LinkedIn CPM Explained: Understanding Cost Per Impression

CPM (Cost Per Mille) measures what you pay for every 1,000 impressions of your LinkedIn ads. Understanding LinkedIn CPM helps you budget effectively and choose the right bidding strategy for your campaign objectives. According to Lever Digital's 2026 benchmarks, average LinkedIn CPM ranges from £20-£35 ($25-$45 USD) for most B2B campaigns, making it one of the higher-cost advertising platforms.

This guide explains how LinkedIn CPM works, current benchmarks by ad format, and when CPM bidding makes sense for your campaigns.

What is LinkedIn CPM?

CPM stands for "Cost Per Mille" (mille is Latin for thousand). When you run LinkedIn ads on a CPM basis, you pay a fixed rate for every 1,000 times your ad is displayed, regardless of whether anyone clicks.

LinkedIn calculates CPM using this formula:

CPM = (Total Ad Spend / Total Impressions) x 1,000

For example, if you spent $500 and received 10,000 impressions, your CPM would be $50.

2026 LinkedIn CPM Benchmarks

LinkedIn CPM varies significantly based on your targeting, ad format, and industry. Here are current benchmarks from industry reports:

Overall CPM Ranges

Source	CPM Range
Lever Digital UK	£20-£35 ($25-$45)
Wolfpack Advising	$30+
LinkedIn ABM Report	$78.30 median (ABM campaigns)
Industry Average	CPMs up 28% YoY

CPM by Ad Format

Different LinkedIn ad formats have varying CPM costs based on placement and engagement patterns:

Ad Format	Typical CPM Range	Notes
Single Image Ads	$30-$65	Most common format
Video Ads	$35-$80	Higher engagement potential
Document Ads	$60-$130	Median $60.95
Thought Leader Ads	$25-$50	Personal post boosting
Text Ads	$15-$30	Right rail placement, lower visibility

Factors That Increase CPM

Several factors push LinkedIn CPM higher:

• Narrow targeting: Highly specific job titles or company lists increase competition
• Competitive industries: Finance, technology, and consulting see higher CPMs
• Senior decision-makers: C-suite and VP-level targeting commands premium rates
• Peak seasons: Q4 and January typically see elevated costs
• Small audience sizes: Audiences under 50,000 often have higher CPMs

LinkedIn CPM vs CPC: Which Should You Choose?

LinkedIn offers two primary bidding options: CPM (pay per impression) and CPC (pay per click). The right choice depends on your campaign goals.

When to Use CPM Bidding

Brand awareness campaigns: If your goal is maximum visibility rather than immediate clicks, CPM ensures your message reaches your target audience repeatedly.

High-quality creative: When you have compelling content that drives engagement, CPM can be more cost-effective than CPC if your click-through rate exceeds platform averages.

Retargeting campaigns: For audiences already familiar with your brand, CPM helps maintain top-of-mind awareness during longer B2B buying cycles.

Frequency-focused strategies: CPM bidding helps control how often your audience sees your ads, which matters for brand recall.

When to Use CPC Bidding

Direct response campaigns: If you need clicks to landing pages, demos, or lead forms, CPC ensures you only pay when someone takes action.

Testing new creative: CPC protects your budget while you determine which messaging resonates before scaling with CPM.

Limited budgets: CPC provides more predictable costs since you won't pay for impressions that don't generate clicks.

Lower-quality audiences: For broader targeting where not every impression is valuable, CPC focuses spend on engaged users.

CPM vs CPC Cost Comparison

According to Omni Media Consulting, LinkedIn advertising typically shows these relationships:

Metric	Typical Range
Average CPC	$5-$15
Average CPM	$30-$80
Break-even CTR	~0.5-1.0%

If your click-through rate exceeds 0.5%, CPM bidding often delivers lower effective cost per click than CPC bidding.

How to Lower Your LinkedIn CPM

Expand Your Audience

Narrow targeting drives up competition and costs. If your audience is under 50,000 members, consider:

• Broadening job title targeting
• Including adjacent industries
• Using "Member Traits" instead of exact titles

Improve Ad Relevance

LinkedIn rewards relevant ads with lower costs. Test different:

• Headlines and descriptions
• Images and video content
• Calls-to-action
• Audience segments

Optimize Delivery Timing

Avoid premium time slots when competition is highest. Test campaigns during:

• Off-peak hours (evenings, weekends)
• Lower-competition months (summer, early Q1)
• Dayparting to focus on business hours only

Use Thought Leader Ads

Thought Leader Ads (boosted personal posts) often achieve lower CPMs than traditional sponsored content because they appear more organic in the feed.

Test Document Ads

While Document Ads have higher CPMs, they also drive higher engagement. According to the 2026 ABM Benchmarks Report, Document Ads have 22.73% lead form completion rates versus 2.26% for Video, potentially making the higher CPM worthwhile.

LinkedIn CPM and Campaign Objectives

LinkedIn's Campaign Manager sets different bid recommendations based on your objective:

Awareness objective: CPM bidding is the default, optimized for maximum reach Consideration objectives: Both CPM and CPC available; choice depends on content Conversion objectives: CPC or CPL (cost per lead) typically recommended

For most B2B campaigns focused on pipeline generation, industry analysis suggests measuring success by qualified leads and pipeline influenced rather than CPM alone.

Tracking CPM Performance

Monitor these metrics alongside CPM to evaluate campaign health:

• Frequency: How often each person sees your ad (aim for 3-4 for awareness, 1-2 for conversion)
• Reach: Total unique users who saw your ad
• CTR: If above 0.5%, consider CPM bidding
• Cost per result: The metric that matters most for your objective

Frequently Asked Questions

What is a good CPM for LinkedIn ads?

A "good" LinkedIn CPM depends on your targeting and industry. For general B2B campaigns, $30-$50 CPM is typical. Highly targeted campaigns to senior decision-makers may see $60-$100+ CPM. Compare your CPM to industry benchmarks and, more importantly, to your cost-per-qualified-lead.

Why is LinkedIn CPM so high compared to other platforms?

LinkedIn's professional audience and precise B2B targeting justify higher CPMs. Unlike Meta or Google Display, LinkedIn reaches verified professionals with accurate job title, company, and seniority data. For B2B advertisers, the higher CPM often delivers better-qualified leads at lower overall cost-per-acquisition.

Should I use CPM or CPC for LinkedIn lead generation?

For lead generation campaigns using Lead Gen Forms, test both. If your ad creative drives strong click-through rates (above 0.5%), CPM bidding may deliver leads more efficiently. Start with CPC to establish baseline performance, then test CPM as you optimize creative.

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Key Takeaways

• LinkedIn CPM averages $30-$80 in 2026, with ABM campaigns seeing $78+ median CPM
• CPM bidding works best for awareness campaigns and high-performing creative
• CPC bidding protects budget during testing and for direct response goals
• Lower CPM through audience expansion, creative optimization, and Thought Leader Ad formats
• Measure success by pipeline and qualified leads, not CPM alone

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