LinkedIn Ads vs Facebook Ads for B2B: I've Spent $1M on Both

Real Spend, Real Results from 40+ B2B Campaigns

I'm going to settle this once and for all.

Over the last four years, I've managed over $1M in combined spend across LinkedIn and Facebook for B2B companies. Enterprise SaaS, SMB software, cybersecurity firms, professional services — you name it.

Everyone has an opinion about which platform is "better" for B2B. Most of those opinions are based on surface-level metrics or what they read in some marketing blog.

I've got the receipts. Real campaigns, real money, real closed deals.

Here's what I've learned: The answer isn't "LinkedIn is better for B2B." It's way more nuanced than that.

In some cases, Facebook destroys LinkedIn on cost per qualified lead. In others, LinkedIn is worth every penny of its premium pricing.

Let me show you when to use which platform, backed by actual data.

Context: I manage B2B campaigns for companies ranging from 10-person startups to 5,000-person enterprises. Average deal size ranges from $5K to $500K. This isn't theory — it's what actually works when your job is on the line.

When LinkedIn Actually Wins

LinkedIn is better for B2B when your target buyer is:

• Senior decision-makers at large companies (VP+, 1,000+ employees)
• Specific, niche job titles ("Director of Revenue Operations," "VP of Sales Enablement")
• In high-consideration purchase mode (actively researching solutions, comparing vendors)

I ran a campaign for an enterprise sales intelligence platform. ICP: VPs of Sales at tech companies with 500+ employees, $50M+ revenue.

LinkedIn campaign:

• Spend: $48,000 over 3 months
• Leads: 180 MQLs
• SQLs: 38 (21% conversion rate)
• Cost per SQL: $1,260
• Closed deals: 7 worth $680K

Facebook campaign (same offer, same period):

• Spend: $32,000
• Leads: 620 MQLs
• SQLs: 22 (3.5% conversion rate)
• Cost per SQL: $1,450
• Closed deals: 2 worth $140K

LinkedIn won by a landslide. Why? Because when you're selling six-figure software to VPs at F500 companies, you need a platform where people are in "work mode."

LinkedIn dominates when:

I also use LinkedIn when I'm promoting thought leadership content. Whitepapers, webinars, research reports — they perform 3-4x better on LinkedIn than Facebook for B2B audiences.

When Facebook Beats LinkedIn (This Will Surprise You)

Now here's where it gets interesting.

I ran a campaign for a project management tool targeting small marketing agencies (5-25 employees). Decision maker: agency owner or marketing director.

Facebook campaign:

• Spend: $18,500 over 3 months
• Leads: 440 MQLs
• SQLs: 92 (21% conversion rate)
• Cost per SQL: $200
• Closed deals: 18 worth $108K ($6K ACV)

LinkedIn campaign (same offer, same period):

• Spend: $22,000
• Leads: 105 MQLs
• SQLs: 18 (17% conversion rate)
• Cost per SQL: $1,220
• Closed deals: 4 worth $24K

Facebook destroyed LinkedIn. Cost per SQL was 6x cheaper. We closed 4.5x more deals.

Why did Facebook win here?

SMB buyers are on Facebook — Small business owners scroll Facebook during breaks. They're not constantly on LinkedIn.

Interest targeting worked better — We targeted people interested in "entrepreneurship," "small business," "digital marketing." Facebook's behavioral data crushed LinkedIn's job titles.

Creative flexibility — Facebook lets you run video ads, carousel ads, stories. We tested 30+ creative variations. LinkedIn's format is more rigid.

Lower friction — Facebook lead forms convert at insane rates for SMB audiences.

I've seen Facebook outperform LinkedIn in these scenarios:

Facebook is better when you're selling to:

• SMBs and startups (under 50 employees)
• Prosumers (solopreneurs, freelancers, consultants)
• Buyers under 35 (younger decision-makers live on Instagram/Facebook, not LinkedIn)
• Broad interest-based audiences ("people interested in fitness" if you sell gym management software)
• Lower ACV products (under $10K annual contract value)

I also use Facebook for top-of-funnel content distribution. Running a webinar? I can get registrations on Facebook for $8-15 each. On LinkedIn, same webinar costs $35-50 per registration.

Real example: I promoted a "State of Marketing Automation" report.

• Facebook: 2,400 downloads at $12 each
• LinkedIn: 380 downloads at $45 each

Both audiences were qualified. But Facebook let me scale the reach 6x for the same budget.

Cost Per Qualified Lead: The Real Numbers

Forget cost per click. Forget cost per impression. The only metric that matters is cost per qualified lead — and ultimately, cost per closed deal.

Here's what I'm seeing across 40+ B2B campaigns:

LinkedIn Cost Per SQL (by segment):

• Enterprise software: $800 - $1,500
• Mid-market SaaS: $250 - $600
• SMB SaaS: $150 - $300
• Professional services: $120 - $250
• B2B ecommerce/physical products: $100 - $200

Facebook Cost Per SQL (by segment):

• Enterprise software: $1,200 - $2,000 (usually not worth it)
• Mid-market SaaS: $180 - $400
• SMB SaaS: $80 - $200
• Professional services: $60 - $150
• B2B ecommerce/physical products: $40 - $100

Notice the pattern? As you move down-market, Facebook becomes more cost-effective.

But here's the catch: Cost per SQL doesn't tell the whole story.

I ran a Facebook campaign that generated SQLs at $95 each. Looked amazing. Sales team was thrilled... until they started taking calls.

SQL-to-close rate: 4%

We ran a LinkedIn campaign where SQLs cost $340 each. More expensive, right?

SQL-to-close rate: 28%

Do the math:

• Facebook: $95 per SQL, 4% close rate = $2,375 cost per closed deal
• LinkedIn: $340 per SQL, 28% close rate = $1,214 cost per closed deal

LinkedIn was half the cost when you measured what actually mattered.

This is why I use platforms like AdsMAA to track campaigns all the way through to closed revenue. Looking at SQL costs without close rates is like judging a restaurant by how fast they seat you, ignoring the food quality.

Key insight: For high ACV B2B sales, lead quality matters more than lead cost. For transactional B2B sales, volume and cost efficiency win.

Audience Targeting: What Actually Matters

Everyone obsesses over targeting capabilities. "LinkedIn has job titles!" "Facebook has interests!"

After running hundreds of campaigns, here's what I've learned: Targeting is overrated. Creative and offer matter way more.

That said, here's where each platform shines: LinkedIn targeting advantages:

• Job title and seniority (can target "Director of IT" at "1,000-5,000 employee companies")
• Company attributes (industry, size, growth rate)
• Groups and skills (niche professional communities)
• Account-based targeting (upload a list of 500 target companies, LinkedIn will find employees)

Facebook targeting advantages:

• Behavioral targeting (people who've engaged with business content, online shoppers, tech early adopters)
• Life events (recently started a business, changed jobs, moved cities)
• Interest layering (can stack 5-6 interests to create hyper-specific audiences)
• Lookalike audiences (Facebook's lookalikes outperform LinkedIn Matched Audiences in my testing)

Real-world example:

I needed to target operations managers at logistics companies for a supply chain software client.

LinkedIn approach:

• Job title: Operations Manager, VP Operations, Director of Operations
• Industry: Logistics & Supply Chain, Transportation
• Company size: 200-10,000 employees

Audience size: 42,000 people. Precise, but expensive. CPM: $65.

Facebook approach:

• Interests: Supply chain management, logistics, freight forwarding
• Job title: Operations (Facebook's job targeting isn't great, but exists)
• Layered with: Engaged with business content in last 30 days
• Lookalike: 1% lookalike of our existing customers

Audience size: 280,000 people. Broader, but cheaper. CPM: $18.

Results:

• LinkedIn generated higher-quality leads but at 4x the cost
• Facebook generated more volume and our retargeting campaigns converted them over time
• We ended up running both: LinkedIn for direct response, Facebook for awareness + retargeting

How to Choose (Or Why Not Both?)

Stop thinking "LinkedIn vs Facebook." Start thinking "LinkedIn AND Facebook."

If you have $10K+/month to spend on paid social, split your budget.

Here's my default allocation for B2B campaigns: For Enterprise B2B (deal size $50K+, 6+ month sales cycle):

• 70% LinkedIn (direct response, high-intent campaigns)
• 30% Facebook (content promotion, retargeting, brand awareness)

For Mid-Market B2B (deal size $10K-50K, 3-6 month sales cycle):

• 50% LinkedIn (lead gen, demo campaigns)
• 50% Facebook (content, retargeting, lookalikes)

For SMB B2B (deal size under $10K, 1-3 month sales cycle):

• 30% LinkedIn (test for quality)
• 70% Facebook (volume play, rapid optimization)

I use this framework to decide when I'm launching a new campaign:

Choose LinkedIn if:

• Your ICP is VP+ at companies with 500+ employees
• Deal size justifies $500+ cost per SQL
• You're selling complex, high-consideration solutions
• Your message needs a professional, credible context

Choose Facebook if:

• Your ICP is SMB owners, solopreneurs, or younger decision-makers
• You need volume and can optimize for quality through nurturing
• Your product has visual appeal or requires creative storytelling
• You want to test offers quickly (Facebook's auction is more forgiving)

Run both if:

• You have $10K+/month budget
• You can track multi-touch attribution (tools like AdsMAA make this easier)
• Your sales cycle is 60+ days (enough time for multi-channel influence)

The Biggest Mistake Most B2B Marketers Make

They pick a platform based on conventional wisdom instead of testing.

"We're B2B, so LinkedIn is the only platform that works."

"Facebook is for B2C. Our buyers aren't there."

I've heard both takes. Both are wrong.

Last year, I ran campaigns for a cybersecurity company. Everyone said LinkedIn was the only option. Enterprise buyers, technical decision-makers, six-figure deals.

I pushed to test Facebook anyway.

Turns out, IT directors and CISOs scroll Facebook too. We just needed different creative. Instead of whitepapers and ROI calculators, we ran video ads explaining ransomware threats in 60 seconds.

Facebook results:

• 1,200 video views (25%+ watched)
• 88 MQLs from retargeting viewers
• 16 SQLs
• 3 closed deals worth $420K

Cost per closed deal: $3,800. On Facebook. For a cybersecurity platform selling to enterprise IT leaders.

The lesson? Test both platforms. Your assumptions are probably wrong.

Want to know which platform is delivering real ROI for your B2B campaigns? Try AdsMAA's free audit — it'll show you which channels are actually contributing to closed deals, not just vanity metrics like clicks and impressions.

Your CFO will love you for it.