more engaging or evocative. Because if you can get click through rates up, your cost per click are likely going to come down.
Now you can go in insert in campaign manager by ads the same way. The big challenge was doing this though, is that if your account is anything like the way that we run ours, you may have a lot of ads. And a lot of those ads might be similar to each other, or even exact copies. And so if you're looking at just your top five performing ads, and three of them are the same thing, it's not going to give you very much insight. So in the second half of the show, we're going to talk about exporting to excel, and the type of ad analysis that you can do there. So we'll wait on that one. But if you are running a very small account with few ads, few campaigns, you can still do this from right within campaign manager.
The next area that could be helpful to you is clicking on performance chart. Now, Episode 52 goes into a lot of depth about what you can do with the performance chart. But I like to chart my click through rate over time, because that tells me if my ads are losing steam, people are tired of seeing them, they've saturated that audience. And I can actually see that in real time by charting over time. For budgeting purposes, it's also really helpful to chart your spend over time. If your account is really complex. It's a lot better to do this in Excel. But if you just need a quick look of like, oh, how was my account spending? Or how do my weekdays spend compared to my weekends, it's really nice to do that inside of performance chart. I also like to chart my costs per click over time to see are my audiences getting more competitive? Am I paying too much for any sort of audience, it can be a really valuable one to look at. If you're using LinkedIn lead gen form ads, I like to look at cost per lead, or even lead volume over time. If you were using conversions on the website, this doesn't make nearly as much sense, because there's oftentimes a lag in conversion showing up in the account, or sometimes not even showing up at all, as we're starting to understand what third party cookie is going away is is doing for all of our advertising efforts. But anytime someone fills out a form, LinkedIn knows immediately and so those lead counts are always accurate. Another reason why I don't want to use the performance chart to look at anything regarding conversions is that LinkedIn is definition of conversion is not one that I like to use. If you'll remember, LinkedIn is definition for conversions is all click conversions, plus all view through conversions. And I like to omit view through conversions from my calculations. And so this is a lot better to do by exporting to excel. And then you can use exactly the conversion that you want to use for that definition. One thing I wanted to try to chart inside of the performance chart is frequency. And what I was hoping to see is, as I continue advertising to an audience, how fast frequency climbs. Now, I might be dumb here, but I can't make sense of actually what that chart is showing. So if charting frequency over time in performance charts, if it makes sense to you, please do reach out and let us know how you use it. Like I said I've wanted to use it. I just haven't found a good use case for it.
Next, go and click into your add demographics. And it's a button right next to performance chart right there in campaign manager. We went into a lot of depth on the demographics in Episode 54. But here's how we use it. So after we get feedback from a sales team, they'll oftentimes tell us which audience segments are making up higher quality leads or lower quality leads. So if we can look at the ad demographics and see how many of them are interacting with our ads, that could give us the ammo to go and add exclusion segments to our campaigns to get those lower quality folks out. We can also see which ones are high quality, and try to boost those campaigns, it is really important that you have a close feedback loop with your sales team, make sure you have a strong relationship there. It's some of the best advice I can give you as an advertiser. Another way that we like to use the demographics is let's say that you have a high click through rate over the course of a campaign. You can go in and look at who is doing the clicking here. And that can give you a good idea of the personas. Maybe it's certain job functions who are doing the majority of the clicking, or maybe it's seniorities, or job titles, but look at who is actually driving up your click through rates. Are they the right people or the wrong people. Because if you have a really high click through rate, but a low conversion rate, this is one way we can analyze and figure out why it could be that the offer isn't attractive enough. Or it could be your targeting that you're not hitting the right people. They might get to your landing page and realize that it's not for them and disqualify themselves. So double check inside your demographics tab. If it looks like you're hitting the right people, then that might be a clue that your offer needs some work, maybe optimize or change or adjust. But if you're not hitting the right people, your offer could be fine and you might not need to adjust anything there. Okay, here's a quick sponsor break. And then we'll dive into analyzing outside of campaign manager my absolute favorite,
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Alright, let's jump into the awesome analysis of ads and campaigns that you can do within Excel. So this may not be evident to everyone. But inside of campaign manager, you have that button that says Export. And if you're pretty good with Excel, chances are you've already used this button a lot. But we actually prefer exporting data rather than using LinkedIn's dashboard. Just because the data is a lot easier to see a bird's eye view and a lot easier to digest. It's also a lot easier to chart over time, because the performance chart is really limited in lots of ways. So here's how you actually get this data out. You click that export button in the upper right of campaign manager. Once you've selected the date range that you care about, then it's going to ask you what kind of report. There are quite a few options there so the two that I care about are ad performance and campaign performance. If I want to analyze my different ads, I go with ad performance. If I only care about the campaign's, then I'll do campaigns. Then it's going to ask you about your time breakdown. If you want to see trends over time, you need to do a time breakdown either by day or by month. And this will allow you to see your changes over time. But if you only need a snapshot of understanding, like what happened during the month of August, for instance, then you can just do time break down all time. Your best friend in Excel is going to be a pivot table. A pivot table allows you to combine all of a certain type of something and have it automatically do all the calculations of adding all that performance together. So if I have 15 ads running in an account, but it's actually only three ads duplicated five times with one pivot table, I can combine all similar ads into one entity. And then it will show me the performance of that ad all the way across the account, rather than having to add them all together myself. With any sort of report that I build in Excel, I'm likely going to add the columns of spend, impressions, click through rate, and cost per click. Spend is helpful to see what kind of volume something is driving. Impressions can be helpful in troubleshooting. But most of the time I'm going to use impressions in some ratio like click through rate or cost per impression. Now these are all metrics around the first hurdle that we talk about sometimes, where we're trying to understand how effective our ads are at getting attention. That's our first hurdle we need to get prospects over is getting them to actually click on the ads. I like to use the color scale in Excel, and color code each of these columns by low to high. So I can visualize a lot easier, which campaigns tend to have higher costs or higher click through rates, then the columns I start to analyze. The second hurdle is what we need to get prospects over is to get them to take some sort of an action that we want like to convert. So I'm going to add things like conversions. And like I mentioned before, I'm going to use click conversions, not just LinkedIn's combined definition of conversion, with view through conversions included. I also want to see conversion rate, but I'm going to build my own formula for that, which if you watch our YouTube videos here that we're going to release, you'll see why. I also want to look at cost per conversion. Now, if the only data you have is data from LinkedIn's campaign manager, then this is as far as you go, you've got both of those hurdles. The click and engagement metrics, as well as the conversions metrics and you can do some cool analysis here. But if you are a master advertiser, Surely you've connected your LinkedIn ads data with your CRM data to allow you to do things like a calculation of what's my cost per marketing qualified lead, or my cost per sales qualified lead, or cost per proposal given or cost per closed deal, that will tell us my ROI. If I have that data, I also want to look at graduation rate from MQL to SQL, or SQL to proposal or close rate, because that's going to teach me if I have one campaign that looks good on a cost per lead, but only 20% of MQLs are becoming SQL files, but my average is more like 50%, then I know there's something wrong with that audience, either the way that we're presenting to them, or the way we're targeting them, or the way that sales is nurturing them. It's also really nice to get counts of your number of MQLs, or SQLs, or proposals, or close deals from your LinkedIn Ads efforts. And one of the coolest things about a pivot table in Excel is that you can just bring new metrics down into your pivot table, to break out your audiences or break out anything that you care about to look at it separately. So for instance, if I'm looking at a whole bunch of campaigns, it's not going to be very meaningful to me, if a text ad campaign has a really low click through rate, and a sponsored content campaign has a really high one. They're just not even on the same playing field. But if I take ad type, and I move it down into my rows, now it will group all of my campaigns by ad type, along with its own nice little summary. And now I can measure my different ad types differently because they all act very differently, they deserve to be treated separately. I also really like to break out these reports, if I'm doing AB tests. So if I could break my As separately out from my Bs, then you can very quickly tell what's working and what's not working, what sort of messaging you can do, there are some great insights you can get from doing that. You could also do a cohort analysis, where let's say you launched new ads this week. And you want to look at how this cohort compares to your last cohort, maybe you launched ads a month ago or two weeks ago, you can then compare them very easily with a pivot table. If you're running multiple offers, it's really nice to segment by offer, so that you can figure out very quickly which offer is performing like we want, which one is not. And if you've segmented your audiences, like we recommend in your account, you can now pull certain things out of the campaign name, allowing you to do these micro segments where you break them out. So you could break out all performance by seniority, or by the industry that you're targeting, or by company size. You can break things out by geography, assuming that you have different campaigns for each geography, you can compare different job titles or different job functions. So this is one that we really liked to do. But it does require that ahead of time you've micro segmented all of your audiences. And if you want to learn how we do that, that's episode 65 so you can go and do the same thing in your accounts.
And just another note on combining data from your CRM. In order to do this, you do need to track all of your ads with UTM parameters or some sort of URL parameter. And that's how you can then marry your performance data from LinkedIn to your CRM data. HubSpot actually does a really good job of doing this naturally. So if you're already using HubSpot, you may already have this done for you without having to do anything else. On our own campaigns. We have UTM tracking and leads coming in. But sometimes we'll get leads that have no source of UTMs. But we do have one extra barrier here. We asked on our form, how did you hear about us, and fairly regularly, we'll see people say that they heard about us from LinkedIn Ads, but they didn't come in with tracking parameters. So what that tells us is likely people are seeing and maybe even clicking on the ads, but they're just navigating to our homepage and contacting us there. So it's nice that we don't have to pay for that click for sure if they're not clicking, but it does muddy our data a little bit, because those leads aren't directly attributable to the exact ad or the exact campaign. But in marketing, we do have to get used to that. We do have some attributable results. So just learn how to take that in stride. When we have this data, I do like to look at the different campaigns or audience segments that brought in closed one deals. If we're at the beginning of a campaign, we might not see closed deals happening super quickly, because we're still pushing people through the funnel. But if we've been working with someone for a year, lots of times, we're going to have plenty of that data that we can share, we can also see the individual ads or ad messaging that's driving either a lot of sales qualified leads, or proposals or close deals, we can see the campaign's or the audiences that tend to drive them the highest quality. And of course, once you've been running long enough to have closed deals, then you can do that amazing ROI calculation. That's done by just taking the closed deal value and dividing it by the spend, your organization might want to do a fully loaded ROI calculation. So it's maybe what you're paying for a sales rep to close the deal, maybe what you're paying for an agency to manage it, maybe even your own salary as an internal employee. So just find out from your boss, what sort of ROI calculation they want to see.
So let's talk about some of the actual analysis that you can do. One of the things that we've done with one of our clients is, they came to us with a goal, they wanted us to average a $40 cost per lead. And when we very first started working with them, they might have been up in the 50s, and maybe even 60s. And over time, we've been able to optimize those down within range and even below their goal. But even if you don't know the goal that you want to work with, you can definitely just find your current average, and look at the things that are performing below average, and try to cut those out. And then look at the things that are performing above average, and feed those. And what that's going to do is it's going to incrementally improve your performance, it's going to bring your average cost per lead, or whatever metric that you're optimizing towards, down steadily. So what we might do in this case, we might get a report of all of the different campaigns in the account into a spreadsheet. And then we're gonna sort or color by either the highest performing or the lowest performing of campaigns in all the different metrics. In this case, we were looking at a cost per lead. But you could do the same thing with a click through rate or a total spend. And as we're sorting and color coding, what we're looking for are the weak spots. Eric Jones, who's our Director of Marketing, told me, "The reason why I love this is because it helps you find inefficiencies in your ad account." If you have certain campaigns or ads driving costs up, or volume down, for example, you can improve account efficiency by pausing them, or lowering bids and allocating your budget to those that are performing well. So Eric shared a couple of these levers, but think about what are the different levers in your account that control the weak spots that you found. We did a whole episode on optimization tactics. So if you haven't listened to it already, go listen to episode 50. But likely, what you're going to find is you have a handful of campaigns with really high cost per lead, and a handful with really low cost per lead. And if you want to decrease your cost per lead, you want to increase the spend and volume on those that are performing really well. And then restrict the spend that's happening from the higher costs, and then your whole average cost per lead is going to drop. So what are those levers that you can pull? Well, if it's the high performers that you're looking to feed, can you possibly give them more budget, if they are budget restricted? This might be as simple as just increasing your budget on those high performing campaigns, and you just get more coming out. Can you bid them higher without killing their efficiency? So let's say the cost per lead is 20% below average, if you increase your bids by five or 10%, you're still going to be performing below your average cost per lead, which is great. And you'll just get more volume out of it. Maybe you can narrow down what's the best performing ad copy that you're using, and scale that out. So it's running in more campaigns, or you're doing more like it? How about we look at the poor performers, and we're looking for ways to starve them. Eric mentioned a little bit of this, but one of the biggest levers we have is to lower bids. Of course, you can always shut a campaign off. But a lot of the time, it can be better just to lower bids rather than pause. So let's say that you have a really high conversion rate, but you also have a high cost per lead. What that means is you're paying too much, and it could be that you're bidding too high. Anytime our cost per lead is higher than we like, but not egregious. We can always just incrementally lower bids. And of course, my favorite part about this is, as you lower your bids, your account efficiency increases, while your volume gets cut a little bit. Another option you can do to start lower performers is to lower your budget. So, if their bids are already at the floor, and you're still spending too much, then it could be a good idea to lower your budgets. And this is, especially if you have great click through rates and a small budget, you'll probably run into this. If you're not touching your bids at all, this is kind of a lazy or a short term fix to lower your budget. You usually want to lower your budget, at the same time as you're lowering bids if you can. If you're already bidding at the floor or something, obviously, you can't.
I mentioned pausing entirely. Now, I don't like doing this usually, because it's a big move, it's giving up on something entirely, and it's shutting off data that you could be using to learn. Episode 65 is all about micro segmenting campaigns, as we talked more about this, so go listen to that if you haven't already. But if you have a continued track record of poor performance, and you've already done a lot with it, you've already lowered bids, you've already lowered budgets, you've already changed and tested a whole bunch of new things. If you have sufficient data to tell you that it's not working, that's a good clue that you can actually pause a whole campaign or a set of ads entirely. Also, if sales or marketing says that an audience isn't valuable, or isn't high quality down the sales process, then it almost doesn't matter what the data says about how people are interacting with the ads, you're probably free to just pause it. Every once in a while we'll have a client come to us and they'll say, hey, my boss just cut our budget so we have half the budget to work with this month. And in that case, you can go through the worst performers, and just temporarily pause those. And what's cool about that, again, is your overall efficiency for the account increases while your budget got cut.
Now, as you're going through and analyzing inside of Excel, you're gonna come across different scenarios, that might be a little confusing, or you might not know what to do with them. So let's go through a couple of those crazy off the wall situations that you'll see. One might be you have a really high cost per click, and a high click through rate. The high click through rate means that you should be able to lower your costs. So you can try bidding down or changing your bidding strategy. But if you lower your bids, and your click through rate goes down as well, it means that you're probably bidding for the right spot in the ad inventory and you're essentially paying a premium for that placement. What about if you have a low click through rate, but a high conversion rate? How would you handle something like that? What that tells me is usually the offer, or the call to action is really good, but the ad messaging might need some help. Maybe we're not properly communicating to people what the value of clicking on that ad is. If you're having a hard time generating clicks at a healthy rate, then it's probably something to do with your ad. Or in the case of not getting any impressions, it could be that your bids are just not competitive enough.
What about those high volume campaigns? So let's say that you have a strict volume goal, your department is telling you, we need 200 leads per month out of LinkedIn, for instance. Well, if you look and you have one campaign that's driving half of all of that, even if the cost per lead is higher than your goal, you might be okay just continuing to run that high volume campaign, just to not disrupt your volume. In this case, meeting your goals is probably more important than account efficiency. But if you do need to adjust to get higher efficiency, make small adjustments to this campaign, you don't want to kill the golden goose that's laying all those golden eggs. You can try going into the other campaigns on the account and trying to improve performance there while leaving the big driver alone. What about if you have high performance, but you're not getting good volume from it. One of our most listened to episodes is episode six, about bidding and budgeting. That is gospel that you should go and study if you haven't already, but in this case, one of the strategies you can use is going to increase your bids, because that's going to make you more competitive in the auction and all of a sudden your ads are going to be shown to more of the people in that audience that you might not be reaching. If you are budget constrained, which you definitely shouldn't be budget constrained, if you're really on top of things. But if you are, it could be as simple as just increasing the budget on those high performing campaigns that aren't getting enough volume. If it's due to small audience size, let's say the audience that you're targeting has really good performance. But there's only 3000 people in that audience. One thing you could do is you could go try to increase your audience sizes. Now I'm not recommending that you target people who aren't relevant to your audience. But if you can find people who are still relevant that you can add to the audience, all the better. You could also go and test into new audience segments. So analyze the targeting that you're using and See if there's any type of targeting that you're not using to reach your ideal customer profile. If it's a click through rate issue where you're not getting enough traffic from an audience, you could go and borrow what's working well, in other campaigns, maybe there's different ad copy or different offers there that are getting a higher click through rate, and you can move them over and test them to this audience. Now, most of that analysis that I'm talking about has been around campaigns. But like I mentioned earlier, you can analyze your different ads as well. So pivot tables are definitely going to be your friend here. I like to add either the intro or the headline, whatever is staying the same across all of the different ads you're running. I like to add them into my columns. Now I'm combining the performance of each ad individually to compare against the other ads, then I'm going to be comparing things. Whatever AB test I'm running, but I'm going to be comparing, like motivation against motivation, or call to action versus call to action, image versus image, all kinds of different things. And go back and listen to episode 36. That's all about ABX testing if you want more ideas there. All right, I've got the episode resources for you coming right up, so stick around.
Thank you for listening to the LinkedIn Ads Show. Hungry for more? AJ Wilcox, take it away.
Like I mentioned at the beginning of the episode, go subscribe to the B2Linked YouTube channel, because we're going to put videos up here over the next coming weeks and months, showing exactly how we do some of these analyses. I wanted to talk you through it here. But obviously, it's a very visual thing to be working inside of Excel. So go subscribe to the YouTube channel and get notified as they come out. We also released a blog post all about navigating the LinkedIn campaign manager dashboard. So if you don't know where to click on some of these things, check out the link for that in the show notes below. Go read that blog post, it'll be a great one. The episodes that I mentioned here in this episode, there's the performance chart, that's episode 52. There's the Add demographics episode, that's episode 54. There's audience segmentation, Episode 65. There's optimization strategies, that's episode 50. There's bidding and budgeting, which is episode six. And of course, the one we just most recently mentioned, is the AB testing episode, Episode 36. Now, if you or anyone you know, is looking to learn more about LinkedIn Ads, go check out the course that I did with LinkedIn Learning. It is by far the highest quality and the lowest cost course out there, you can't go wrong. The link for that is right in the show notes below. Also, if you liked what you heard, it probably goes without saying, but do subscribe on using whatever podcast player you're on. And I'm saying this seriously, if you've gotten any sort of value out of this show listening, your fee is to leave us a review. It would sincerely mean a lot to me and all of us here at B2Linked who work so hard on the show. So please don't just think everyone else is gonna go do it. I want you to go leave us a review. That would be the best way you can say things with any questions, suggestions, corrections, anything, reach out to us at Podcast@B2Linked.com. And with that being said, we'll see you back here next week. Cheering you on in your LinkedIn Ads initiatives.
