Measuring LinkedIn advertising ROI goes beyond tracking clicks and impressions. For B2B marketers, the real question is whether ad spend translates into pipeline and revenue. According to 2026 LinkedIn marketing benchmarks, LinkedIn ads deliver higher MQL-to-SQL conversion rates (20-30%) than other platforms, but at premium costs. This guide explains how to calculate, measure, and improve your LinkedIn advertising ROI.
Before diving into measurement, clarify what you're actually measuring.
ROI considers your total investment, including costs beyond ad spend.
Formula:
ROI = (Revenue - Total Costs) / Total Costs × 100
Total costs include:
Example:
ROI = ($100,000 - $27,000) / $27,000 × 100 = 270%
ROAS focuses specifically on advertising efficiency—what you earned per dollar of ad spend.
Formula:
ROAS = Revenue from Ads / Ad Spend
According to Two Minute Reports, ROAS measures campaign efficiency and helps compare performance across campaigns.
Example:
ROAS = $100,000 / $20,000 = 5:1 (or 500%)
This means you earned $5 for every $1 spent on ads.
| Metric | Best For | Considers |
|---|---|---|
| ROI | Business profitability | All costs |
| ROAS | Campaign efficiency | Ad spend only |
Use ROAS for campaign optimization decisions. Use ROI for overall business impact assessment.
Track these metrics to build a complete picture of campaign performance.
| Metric | Formula | What It Tells You |
|---|---|---|
| Cost Per Lead (CPL) | Ad Spend ÷ Leads | Lead acquisition efficiency |
| Lead-to-MQL Rate | MQLs ÷ Leads × 100 | Lead quality |
| MQL-to-SQL Rate | SQLs ÷ MQLs × 100 | Sales alignment |
| Cost Per SQL | Ad Spend ÷ SQLs | Qualified lead cost |
| Metric | Formula | What It Tells You |
|---|---|---|
| Cost Per Opportunity | Ad Spend ÷ Opportunities | Pipeline efficiency |
| Pipeline Value | Opportunities × Avg Deal Size | Total pipeline generated |
| Revenue Attribution | Closed Won from LinkedIn | Actual revenue impact |
| Customer Acquisition Cost | Total Costs ÷ New Customers | True acquisition cost |
| Metric | Benchmark | Impact on ROI |
|---|---|---|
| Click-Through Rate (CTR) | 0.44% avg | Higher CTR = lower CPC |
| Conversion Rate | 2.74% avg | Direct pipeline impact |
| Video Completion Rate | 25-35% | Engagement quality |
According to The Creatives Table, LinkedIn B2B campaigns average 0.44% CTR and 2.74% conversion rates in 2026—outperforming many digital channels for professional audiences.
Compare your performance against these 2026 benchmarks.
| Metric | Average | Top Performers |
|---|---|---|
| CPM | $30-65 | $25-40 |
| CPC | $4-8 | $3-6 |
| CPL | $75-150 | $50-100 |
| Cost Per SQL | $200-400 | $150-250 |
| Stage | Conversion Rate |
|---|---|
| Lead to MQL | 15-25% |
| MQL to SQL | 20-30% |
| SQL to Opportunity | 30-40% |
| Opportunity to Close | 15-25% |
According to LinkedIn performance data, LinkedIn ads drive higher MQL-to-SQL conversion (20-30%) compared to Meta's 8-15%, justifying the higher CPL for quality-focused campaigns.
| Industry | Average ROAS | Top Performers |
|---|---|---|
| Enterprise SaaS | 3-5x | 6-8x |
| Professional Services | 4-6x | 7-10x |
| Financial Services | 3-5x | 6-9x |
| Technology | 4-6x | 8-12x |
Follow this step-by-step process to measure actual return.
Accurate ROAS requires proper tracking. Implement:
LinkedIn Insight Tag: Install on all website pages to track conversions and build retargeting audiences.
Conversion events: Define what counts as a conversion:
UTM parameters: Tag all LinkedIn ad URLs to track in Google Analytics and your CRM.
Choose how you'll credit LinkedIn for conversions.
| Model | How It Works | Best For |
|---|---|---|
| Last-touch | 100% credit to final touchpoint | Simple measurement |
| First-touch | 100% credit to first touchpoint | Lead source tracking |
| Linear | Equal credit across touchpoints | Multi-touch journeys |
| Position-based | 40/20/40 (first, middle, last) | Balanced attribution |
Most B2B companies use multi-touch attribution since sales cycles involve 6-10 touchpoints.
Link your CRM to ad platforms for closed-loop reporting:
30-Day Campaign Example:
ROAS = $50,000 / $10,000 = 5:1
For B2B with long sales cycles, allow 90-180 days before calculating final ROAS.
Implement these tactics to boost campaign returns.
Layer targeting criteria: Instead of broad job title targeting, combine:
Use matched audiences:
Test audience variations: Run parallel campaigns with different targeting to identify highest-ROI segments.
Test creative elements:
Refresh creative regularly: According to LinkedIn's 2026 updates, AI Ad Variants now automate creative testing, generating multiple copy and headline variations to reduce ad fatigue.
Top of funnel (TOFU):
Middle of funnel (MOFU):
Bottom of funnel (BOFU):
Matching offers to buyer stage improves conversion rates and reduces CPL.
Start with Maximum Delivery to establish benchmarks, then transition to Cost Cap (set at 110-120% of target CPL) for efficiency without sacrificing delivery.
Adjust bids by audience:
Retargeting campaigns typically deliver 2-3x higher ROI than cold campaigns:
Avoid these errors when calculating LinkedIn ROI.
B2B sales cycles average 3-6 months. Measuring ROI after 30 days misses most conversions.
Fix: Use 90-180 day attribution windows for accurate measurement.
LinkedIn often influences deals without getting last-click credit.
Fix: Use multi-touch attribution to capture LinkedIn's role in the buyer journey.
Brand awareness campaigns build pipeline that converts later through other channels.
Fix: Track branded search lifts and direct traffic increases alongside direct conversions.
LinkedIn CPLs are 2-3x higher, but lead quality is typically better.
Fix: Compare cost per SQL and cost per opportunity, not raw CPL.
A good LinkedIn ads ROAS ranges from 3-5x for most B2B companies, meaning you earn $3-5 for every $1 spent. Top performers achieve 6-10x ROAS. However, "good" depends on your margins—a 3x ROAS with 20% margins barely breaks even, while the same ROAS with 60% margins is highly profitable. Calculate your breakeven ROAS first.
Calculate LinkedIn ROI using: (Revenue - Total Costs) / Total Costs × 100. Include all costs: ad spend, agency fees, creative production, and internal resources. For campaign-level measurement, use ROAS: Revenue from Ads / Ad Spend. Allow 90-180 days for B2B sales cycles before calculating final returns.
LinkedIn CPLs are typically 2-3x higher than Meta or Google because you're targeting professional audiences with high purchase intent. The premium is justified by higher lead quality: LinkedIn delivers 20-30% MQL-to-SQL conversion vs. 8-15% on other platforms. Focus on cost per SQL, not raw CPL, for accurate comparison.
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