LinkedIn Advertising Benchmarks

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LinkedIn Advertising Benchmarks

Extensive searches across multiple advertising benchmark reports, industry reports, market research data, along with examples from business-to-business companies advertising on LinkedIn did not yield accurate findings that are specific to LinkedIn advertising benchmarks for the legal industry. Only Google Ads have published their advertising benchmarks for the legal sector and other sectors, as well. For LinkedIn, only general data applicable to the entire industry is available.

LinkedIn Advertising Benchmarks

CTR — Click-Through Rate

  • As of Q3 of 2019, LinkedIn had a median click-through rate (CTR) of 0.26%, according to Digital marketing Community.
  • Good 2b Social quotes LinkedIn in its report that sponsored content with images of real people can increase CTR by 160% versus posts without images of people.

Cost Per Click — CPC

  • Data released by Digital marketing Community shows that as of Q3 of 2019, LinkedIn had a median cost per click (CPC) of $3.49.
  • According to another report by Klient Boost, a CPC management and paid social and conversion rate optimization (CRO) company, LinkedIn's CPC rate as of November 2019 ranged from $2-$7, depending on the target demographic and the type of ad.

CPM — Cost Per Mille

  • The report by Digital Marketing Community further notes that as of Q3 of 2019, LinkedIn had a median cost per mille (CPM) of $8.23.
  • Klient Boost quotes LinkedIn's median CPM as of November 2019 at $6.05 versus Facebook at $9.06, Instagram at $6.70, and Twitter at $5.76.

Conversion Rate/Ratio

  • According to the most recent data published by WebFX, a search engine optimization (SEO) company, in the U.S., the average conversion rate for LinkedIn ads is 6.1%.
  • Over 95% of recruiters rely on LinkedIn, whose Message Ads deliver approximately a 40% conversion rate. It also has a visitor-to-lead conversion rate of 2.74%.

Customer Acquisition Cost — CAC

  • Historical data for Victory Enterprise's web store shows that with LinkedIn, the company had a cost per click-through of about $2, and its cost per new customer acquisition was less than $50 in 2014.
  • Lawyerist states that 94% of law firms do not know how much customer acquisitions cost them.

Cost Per Engagement — CPE

  • LinkedIn Advertising audience engagement rates are high; however, no publicly available records indicate its costs per engagement.
  • Existing research suggests that LinkedIn has a highly active and high-engagement user base, with more than 121 million users visiting the site daily.

Research Methodology

Extensive searches across marketing and advertising reports, industry benchmark researches, the LinkedIn website, and across the websites of marketing agencies did not uncover findings specific to LinkedIn's advertising benchmarks for the legal industry. Moreover, the most recent advertising benchmark data available for LinkedIn is from Q3 of 2019 and focuses mainly on CTR, CPC, and CPM. Data regarding the company's advertising CVR, CAC, and CPE benchmarks is minimal, if not available, for the legal industry. Unlike Google Ads reports, LinkedIn reports did not feature any breakdown based on industries served. Therefore, the data published regarding LinkedIn's advertising benchmarks is general to all industries advertising on the platform.

Attempts to check examples of business-to-business clients using LinkedIn for advertising revealed some historical data on the cost of acquiring a new client, which might not be relevant today, and not applicable to the legal industry. The lack of LinkedIn's advertising data specific to the legal sector could be because LinkedIn has not published reports focusing on each segment, or the data is paywalled. Overall, our searches managed to yield some relevant insights into LinkedIn's advertising benchmarks, which are presented above under their respective sub-headings.
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