LinkedIn Ads benchmarks for 2024

Using the performance data from our clients’ LinkedIn Ads campaigns, we have compiled comprehensive benchmarks based on our 2023 activities. 

Blog published on 28/07/2023, and updated on 15/08/2024.

LinkedIn Ads remains one of the most effective paid media channels, especially for our B2B clients, thanks to its precise audience targeting capabilities.

For 2024, we’ve analysed all campaign data to establish benchmarks that will guide and optimise our LinkedIn Ads strategies throughout the year. As always, our goal is to surpass these benchmarks, ensuring our clients achieve the best possible results.

To ensure accuracy, our analysis categorises data by campaign type and further segments metrics by region (AMER, EMEA, APAC, and Global). This segmentation allows us to tailor our strategies to specific audiences and campaign goals.

Our analysis includes key metrics such as CTR (Click-Through Rate), CPC (Cost Per Click), conversion rates, and CPA (Cost Per Acquisition). As we dive into the data, you’ll find detailed insights for each ad type—Single Image Ads, Carousel Ads and Video Ads—helping you navigate the nuances of LinkedIn Ads performance in 2024.

For clarity, we have defined the regions as follows:

• AMER: This region includes campaigns that targeted any and only countries within the Americas, including North, Central, and South America.
  
  
• EMEA: This region encompasses campaigns that targeted any and only countries in Europe (including the entirety of Russia), Africa, and the Middle Eastern countries of Asia.
  
  
• APAC: This region covers campaigns that targeted any and only countries from non-Middle-Eastern Asia, as well as Oceania.
  
  
• Global: This region includes any campaigns that targeted a combination of countries from the AMER, EMEA, and APAC regions.
  
  

LinkedIn single image ads benchmarks 

For the purposes of this analysis, conversions and Leads as reported by LinkedIn have been considered to be the same since all of our activity conversions correspond to lead generation whether it’s on a native LinkedIn Ads form or a landing page with a conversion form.

In 2023, LinkedIn Single Image Ads continued to be a key component of our clients’ paid media strategies. For 2024, we've observed some notable trends and shifts in performance across regions.

CTR and CPC insights:

• The EMEA region has shown the highest average CTR, reflecting strong engagement. Its CPC is close to the middle of the range, indicating a balance between competition and cost-efficiency.
  
  
• The AMER region continues to show the lowest CTR and the highest CPC. This trend is driven by the intense competition in North America. Without the inclusion of data from the LATAM region, these metrics would likely appear even less favourable.
  
  
• APAC, while growing in popularity, has demonstrated a relatively lower CTR compared to EMEA and higher than AMER. However, its lower CPC reflects the less competitive nature of this market.
  
  

Conversion rate and cost per conversion:

• Despite weaker click-through metrics, the AMER region boasts the highest conversion rate across all regions, though it also has the highest cost per conversion due to competition in North America.
  
  
• EMEA, as the second most competitive region, also delivers strong conversion metrics, with the second-lowest cost per conversion.
  
  
• In APAC, the conversion rate is lower, likely due to LinkedIn's growing but still maturing presence in the region. The cost per conversion is lower here, but it's important to monitor the quality of conversions, which may not yet match those in more competitive regions like AMER and EMEA.

LinkedIn carousel ads benchmarks

In 2023, LinkedIn Carousel Ads were less frequently used compared to Single Image Ads, but they still provided valuable insights. For 2024, the performance metrics of Carousel Ads show distinct trends.

*There was no campaign that fell under the Global region category

CTR and CPC insights:

• Carousel Ads demonstrated higher CTR and lower CPC across all regions compared to Single Image Ads. This suggests that Carousel Ads are more effective for driving engagement and traffic.
• Notably, there was no campaign categorised under the Global region for Carousel Ads in 2023. This absence provides a more focused view of performance within the specific regions.
  
  

Conversion metrics:

• Despite their stronger engagement metrics, Carousel Ads have shown weaker conversion rates compared to Single Image Ads. This indicates that while Carousel Ads excel in generating clicks and traffic, they may not be as effective for lead generation and conversions.
  
  

LinkedIn video ads benchmarks

Video Ads on LinkedIn continued to be a significant format in 2023. For 2024, the data reveals some interesting trends and regional differences.

Completion rate and view rate:

• The EMEA region leads with a significantly higher video completion rate compared to AMER and APAC. This suggests better audience engagement and longer attention spans in EMEA.
  
  
• The view rate is similar in AMER and EMEA, both nearing 30%, whereas APAC shows a lower view rate of around 25%. This indicates a shorter attention span or less engagement with video content in APAC.
  
  

CTR and conversion metrics:

• The CTR for video ads is comparable to Single Image Ads in APAC and EMEA but significantly lower in AMER. This suggests that video ads in AMER may be more suited for brand awareness and reach rather than direct traffic and conversions.
  
  
• The conversion metrics for video ads in AMER are notably poor, reinforcing the idea that video ads in this region are less effective for lead generation compared to other regions.
  
  

Overall LinkedIn ads benchmarks

To provide a comprehensive view of LinkedIn Ads performance, we have combined data from Single Image Ads, Carousel Ads, and Video Ads.

This overall analysis highlights key trends and changes in ad performance for 2024.

Overall performance insights:

• CTR trends: There is an upward trend in CTR benchmarks for EMEA and APAC regions, while AMER shows a decline. This shift suggests improving engagement in EMEA and APAC but increasing challenges in capturing clicks in AMER.
  
  
• CPC stability: CPC metrics remain relatively stable across regions, with fluctuations primarily influenced by regional competition levels. APAC continues to show the lowest CPC, whereas AMER retains the highest CPC due to high competition.
  
  
• Conversion performance: Conversion rates are generally improving year over year. APAC remains the most cost-effective region for conversions, though the quality of these conversions should be assessed carefully. EMEA shows strong conversion performance, with reduced costs compared to AMER, which, despite high conversion rates, has a higher cost per conversion.
  
  

Finally, here is an overall LinkedIn Ads benchmarks table for sponsored updates that includes single image, video and carousel ads together.

Key insights and strategic takeaways

Our 2024 LinkedIn Ads benchmarks reveal significant shifts and trends in performance metrics across various ad formats and regions. Notably:

• APAC is emerging as the most cost-effective region for conversions, though it is crucial to monitor the quality of these conversions.
  
  
• EMEA shows strong performance in both CTR and conversion rates, reflecting a competitive but effective market.
  
  
• AMER faces increased competition, resulting in higher CPC and challenges in CTR and video ad conversions, suggesting a focus on reach and brand awareness rather than direct lead generation.
  
  

Overall, we observe a general improvement in conversion performance year on year, with CTR benchmarks rising in EMEA and APAC and a stable CPC across regions.

How Huble can help improve your LinkedIn Ads' performance

If you are looking to take your PPC campaigns to the next level, Huble’s PPC consultancy can help. 

Our experienced consultants have helped hundreds of businesses leverage their analytics, refine their targeting and maximise their Paid Media performance. 

Speak with our team today to unlock the full potential of your paid media efforts.