LinkedIn has long been an integral part of the B2B economy and now has over 1 billion users. Now there are signs of a further step into the connected economy.
These signs come in two forms: Reports in late March showed that the B2B social platform – which booked $4 billion in ad revenue in 2023 – had added TikTok-like short videos via its navigation bar. Today (April 4), the Microsoft-owned platform announced a connected TV program offered by several partners, including NBCUniversal.
The announcement was part of several new advertising solutions from LinkedIn Connected TV (CTV) Ads, including LinkedIn Premiere (in collaboration with NBCUniversal) and Live Event Ads, which were unveiled at the company's B2Believe event in New York. According to LinkedIn, the impetus for the expanded advertising solutions was research that showed that only about 5% of potential buyers are actively looking for new purchases at any given time. According to LinkedIn Vice President of Engineering Sanjay Dubey, the CTV solution will rely on data from the company's user behavior and AI algorithms to connect advertisers with the right audience through streaming television content. “In our initial testing, customers have reported seeing a significant improvement in brand lift as well as lower funnel results for audiences exposed to CTV campaigns,” he said.
But back to that 5% number. LinkedIn's pitch states that it requires “continuous, imaginative engagement across channels – from videos to live events – to anchor brand presence in the minds of potential buyers.” As nearly 90% of US households annually With Connected TV set to launch in 2023 and an equal percentage of marketers confirming its effectiveness in reaching B2B buyers, LinkedIn's launch of CTV Ads represents a strategic move to build on the success of LinkedIn's in-stream video ads The company says video completion rates among viewers have increased significantly.
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To dance in the connected B2B landscape, you need a partner
Of course, connected TV requires partnerships. LinkedIn launched with several ads, including Paramount, Roku and Samsung Ads. It also announced a partnership with NBCUniversal to launch LinkedIn Premiere.
Called a “managed service,” the partnership targets decision-makers in the U.S. through NBCUniversal’s premium CTV content. It provides an in-stream option for advertisers new to CTV campaigns and provides precise audience targeting.
The company also covered its measurement aspects. The process of initiating a LinkedIn CTV campaign is streamlined through the Campaign Manager, where advertisers can set goals, define their audience, budget and schedule before launching their campaigns. Understanding the challenges of measuring campaign effectiveness, LinkedIn partners with iSpot for advanced audience measurements and Kantar for detailed brand lift studies to provide a holistic understanding of campaign reach and impact on brand metrics.
“The moment you cut through the world through the lens of historical transactional behavior, you can then leverage a predictive GenAI framework and say something about the likelihood of those future transactions,” Zohar Bronfman, CEO and co-founder of Pecan, told PYMNTS . “It’s an evolutionary process in terms of the way businesses can operate.”
See also: The power of precision: increasing sales through B2B customer data
In addition to LinkedIn CTV, the platform introduced live event ads to increase event visibility and engagement. With a 34% increase in viewership for professional events on LinkedIn, the company aims to use this format to increase event attendance and dynamically adjust ad frequency to match the event schedule.
The new ad units aren't LinkedIn's only use of AI. COO Daniel Shapero announced in early March that more than 70% of the platform's premium subscribers have adopted AI-powered writing suggestions and profile recommendations, or both, to attract more views and opportunities. Initial testing also shows that 90% of subscribers who have access to the AI-powered work experience have found it useful.
As PYMNTS recently reported, the rise of B2B digital marketplaces and the continued digitalization of the B2B ecosystem more broadly have created an environment where innovative tactics for B2B growth campaigns potentially deliver superior return on investment (ROI) compared to traditional strategies can .
When discussing B2B marketing approaches, Sujatha Mamidibathula, head of SMB at TikTok, told PYMNTS that it's a mistake to just focus on virality, advising, “My suggestion is that SMBs focus on community.” Dedicate yourself to building that and the virality will come to you.”