When you start running ads on Facebook and LinkedIn, can you accurately measure the return on investment (ROI)?
Do you struggle to target your ads effectively to reach their desired audience and end up in wasted ad spend and low engagement rates, regardless of the platform you choose?
Here are the key factors you need to consider when choosing the right ad platform for you and how to turn it into a lead-generation machine.
Watch the video below to learn more about running Facebook ads in a cost-effective way:
Facebook vs. LinkedIn for Business: Which One Is Right for You?
The final word depends on the nature of your business and target audience. Facebook is a more general social media platform with a diverse user base, while LinkedIn is a professional networking site with a focus on business-related activities.
If your business targets consumers or a broad audience, Facebook may be a better option. However, if your business targets professionals, B2B clients, or specific industries, LinkedIn may be more effective.
Ultimately, the best way to determine which platform is more effective for generating leads is to conduct experiments and track the results. You can try running ads, posting content, and engaging with users on both platforms to see which one yields better results for your specific business goals.
Facebook vs. LinkedIn for Business: Which Gets You the Leads?
Cost per Lead on Facebook
The cost-per-lead (CPL) on Facebook can vary widely depending on several factors such as the industry, ad targeting, and competition. According to a study by WordStream, the average cost per lead on Facebook across all industries is $1.72. However, some industries such as finance and insurance have a much higher cost per lead, while others such as retail and e-commerce have a lower cost per lead.
It’s important to note that this is an average and that the cost per lead for individual businesses can vary significantly. To get an accurate estimate of the cost per lead for your specific business, you should set up and run a Facebook Ads campaign and track the results. This will give you a better understanding of the cost per lead for your specific industry and target audience.
Cost per Lead on LinkedIn
According to a study by HubSpot, the average cost per lead on LinkedIn across all industries is $47.50. However, this can range from as low as $6 for the retail industry to as high as $150 for the finance and insurance industry.
It’s worth noting that LinkedIn is generally considered a more expensive platform for lead generation compared to Facebook due to its focus on professional networking and B2B marketing. However, it can be more effective for reaching a specific target audience of professionals and decision-makers in specific industries.
As with Facebook, the cost per lead on LinkedIn can vary significantly for individual businesses. The best way to determine the cost per lead for your specific business is to set up and run a LinkedIn Ads campaign and track the results. This will give you a better understanding of the cost per lead for your specific industry and target audience on LinkedIn.
LinkedIn ads vs Facebook ads: Which One Should I Choose?
Both Facebook and LinkedIn offer unique advantages and disadvantages that may make one a better choice for your business than the other. Consider the following when choosing between LinkedIn ads and Facebook ads:
1. Target Audience
If your target audience is primarily professionals and CEOs in specific industries, LinkedIn ads may be more effective for reaching them. LinkedIn is the platform of choice for those that need to reach the person who will ultimately make the purchase decision. However, if your target audience is broader and includes consumers, Facebook ads may be a better choice.
2. Ad Format
Both platforms offer various ad formats, including text, image, and video ads. Facebook prioritizes visual content, while LinkedIn favors text-based content. Consider which format will be most effective in conveying your message to your target audience.
3. Ad Cost
LinkedIn ads are generally more expensive than Facebook ads, particularly for B2B marketing. Consider your budget and cost-per-lead goals when choosing between the two platforms.
4. Ad Targeting
Both platforms offer sophisticated targeting options, including demographics, interests, behaviors, and job titles. However, LinkedIn offers more advanced targeting options for B2B marketing, such as company size, industry, and job function.
5. Campaign Objectives
Consider your campaign objectives, whether it’s brand awareness, lead generation, or website traffic. LinkedIn ads may be more effective for lead generation and B2B marketing, while Facebook ads may be more effective for brand awareness and consumer marketing.
LinkedIn ads may be more effective for B2B marketing and reaching a professional audience, while Facebook ads may be more effective for consumer marketing and reaching a broader audience. Test both platforms and compare their performance to determine which one is the best fit for your business.
If you make cost-driven decisions and you only need to choose one platform, Facebook is the better choice to gain primary insights you can analyze and use to tweak your LinkedIn audience and get the “meat-and-potatoes” leads.
Facebook Ad Testing: The Importance of Micro Tests
Microtesting is important on Facebook ads because it allows you to test small changes in your ad campaign to determine what works best for your target audience. By testing different ad elements such as ad copy, images, targeting, and call-to-action, you can optimize your ad campaign to improve its performance and achieve better results.
Here are some reasons why you should run micro tests on Facebook ads:
- Better performance — test different elements of your ad campaign to determine what works best for your target audience. By identifying the most effective ad elements, you can optimize your campaign for better performance and achieve your desired results.
- Cost efficiency — test small changes to your ad campaign, which can be more cost-effective than testing large changes that may require more resources. By optimizing your campaign through microtesting, you can save money on your ad spend and achieve a better return on investment.
- Improved targeting — test different targeting options to determine which audience is most responsive to your ad campaign. By identifying the most effective targeting options, you can refine your targeting strategy and reach your ideal audience more effectively.
- Competitive advantage — stay ahead of the competition by continuously testing and optimizing your ad campaign. By identifying the most effective ad elements and targeting options, you can create a more effective and compelling ad campaign that stands out in your industry.
By continuously testing and optimizing your ad campaign through micro-testing, you can achieve better results and stay ahead of the competition.
Running micro tests to determine whether Facebook or LinkedIn will get you the right leads is only the beginning. If you want to build a high-converting funnel with a team you can scale and grow, we have a marketing team blueprint you can access below for free:
