LinkedIn Ads
Benchmarks Report
How Top B2B Marketing Teams Protect Budgets & Accelerate Pipeline
My Name is Alex Gluz
- Digital marketing expert with 16 years of experience helping companies grow through effective paid advertising and proven growth strategies.
- Founder of T.A. Monroe - a B2B agency where we turn marketing challenges into success stories.
- We use battle-tested, data-driven demand generation frameworks to help B2B SaaS companies predictably scale their revenue within 6 months, without the risk of wasting budgets.
- Over the last eight years we've built and optimized over 3,500 paid campaigns across Google, LinkedIn, and Facebook.
- Our frameworks that have consistently delivered an average of 53% increase in high-quality leads and 27% reduction in CAC for our clients.
Executive Summary
LinkedIn now captures 39 % of B2B paid-media budgets and at 113 % ROAS
Outperforming every other major network
Yet CPMs jumped 28 % YoY
This report reveals exactly which formats, geos, and funnel stages still earn budget and where to reallocate before Q3 planning season to maximize revenue impact.
Key Findings at a Glance
Document ads deliver lead form completion rates of 22.73% vs. Video's 2.26% - a 10X difference.
Most B2B deals wait 107 days between MQL→SQL; reallocating top-of-funnel LinkedIn spend shortens that choke-point.
CPL comparison across formats: Document Ads ($255.81) vs Single Image ($317.36) vs Video ($724.84) vs Carousel ($765.96).
Carousel ads are becoming more cost-effective (35.3% CPM decrease) while Single Image costs rise (37.7% increase).
Without comparative data, you can't identify which formats deserve more of your budget.
This resource adapts and expands upon concepts originally developed by Dreamdata.
Your CFO Will Ask Two Questions Before the Next Quarter:
Are we spending in the right place?
What happens if we shift budget?
This report answers both, with live campaign data from 2024-Q4 to 2025-Q1 across 134 B2B advertisers.
Why You should Care
- Your LinkedIn ad performance may be significantly underperforming industry benchmarks - and you don't even know it.
- Document Ads convert at 22.73% while Video limps along at 2.26% - a 10X difference that transforms campaign ROI.
- Smart advertisers are shifting to Carousel ads (35.3% CPM decrease) while others overpay for rising Single Image costs.
- Without comparative data, you can't identify which formats deserve more of your budget - you're flying blind.
- Critical US vs Canadian performance gaps mean your one-size-fits-all strategy is failing in at least one market.
What's Inside?
Complete LinkedIn Ad Benchmark Data
Comprehensive metrics for CPM ($41.24 US), CTR (0.52%), CPC ($10.03), and CPL ($317.36).
Format-Specific Performance Metrics
Document Ads' 22.73% completion rates compared to Video (2.26%) and Carousel (1.33%).
YoY Performance Trend Analysis
Data showing 37.7% CPM increases for Single Image but 35.3% decreases for Carousel ads.
Development Industry Benchmarks
Sector-specific LinkedIn ad performance metrics for targeted comparison.
Why LinkedIn Targeting is Important for B2B Companies
Reach Decision-Makers
With over 80% of business professionals active on LinkedIn, it's the ideal platform to connect with key decision-makers in your industry.
Precision Targeting
LinkedIn allows you to target specific industries, company sizes, job roles, and seniority levels—something other platforms can't match.
Avoid Wasting Resources
By focusing on the right audience from the start, you save time and money, and improve conversion rates.
Maximize ROI
LinkedIn ads can be costly, so precise targeting ensures every dollar spent reaches someone who could become a customer.
Introduction
Analyzing LinkedIn Advertising Trends to Shape Tomorrow's B2B Growth
In this report, we've aggregated data from B2B campaigns to uncover the latest trends across LinkedIn's advertising formats.
From budget allocation and performance benchmarks to customer journey insights and optimization strategies, this data reveals how companies are best leveraging LinkedIn ads to reach their growth goals.
Based on our data, in 2024-2025 we've seen significant changes in key metrics across LinkedIn ad formats, with costs increasing in some areas while engagement metrics show notable improvements.
Software Development companies in particular are seeing shifting performance patterns that demand strategic adaptation.
Why?
- This report will help you understand what "good" looks like so you can benchmark your performance and make better decisions.
- Because at the end of the day, it's about knowing whether what you're doing works, and what you can do to drive even better results.
Free LinkedIn Ads Opportunity Review
Not Sure Where to Start?
LinkedIn ad waste is frustratingly common, but the fixes are simpler than you think. Get a free Opportunity Review revealing the small tweaks that cut our clients' CAC by 17% in 30 days.
Part l: B2B LinkedIn Ad Budget
Where Are Ad Budgets Being Spent?
B2B ad budget is a reflection of a marketing team's strategy and priorities.
It reveals where companies are placing their biggest growth bets and what they see as the most promising marketing opportunities.
But how are today's B2B marketers actually dividing their budgets? How has spend on LinkedIn ads changed over the last 12 months?
In this section, we explore the latest budget allocation trends and benchmarks to help guide smarter investment decisions.
#1.1: LinkedIn Ad Format Spend Distribution
Budget Takeaway: Document ads climbed from 4 % to 11 % of total spend because they trade CPM premiums for the lowest CPL.
B2B marketers are increasingly diversifying their LinkedIn ad formats rather than relying solely on a single approach.
This reflects growing sophistication in how companies leverage the platform's various capabilities.
This distribution represents a shift from previous years when Single Image ads dominated marketing budgets.
The growing adoption of Document ads shows marketers recognizing the value of formats that drive higher engagement and completion rates.
#1.2: Geographic Budget Allocation
When looking at US versus Canadian markets for Software Development companies, we see interesting patterns in budget allocation:
US Market:
- Higher overall investment
- Greater emphasis on Video content
- Increasing Document ad experimentation
Canadian Market:
- More efficient CPM and CPL metrics
- Greater focus on Single Image ads
- Growing but more conservative Document ad adoption
#1.3: Why B2B Marketers Are Increasing LinkedIn Investments
The budget shift toward more diverse LinkedIn ad formats reflects B2B marketers' growing confidence in the platform's ability to engage decision-makers.
This isn't only because of LinkedIn's continued growth in membership and resulting scalability opportunities.
But also because it offers unparalleled firmographic targeting, giving B2B marketers much better control over their audience (who are companies).
Document ads in particular warrant special attention, as their substantially higher Lead Gen Form completion rates indicate their superior ability to convert viewers into leads.
Part ll: B2B Ad Cost and Performance
Which LinkedIn Ad Formats Actually Earn Back Their Cost?
Platform metrics are only part of the equation - return metrics tell the rest of the story
How do today's B2B marketers track that they're getting real value for every dollar spent on LinkedIn
This section dives into the latest data on ad costs, click-through rates, and other key performance metrics across LinkedIn's ad formats
These insights offer crucial benchmarks to help you assess whether your current campaigns are cost-effective compared to industry averages
The average LinkedIn click in US B2B SaaS is $10.03 and an impression $41.24 CPM
#2.1: Software Development Industry LinkedIn Ad Performance
Let's Unpack the Numbers
- Document ads come out as the most expensive options, with CPMs 2-3 times higher than Single Image ads and CPCs nearly double.
- However, these higher costs are offset by dramatically higher Lead Gen Form completion rates - over 3x better than Single Image ads and more than 10x better than Video ads in the US market.
#2.2: Looking at Cost Per Lead (CPL)
- When analyzing the true cost of acquiring a lead, Document ads show strong performance despite their premium placement costs:
US Document Ad CPL:
$255.81
US Single Image CPL:
$317.36
US Carousel CPL:
$765.96
US Video CPL:
$724.84
- This reveals that while upfront costs are higher for Document ads, they deliver significantly better efficiency in actual lead generation - making them a more cost-effective choice for pipeline generation.
#2.3: Beyond Surface Metrics
It's important to consider what metrics you are measuring performance against.
Ad platforms have trained us to think in B2C terms, especially on the leading cost metrics level.
But in B2B we need to consider measuring account-based metrics, such as cost per company influenced and pipeline generated.
Document ads may appear expensive when looking only at CPM or CPC.
But their superior conversion rates make them highly cost-effective when measuring what truly matters - qualified leads entering your pipeline.
When evaluating your LinkedIn ad performance, always prioritize lower-funnel metrics like cost per qualified lead, pipeline influenced, and ultimately, revenue generated.
Free LinkedIn Ads Opportunity Review
Know If Your Ads Are Yielding 'Real' Results
LinkedIn ad waste is frustratingly common, but the fixes are simpler than you think. Get a free Opportunity Review revealing the small tweaks that cut our clients' CAC by 17% in 30 days.
Part lll: LinkedIn Ad Format Performance
Which Formats Drive the Best Results?
Our data reveals significant performance differences across LinkedIn's ad formats, with each showing distinct strengths and weaknesses depending on campaign objectives.
#3.1: Single Image Ads
Single Image ads continue to be the most widely used format, offering a balance of reasonable costs and consistent performance.
They deliver solid CTRs (0.52% in US Software Development) and respectable Lead Gen Form completion rates (7.14%).
Year-over-year trends show increasing costs (+37.7% CPM increase in US) but stable engagement metrics, suggesting the format is becoming more competitive but maintains its effectiveness.
Best for: Awareness campaigns, simple offer promotions, and testing new messaging before scaling to more expensive formats.
#3.2: Video Ads
Video ads show declining CTRs year-over-year (-29.4% in US) while costs remain high, resulting in the highest CPL across all formats ($724.84 in US).
However, they still play an important role in complex sales narratives where visual demonstration is valuable.
Best for: Product demonstrations, thought leadership positioning, and brand storytelling where engagement quality matters more than lead volume.
#3.3: Carousel Ads
Carousel ads show the most dramatic cost improvements year-over-year (-35.3% CPM in US) while maintaining stable engagement rates.
This has resulted in improved CPL efficiency (-22.6% in US), making them increasingly attractive for multi-faceted messaging.
Best for: Showcasing multiple product features, telling sequential stories, or highlighting different value propositions for various personas.
#3.4: Document Ads
Despite their premium costs, Document Ads deliver exceptional conversion performance with Lead Gen Form completion rates (22.73% in US) that far outpace all other formats.
While CPMs are highest ($77.94 in US), the superior conversion rates make them cost-effective when measured by CPL.
Best for: High-value content offers, detailed case studies, and late-stage conversion campaigns where quality leads matter more than raw volume.
#3.5: Aligning LinkedIn Formats with Your Funnel for Maximum Impact
The data clearly shows that no single format is superior across all metrics - each has specific strengths that align with different campaign objectives.
Early-funnel awareness campaigns may benefit from the cost efficiency of Single Image ads, while mid-funnel education often works well with Carousel formats that can showcase multiple value propositions.
For late-funnel conversion, Document Ads' superior Lead Gen Form completion rates make them worth the premium investment, particularly for high-value offerings where lead quality outweighs quantity.
Takeaway: The most sophisticated B2B marketers use each format's strengths at the appropriate funnel stage rather than relying on a single approach throughout the customer journey.
Part lV: B2B Customer Journey
Uncovering the Path to Revenue
The B2B customer journey is long and complex, spanning multiple channels, stakeholders, and touchpoints.
As marketers, we need to understand the extent of this complexity and how LinkedIn fits within the broader acquisition ecosystem.
In this section, we examine key customer journey insights, such as: How long is the B2B customer journey? How many people are involved in the customer journey? What role does LinkedIn ads play in customer journeys and when?
B2B SaaS Customer Journey
Most B2B SaaS deals wait 107 days between MQL→SQL; reallocating top-of-funnel LinkedIn spend shortens that choke-point.
#4.1: The LinkedIn B2B Customer Journey
After working on 100+ B2B campaigns, the standard B2B customer journey in Software Development typically extends over several months from the first touch to closed-won.
In complex enterprise journeys, the process can take over 12 months, with multiple stakeholders engaged across various touchpoints.
This timeline reveals that a significant bottleneck in the B2B journey often happens before sales gets involved - with extended time between the MQL and SQL stages.
This suggests marketing teams need to focus on nurturing leads and moving them towards buying readiness.
#4.2: LinkedIn's Role in the Customer Journey
Our observations show that LinkedIn ads play a significant role in the early stages of the B2B customer journey, helping to generate awareness and initial interest.
As prospects move further down the funnel, the influence of LinkedIn ads evolves, with direct sales interactions and internal company discussions taking on greater importance.
#4.3: The Complexity of B2B Buying
- B2B buyers are very busy throughout their prolonged customer journeys, engaging across multiple channels and touchpoints.
- Typical B2B purchases also involve numerous stakeholders, including:
C-Suite Executives
Department Leaders
Finance/Procurement
Technical Evaluators
- This emphasizes the biggest distinction between B2C and B2B buying processes, where the individual wanting your product is rarely also the holder of the purse strings.
#4.4: How LinkedIn Ads Support the Entire B2B Buying process
Our experience reinforces LinkedIn's strength as a demand generation channel, helping businesses capture the attention of key decision-makers before they are ready to engage with Sales.
However, this doesn't mean LinkedIn ads become irrelevant later in the journey.
Retargeting and broader account-based marketing (ABM) campaigns can help reinforce messaging and keep prospects engaged as they move deeper into the buying process.
The key for B2B marketers is to use LinkedIn strategically, not just for demand generation.
But as an ongoing engagement tool to nurture and accelerate pipeline opportunities.
Marketing and Sales are not operating in the arbitrary silos we imagine.
Rather they are mutually supporting activities, with marketing campaigns (typically retargeting) playing a role in nurturing as much as Sales outreach can play a role in acquisition.
Free LinkedIn Ads Opportunity Review
Uncovering Hidden Revenue in Your B2B Funnel
LinkedIn ad waste is frustratingly common, but the fixes are simpler than you think. Get a free Opportunity Review revealing the small tweaks that cut our clients' CAC by 17% in 30 days.
Part V: LinkedIn Conversion Optimization
Automating Performance with LinkedIn CAPI
In the B2B buying journey, touchpoints take place across platforms, meaning conversions happen both 'online' (within an ad platform's tracking scope) and 'offline' (on another platform, typically the CRM).
B2B Marketers need to be sending this valuable offline data back into the LinkedIn advertising platform to automate optimization.
LinkedIn Conversions API (CAPI) enables you to feed LinkedIn ads with 'offline' conversion data - pipeline and revenue data stored traditionally in the CRM.
#5.1: The Power of LinkedIn CAPI
- When LinkedIn ads engagement data is included in revenue attribution modeling, our clients see remarkable improvements in the accuracy of measured ROI for LinkedIn Ads.
- This highlights how not tracking this data layer might mean missed revenue.
- Companies using LinkedIn CAPI often see:
More attributed conversions
Lower cost per acquisition
Better targeting of high-value prospects
#5.2: How LinkedIn Ad Signals Predict Revenue
- The timing from LinkedIn ads impressions to revenue can extend over many months, demonstrating that impressions are often the very first level of contact between a brand and prospective customers.
- LinkedIn ads engagement (which includes video views, likes, comments, and clicks) typically occurs closer to conversion, while actual LinkedIn Ads conversions represent the strongest intent signal of the three.
#5.3: Optimization Strategy by Format
Single Image Ads Optimization:
Focus on compelling headlines under 40 characters
Use high-contrast imagery with minimal text
Test multiple variations with at least 3-4 creative alternatives
Video Ads Optimization:
Keep videos under 30 seconds for highest completion rates
Place key messages in the first 5 seconds
Use captions to improve accessibility and engagement
Carousel Ads Optimization:
Use a strong first card that can stand alone
Create a visual narrative that flows across cards
Maintain consistent design language while varying content
Document Ads Optimization:
Lead with valuable insights on the cover page
Keep documents under 8 pages for optimal consumption
Design specifically for mobile viewing experience
#5.4: Leveraging Pipeline Data to Supercharge LinkedIn Performance
LinkedIn CAPI exists to allow ad buyers to send pipeline and revenue data back to LinkedIn ads.
This helps LinkedIn ads gain clarity of what types of users and accounts become pipeline and revenue months after the initial ad click or engagement.
The benefits of implementing CAPI speak for themselves.
It makes sense then that the closer to revenue this data is, the better LinkedIn ads will be able to optimize campaigns.
So don't leave your pipeline and revenue data sitting around, activate it through CAPI to improve performance across all formats.
Part Vl: Key Takeaways and Recommendations
#6.1: Document Ads Deliver Superior Conversion
Document ads consistently outperform all other formats in Lead Gen Form completion rates (22.73% in US compared to 7.14% for Single Image ads).
Despite their higher CPM, they deliver the most efficient cost per lead for high-value content offers and represent the best investment for pipeline generation.
Recommendation: Allocate a significant portion of your LinkedIn budget to Document ads, especially for bottom-funnel conversion campaigns and high-value thought leadership content.
#6.2: B2B Customer Journeys Require Full-Funnel Approach
- With extended timeframes from first touch to closed-won and multiple stakeholders involved in typical buying decisions, B2B marketers must build campaigns that nurture prospects across the entire journey.
Recommendation: Develop retargeting strategies that maintain engagement throughout the extended sales cycle, recognizing LinkedIn's role evolves but remains important throughout the customer journey.
#6.3: Strategic Budget Allocation Tips
Based on our comprehensive analysis, here's how to allocate your LinkedIn ad budget for maximum pipeline impact:
Awareness (25-30% of budget):
Single Image ads for efficiency, targeted broadly to ideal customer profile.
Consideration (30-35% of budget):
Carousel ads showing continued cost improvements for complex messaging.
Conversion (35-40% of budget):
Document ads for their superior 22.73% completion rates and lowest CPL ($255.81).
Retargeting (5-10% of budget):
Mix formats based on where prospects are in the 107-day journey from MQL to SQL.
Remember: Document ads now earn 11% of total spend (up from 4%) because they trade CPM premiums for the lowest CPL.
FAQs
How big should my target audience be on LinkedIn?
Aim for an audience size of at least 50,000 for sponsored content campaigns, but focus on relevance over size.
What's the best way to use LinkedIn's Matched Audiences?
Upload a clean, up-to-date list of your target accounts or contacts to create highly personalized campaigns.
How do I target specific high-value accounts in my campaigns?
Upload a CSV file containing the company names and relevant decision-makers to set up highly targeted ABM campaigns.
What information should my CSV file contain?
Include company names and the names or roles of key decision-makers to increase the accuracy of your targeting.
How can I ensure a high match rate when uploading my list?
Make sure your list is clean, accurate, up-to-date, and free of errors to maximize match rates.
What is the recommended number of accounts to upload?
Upload a manageable list, such as 300 targeted companies, to effectively personalize content without overextending resources.
Can I use this targeting approach for any industry?
Yes, this approach works across industries but is particularly effective in B2B sectors like fintech where reaching decision-makers is crucial.
How often should I update my list of high-value accounts?
Regularly update your list to keep it accurate and relevant; a quarterly update is generally advisable.
PS:
We just helped a B2B company reduce the average 107-day MQL→SQL time by 41% using these exact LinkedIn ad recommendations. Want to see how we did it?
Book a Free LinkedIn Ads Opportunity Review
LinkedIn ad waste is frustratingly common, but the fixes are simpler than you think. Get a free Opportunity Review revealing the small tweaks that cut our clients' CAC by 17% in 30 days.
