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How do I benchmark LinkedIn engagement rates?

Discussion in 'Marketing mastery' started by insightbpa, May 6, 2017.

  1. insightbpa

    insightbpa Member

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    Hi,
    I'm currently dipping my toe into LinkedIn sponsored posts, and my question is: how do I benchmark the results? Specifically - what is considered a good engagement rate?
    The research I've done (read googling) has only turned up information about the performance rates for large companies with similarly large follower bases.

    I gather that smaller businesses with smaller, potentially more engaged followers should expect better engagement rates but what does that mean? I don't know if I should be happy with my engagement rate or crying into my pillow.

    To offer a little bit of background:
    - Existing business but brand new LinkedIn page, and I mean brand-spanking-new-set-up-last-week-only-has-3-followers sort of new.
    - Content being sponsored is an original article (approx 800 words).
    - The post has been live 5 days (posted Monday, sponsored on Friday)
    - Organic impressions and sponsored impressions are now roughly 180 each
    - Organic engagement is currently sitting at 7.7%, sponsored at 2.2% (although was sitting at about 8% following the after-work period last night, so I'm guessing the weekend is having a negative effect, which in hind-sight I supposed I should have expected).

    Thanks for reading - Any feedback would be appreciated.
  2. DavidChin

    DavidChin Active Member

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    Hi Natalie

    Welcome to Flying Solo. I can understand your excitement/uncertainty and interest in finding a benchmark. I would say it would be difficult to find an answer you would, or should, be happy with since you are providing professional services that are not commoditised. The same applies with your target audience and potential clients.

    I see your strength is with business planning and analysis - I would treat digital marketing no different to any other business development activity - sustained, multi-pronged, with a long term focus, and monitoring of past performance.

    I think the key issues are content and presentation, and you seem to have nailed them already. I would wait at least a month or two and then see whether you are getting satisfactory returns on your investment.

    Good luck!

    Regards
    David
  3. insightbpa

    insightbpa Member

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    Thanks for your reply David,
    Yes, I will certainly be doing a thorough analysis once things have been running for a while - four days doesn't give you much to go on! I was hoping someone would know of a general rule-of-thumb that could be applied as a basic benchmark, but perhaps not. We'll see how it goes.
  4. Mischelle

    Mischelle Active Member

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    Hi Natalie,

    I am also dipping my toe in the LinkedIn pool :)

    Over the last few months I have been growing my personal network to be able to grow my connections before I start sponsored posts. I am aiming at a two prong approach - natural via my connections and sponsored.

    If I create a post, all my connections see it, and all my connections are 650+ senior managers who are specifically my target market. 4 months ago I had 48 connections with senior managers, now I have 680. If they comment or like it, that means their connections also see it on their home page (natural).

    I grew my connections by joining private groups in the industries I am targeting, networking events and I also interact regularly with my connections, through comments on their posts, messaging, etc etc

    So when I go live with my posts I will already be getting coverage of my market without paying and then I can combine this with sponsored posts to find more.

    Just food for thought, I find using connections develops a closer relationship than followers. These people have already accepted they want to be part of my circle.

    I will keep you posted on my progress as well and maybe we can both learn from each other :)

    Cheers
    Mischelle :)
    Last edited: May 10, 2017
    insightbpa and Corey like this.
  5. insightbpa

    insightbpa Member

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    Hi Mischelle,
    Thanks for your response. I definitely need to grow my own connections - I'm starting nearly from scratch there too. Good tip about the Groups, I will definitely have a look into that. Would love to bounce some updates back and forth!

    Here's an overview of the campaign I just ran:
    I decided to give the sponsored thing a go straight away mainly because they are offering that $50 credit promo at the moment and I figured what the hey - see how it all works. FYI - when I plugged in the promo code it actually told me I had $65 credit so the offer must be in USD which was a bit of a bonus!

    I put a pretty strict cap on the total campaign cost and went with CPC - It ended up running over 4 days (Friday through Monday morning) and I was actually pleasantly surprised with the traction the article gained over the weekend, which I suppose just proves people are addicted to their phones! In the future, I'd like to test the theory that maybe weekends are actually a good time for longer articles.

    Another interesting thing was that it seems like once a paid promo is liked/shared etc., any further engagement from the "liker" is considered organic because I saw an exponential growth in the organic reach as well. Hard to tell because the post had started gaining some organic traction before I sponsored it.

    Anyway - happy to share future updates - I'll probably run another small paid campaign next month.

    Natalie
  6. Paul - FS Concierge

    Paul - FS Concierge Administrator Staff Member

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    This is a great discussion.

    My next comment is only being half cynical - the one metric that I would be interested in is how many people pick up the phone to enquire about my service.

    Using groups is a way of engaging, especially if the content you produce says something new and useful to your target audience and I understand if this doesn't sound like breaking news but so much content out there is bleh.

    One thing about groups you might like to try is and can assist in breaking through is to connect with groups that provide complimentary services to you.

    Eg @insightbpa might right an article about the biggest mistakes startups make in their first 6 months of launching and how to avoid the pitfalls and post into Startup Groups. This will have more potential benefits than posting into a Business Analysis Group.

    I am enjoying the thread and am keen to hear about others LI experience.

    Cheers
    insightbpa likes this.
  7. insightbpa

    insightbpa Member

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    You make an excellent point Paul.

    I have no insights on that one I'm afraid - The post I ran the campaign with was targeted at a particular referral group, and that's one very long sales funnel to try to track! I'm not expecting any calls to come directly from the campaign - I've been paying more attention to the increase in website traffic and the analytics associated with that.

    What you were saying about complimentary services is actually where I have always targeted our marketing efforts (though not previously on LI). Working with complimentary service providers (accountants, business brokers, etc.) is great because it’s a win-win for everyone. Their clients are often in need of the services we offer, and they are able to offer their clients a solution which makes them look good without them having to deviate from their core business. It’s not a new marketing strategy, but it is an effective one if a somewhat long-term approach.

    But I digress. Going back to LinkedIn - It makes sense that connecting with LI groups in a similar way would be beneficial. I was quite impressed with the targeting options. I don’t think it would be as effective for every industry but it certainly seemed to have a fairly broad reach for professional services like accounting, brokers, etc. I got pretty specific about the industry and level etc. of my target audience (business bankers in this instance) and it was still offering a potential audience of around 24000 people.
    Paul - FS Concierge likes this.
  8. Mischelle

    Mischelle Active Member

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    Hi Natalie,

    Just a small note, I only have the free LinkedIn, not premium, so I can not message you to connect, as they will not let me due to Premium accounts can not receive connection invites from Free Accounts by default.

    You may want to consider opening this option up, I get invite requests and then I review their profile before I accept, and I have only ever received two junk requests.

    GROUPS:

    The best part about groups is the interaction with each other, there is a lot of messaging and commenting. Advice is getting passed around regularly and you really build up a good relationship.

    Most of my groups have face to face meetups as well, I am about to go to one in a few weeks, it has about 200 attendee to the nights and everyone just chats and networks and the people attending are all my target market YEAH :) But no hard selling :) I think it's more a night to have a chat and drinks LOL

    I am looking forward to hearing about your next campaign and see some of the stats, as that is some valuable information.

    I am interested to see if my personal connections and groups have more impact OR targeted campaigns.

    Keep me posted

    Cheers
    Mischelle
  9. Mischelle

    Mischelle Active Member

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    PS: Not related to this posts but oh well....

    This statement below from your blog is 100% correct and I have been in this position in the past and I learned to talk to the right people, and plan better. Thanks for your blogs :)

    At some point, in the absence of planning, the management of your business and its growth will become reactive instead of proactive, and business owners can find themselves constantly chasing their tail instead of preparing for the next step, or worse, struggling to keep above water.

    Also, once again not related to LinkedIn but regarding your investment costs for Business Planning, as a small business owner, I suggest you also include some ROI benefits next to the pricing, so SME Owners see in bullet points the huge benefits of your service.

    Cheers
    Mischelle
  10. insightbpa

    insightbpa Member

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    Hey Mischelle,
    I'm not using Premium either, but I have sent you a request to connect. I think it's just the InMail that is locked down to premium users.

    Thanks for your feedback about the website, really appreciate it and that's a great point you make about ROI, I'll be looking into that.

    Also really glad you enjoyed reading some of the blog posts. The article you quoted, "Careful as you grow" was really well received and resonated with a lot of the business owners we're in contact with.

    It can be a tricky thing, especially when you're growing and you get busy, to make sure you take the occasional step back and evaluate where your business is at. Of course, the irony is that when we least have the time to plan is often when we need to plan the most!
  11. Mischelle

    Mischelle Active Member

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    Hi Natalie,

    We are connected on LinkedIn now :)

    I really did enjoy your blogs, I don't often quote blogs, but I related to that specific passage.

    We will keep in contact.

    Cheers
    Mischelle :)
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