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  • Google Ads For Fintech Companies

    Fintech is its own unique niche in Paid Search and has aspects that straddle the line between diverse campaign setups. Fintech campaigns can be lead generation, and some are B2B, B2SMB, or B2C. They can be broadly focused, and some are narrowly focused. However, within all these different permutations, commonalities exist across the various choices, and it is these commonalities that I would like to focus on in this piece.

    One product or product group per Google Ads account

    Focusing on one product is the ideal account structure for ease of use. Although we have seen multiple product lines per account—while it’s certainly viable—such a setup increases the chances of errors occurring. One product group should have a unified targeting setup and one set of conversion events that are being targeted. Within this one account, at the campaign level, you can then create your unique segmentation (with real-world attributes like geography or campaign-type elements like campaign type).

    Define campaign objectives

    Each initiative will have a conversion funnel of some sort. Some funnel steps will be tied to Google Ads, and some will be offline. Some offline elements (like source-to-close tracking) can be imported back to Google Ads as long as they happen within 30 days of the initial click. Some cannot. One of the decisions that needs to be made is which funnel stage Google will optimize towards.

    We have optimized towards “top of funnel,” “middle of funnel” and “bottom of funnel.” As a rule of thumb, we recommend optimizing to the lowest funnel stage possible where 50+ conversions happen within the first 30 days (the more, the better). There are Fintech products where leads take much longer than 30 days to close. In that situation, it’s important that mid-funnel conversions are “built-in” to the process to best inform Google. These mid-funnel conversions don’t need to take place on the website, they can be something like a successful client call (which will be noted by the Account executive / Sales Rep in the CRM) or a proposal creation.

    Source to close tracking

    Source to close tracking is what enables Google Ads to track each funnel step. If you haven’t implemented it yet, here’s how you set it up:

    • Tag each landing page URL. You can use auto-tagging or appending gclid={gclid} to it. When the visitor lands on the landing page, a unique gclid is assigned to that visitor.
    • The gclid information needs to be passed into your CRM where it gets tied to a unique prospect record.
    • When a prospect passes certain stages in the funnel, the CRM is updated with that information, and each relevant funnel stage conversion is passed back to Google.
    • Google sets the funnel stages being targeted for conversions to “Primary” (with the remaining conversion types set to “Secondary”). Thus, one can create a bidding strategy targeting these primary conversions.

    Profitable optimization

    There are two types of bidding strategies for Google Ads that are typically put into play for Fintech firms. The first is deciding how much the company is willing to pay for a “funnel conversion.” Once that is decided, then a Target CPA bidding strategy is set up, telling Google to get as many leads as possible within the client budget for that Target CPA.

    The second type involves targeted leads that could have variable values that get passed back into Google Ads. In this case, the company can bid for a certain Target ROAS (Return on Ad Spend). In this scenario, one decides how much they are willing to pay for an “average” conversion and sets up the bidding strategy to target a 1 ROAS – where the revenue earned equals the amount spent in Google Ads.

    Keyword optimization

    I’m pretty certain that anyone reading this article works at a company that has run Google Ads in some form. Campaigns have been set up with keywords in them that map to the company’s offering, even if they are not set up in an optimal fashion. My strongest recommendation for doing keyword research involves reviewing the search queries that Google served against (which differs from the keywords that the account is bidding on).

    If you are currently tracking conversions, first examine the queries that generated conversions for you. If their Target CPA is acceptable, that is a term you should specifically target (if you are not targeting it already). If the Target CPA is too high, you might want to either exclude it or bid much more conservatively in the future. You should focus on terms that have generated conversions for you but are not currently present in your setup. Those should be added to your campaign. Similarly, if you have spent an sizable amount of money on queries that have not converted for you, they should be excluded from your campaign.

    Once you have your keyword list, you should consider the match types you are using. Google is telling people that you can bid on broad match only or if you insist on using other match types, you can put them all in the same campaign. I’ve yet to see any instance with my Fintech clients where broad match terms performed as well as exact match terms – although I have seen similar performance to phrase match terms. For now, we recommend segmenting campaigns by match type (I recognize that future evidence might change that view).

    I recommend doing separate Exact Match, Phrase Match, and Broad Match Campaigns, with the exact match terms negated in the phrase match campaigns and the phrase match terms negated in the broad match campaigns. With rare exceptions, I would bid on all targeted terms in all match types, though I would be incredibly careful in setting a tight bidding target for Broad Match.

    Ad copywriting

    Every Fintech company we have worked with has a mandatory ad approval process…some more extensive than others. We’ve identified 4 core rules to help you get the most out of your ad copy and creative assets.

    • The first rule of Google Ads copywriting is understanding what the internal ad reviewers are going to accept and what they are going to reject.
    • The second rule is because approval processes can be slow, ensure you get a large amount of ad headlines and ad description lines approved in each go around, to allow for testing and tweaking.
    • The third rule is to make sure you utilize the maximum number of ad headlines and description line alternatives available to you for each ad type. Yes, some of your ad text will be better than others but giving Google the maximum number of choices to work with will increase the likelihood of getting the prospect to enter your funnel. For Google Display Network Ads and Discovery Ads, utilize the maximum number of image assets and (if possible) video assets that the ad type allows. If certain ad text performs poorly, Google will let you know, and you can make a substitution at that time.
    • The fourth rule is to ensure that your core targeted keywords appear in your ad text variants. If a prospect sees the term that they are searching for appear in your ad text, your ability to earn the prospect a visit goes up.

    Landing pages

    Landing pages are critically important for the success of Paid Search. In an ideal world, Fintech companies should follow the same best practices as other industries, like:

    • Utilize specific landing pages for Paid Search that follow best practices
    • Eliminating extraneous page navigation
    • No redundant marketing copy – like one would find on an SEO-focused landing page
    • Quick load times, especially on mobile, etc.

    Not every client has given us the ability to influence their landing page experience. Much of the time, we have been limited to working with the website landing page that is designed to serve all marketing, and have been created and approved without any input from our team. The pages may perform, but any change/update processes are slow or non-existent.

    One workaround (if available) is to use a program like Optimizely to run Landing page tests that allow page variance without making changes to the page itself. While these page tests undoubtedly need to get approved by the client, at least there is not an engineering hurdle that must be overcome for testing purposes.

    Fintech companies should be focused on making funnel entry and conversion as seamless as possible. We have seen large Fintech firms lose sight of some of these issues, and if they are a well-known brand, sometimes a sub-optimal funnel experience can be overcome. However, if a big brand can act nimbly like a small brand, the larger brand’s scope and scale can add a huge amount of revenue to the effort.

    Compliance

    Fintech is an industry that is heavily regulated and can have extensive compliance procedures that need to be followed. It’s not an industry where someone can create an ad and immediately roll it out live – without approval and oversight.

    Every aspect of the Google Ads Experience that is seen by the public must be reviewed and approved. Each client we have worked with has done compliance a little differently. Compliance review can range from “one person reviewing the ads in an Excel Spreadsheet” to very formal meetings involving multiple stakeholders including the legal department going over every variant of ad text plus all visual campaign elements.

    It’s important for the Google Ads stakeholders to get intimately familiar with what their compliance team will and will not approve to get new ads into the marketplace in a timely manner.

    Compliance rejection and revision can add weeks to the timeline. Disclosures are important. Some disclosures must go in the ad text itself which will reduce the available ad space for the “advertising.” Videos require asterisks appended to the advertising text with small legal print at the bottom of the video. Landing pages are full of required disclosures. The Google Ads team will not know what disclosures need to be added to the various parts of the campaigns, but they absolutely need to know the cases where disclosure is required and flag it for the appropriate compliance team to decide.

    In support of their brand values, it’s not uncommon for Fintech companies to restrict where they are comfortable having their ads shown. Twitter and TikTok are “over the line” for many brands. They may also require internal (within Google Ads) or external (e.g., DoubleVerify) content screening systems that keep the ads from showing on the same page as “questionable content.” Within Google, we have produced a list of Topics that we block automatically for Fintech clients are specifically in the areas of politics, news, live video, and children-focused websites.

    Sales assisted

    For Fintechs, any Google Ads initiative involving a contact/meeting with Sales adds a human element that must be actioned in the same methodical manner as the automated parts of the sales funnel. Google’s algorithm can’t factor in somebody not updating the CRM in a timely manner.

    If the CRM is not updated, to Google, it means that no activity has taken place. Funnel “breaks” are not understood as “breaks”, Google perceives them as periods of no sales activity which push Google to change its bidding strategy to account for the lack of sales activity. We worked with one sales-assisted client (not in Fintech) who had their entire Paid Search initiative crash and burn because they couldn’t methodically get Google the information it needed to bid appropriately even though the sales team took the initiatives that “should” have pushed the leads down the funnel towards a successful close.

    If the Sales team is diligent about entering the data, those nuances only known by the sales team can be effectively communicated to Google and acted upon for the benefit of the business. For example, a business opportunity that is worth $100K but only has a 40% chance of closing can be pushed back to Google as having a value of $40K. Businesses can use any schema they wish to value the leads, but the key is communicating the information as quickly as possible. Since CRM updates to Google Ads are usually automated and happen (at least) daily, all the Sales team needs to do is to update the CRM with the correct information and the automation does the rest.

    Closing

    Fintech is a unique Google Ads niche. It’s heavily regulated, so certain aspects of marketing creativity and out-of-the-box implementations are not available for those account managers. However, it’s also a very profitable niche that has the ability to scale given the depth of the marketplace.

    Position2 has deep, high-value Google Ads experience for all shapes and sizes of Fintech clients. Our Fintech client experience can be applied to any new client engagement.

  • Using AI to simplify Web3.0 usability

    What is Web3?

    Web3 imagines a decentralized, secure, and user-focused digital environment in the upcoming internet era. A handful of major technology companies will no longer monopolize the fundamental capabilities of the Internet once Web3 reaches full development. Consequently, users will enjoy increased control over their data, with rewards distributed more equitably and censorship reduced.

    Despite the absence of a universally accepted definition, these two points below represent the critical features of Web3.

    • Connectivity – Information and content are more connected with Web3 and accessible through multiple applications. The number of devices that can connect to the Internet is also increasing, and IoT plays a significant role here.
    • Decentralization – Decentralization is a fundamental tenet of Web3. Web2 uses HTTP to locate information via unique web addresses. With Web3, data could be stored across a network in multiple locations due to its blockchain-based nature. Users would have greater control over the vast databases of internet giants like Google and Meta. In Web3, users can sell the data generated by disparate computing resources such as mobile phones, desktops, and appliances. The user retains control over their data in this way.

    Why AI in Web3?

    Numerous private companies currently dominate the creation and profit from content, leading to content creators needing compensation and being sidelined. In Web3, creators have complete control over digital assets, AI models, and data. While only a handful of companies are constructing blockchain platforms, this ensures creators have exclusive control over their data, allowing them to repurpose or share it at their discretion.

    Merely granting users ownership or offering tokens as incentives isn’t sufficient for ensuring long-term sustainability. Tokens must deliver tangible value to users. In the Web3 context, the content generated and the creativity and intellect invested in it transforms into new value through a personal AI. Unlike the past decade, where big tech utilized centralized AI models to extract user value and insights, Web3 democratizes AI capabilities, making them accessible to everyone, not just those with substantial resources. AI models in Web3 are trained based on creators’ knowledge, passions, and experiences.

    Key Areas where AI can have a significant impact on Web3

    Web3 evolution is primarily driven by AI, contributing to a more decentralized, secure, and user-centered Internet. With AI capabilities integrated into various aspects of Web3, digital experiences can become increasingly intelligent, efficient, and personalized.

    • Data Analysis and Insights
    • Smart Contracts
    • PersonalizationWeb3 Applications
    • Decentralized Autonomous Organizations (DAO)
    • Decentralized AI
    • Security and Privacy

    Addressing AI Challenges: Exploring Web3’s Potential

    Automated Cyber Weapons & Exploitation of Code – Global cybersecurity faces threats from AI-driven cyberattacks. Strong security measures can help minimize the risks associated with AI-powered cyber attacks. AI-driven security systems play a crucial role in identifying and responding to cyber threats generated by AI. By analyzing patterns in code and pinpointing vulnerabilities, these systems can reduce the likelihood of AI-generated exploitation attempts. Additionally, integrating blockchain technology enhances the security of open-source software development.

    Trust Collapse – The widespread use of AI-generated content may erode public trust, as scepticism about content authenticity grows. Restoring public trust is possible through methods like watermarking or labeling AI-generated content. Additionally, individuals can differentiate between genuine content and AI-generated fabrications by developing media literacy.

    Fake News and Reality Collapse – AI-generated fake news is a significant problem. Techniques like linguistic analysis, metadata tracking, and reverse image searches help identify such content. Blockchain authentication ensures the traceability of news articles by storing metadata-author’s identity and publication date-on a tamper-proof ledger for readers to verify.

    The future of AI in Web3 Development?

    AI and Web3 are set to transform the digital landscape. The adoption of Web3 has the potential to democratize access to AI technologies, allowing individuals to develop their solutions on a decentralized platform and reshaping business strategies across the Internet.

    Moreover, AI and Web3 will be crucial in shaping a user-centric Internet of Things. Beyond personalization, Web3 promises complete data autonomy, tailored internet experiences, and the development of ethical internet platforms for individuals.

    Sources: hashstudioz.com, waracle.com

  • HIPAA-Compliant Healthcare Marketing – What, Who, Why, and How?

    It’s been over twenty years since the Health Insurance Portability and Accountability Act (HIPAA) regulations were enacted. HIPAA ensures that patients’ personal health information (PHI) remains confidential and secure. However, it can be challenging for healthcare providers with multiple locations to maintain HIPAA compliance in their marketing efforts.

    In this article, we will explore the best practices for HIPAA compliance in healthcare marketing and explore the key considerations for ensuring HIPAA compliance in multi-location healthcare marketing.

    According to Accent Consulting, the penalties for a HIPAA violation could result in fines of up to $50,000 (per violation). They also reported some eye-opening HIPAA data breach statistics1:

    Hipaa Table

    What is HIPAA?

    HIPAA (Health Insurance Portability and Accountability Act) is a federal law that establishes privacy and security standards for sensitive patient health information, collectively called ‘Protected Health Information’ (PHI).

    PHI includes any information used to identify a patient, such as their name, date of birth, medical history, and treatment plans.

    HIPAA applies to healthcare providers, health plans, healthcare clearinghouses, and their business associates, including marketing agencies that work with healthcare providers.

    HIPAA Requirements for Healthcare Marketing

    Healthcare organizations must obtain patient consent before using or disclosing their PHI for marketing purposes. Organizations must provide patients with a clear and concise explanation of the marketing activity and give them the option to opt out of receiving marketing communications.

    Any protected health information used in marketing activities must be de-identified, meaning all identifiable information should be removed. This action ensures that patient privacy is protected and that marketing activities comply with HIPAA regulations.

    Who needs to be HIPAA-compliant?

    Marketing, data security, and privacy compliance are crucial per HIPAA laws. Non-compliance can result in severe financial penalties, loss of reputation, and legal consequences. Violations can occur through email, social media, and website marketing.

    There are no exceptions, all healthcare providers, big or small, need to be HIPAA-compliant. This applies to dental clinics, doctor’s offices, chiropractors, physical therapists, optometrists, and any medical or health clinics that deal with patients or healthcare information.

    Why do you need to be HIPAA-compliant?

    Here are some critical steps to ensure data security and HIPAA compliance in healthcare marketing:

    1. Limit access to patient information: Only authorized personnel should have access to patient information, and limit access to only what is necessary for their job duties.
    2. Use secure channels for communication: All communication channels used to transmit patient information should be secure, such as encrypted emails, secure file-sharing platforms, and secure messaging apps.
    3. Obtain patient consent: Ensure that patients provide explicit consent for using their information in marketing efforts and communicate the purpose and scope of the marketing activity.
    4. Anonymize data: Remove all identifiable patient information from marketing materials to protect patient privacy.
    5. Conduct regular staff training: Train all staff members on HIPAA regulations, data security best practices, and the organization’s specific policies and procedures.
    6. Conduct regular audits: Review your organization’s data security and HIPAA compliance practices to identify weaknesses or vulnerabilities and take corrective action.

    Overall, ensuring data security and HIPAA compliance in healthcare marketing requires a proactive approach that prioritizes patient privacy and protects sensitive information.

    How to Make Your Overall Healthcare Marketing HIPAA-Compliant

    When developing marketing campaigns, there are several best practices that organizations should follow to ensure HIPAA compliance.

    1. Develop a centralized marketing plan: A centralized marketing plan that outlines the goals, strategies, and tactics for all marketing activities to ensure consistency and compliance across multiple facilities. The plan should establish clear guidelines for using PHI in marketing activities and ensure all staff is trained on HIPAA regulations and compliance requirements.
    2. Obtain patient consent: Healthcare organizations must obtain patient consent before using or disclosing their PHI for marketing purposes. This applies to all marketing activities, including email campaigns, social media posts, and website content. Provide the patients with a clear and concise explanation of the marketing activity, and give them the option to opt out of receiving marketing communications.
    3. Ensure data security: Healthcare organizations must ensure that all PHI is kept secure and confidential. This includes implementing technical safeguards such as encryption and firewalls and administrative safeguards such as access controls and staff training.
    4. Use de-identified data: All PHI used in marketing activities must be de-identified. All identifying information must be removed, including names, addresses, and other identifiable details. Organizations should establish clear policies and procedures for de-identifying data and train all staff members.
    5. Conduct regular audits: Healthcare organizations should regularly audit their marketing activities to ensure ongoing compliance with HIPAA regulations. This includes reviewing marketing materials, assessing data security measures, and ensuring all staff members are trained on HIPAA compliance requirements.

    HIPAA compliance considerations in a multi-location marketing tech stack

    Individually owned clinics acquired by a Private Equity Firm or merged under a larger brand umbrella must gradually unify and centralize their marketing activities and platforms. These platforms and marketing must be HIPAA-compliant. Health Information Technology (HIT) oversees technologies used to manage patient data.

    All healthcare entities must sign a Business Associate Agreement (BAA) with each platform provider and marketing agency.

    Here are some examples of digital marketing services and platforms related to HIPAA:

    Websites

    Ensure the website is secure (SSL) and shared data transmission is encrypted end-to-end. These include collecting data gathered on the website, form fills, contact info forms, etc.

    Link out patient portals to authorized patient management systems (PMS) that are HIPAA compliant. All patient relationships should be managed directly from the PMS.

    Although this is not a core component of HIPAA compliance, we advise any healthcare website to be ADA-compliant to make it more inclusive and accessible to people with disabilities. Read more about the subject with our ADA best practices for websites and Unlocking the web accessibility puzzle articles.

    Phone calls

    “Make an appointment” phone calls via click-to-call from mobile devices should abide by the HIPAA requirements using call-tracking providers.

    We recommend using a technology provider like CallRail, with privacy protection features integrated into its product. These features include Caller ID and text submissions, which are not included in the call notification email but are available upon logging into the CallRail account.

    Hosting Platforms

    Websites hosted on servers that comply with HIPAA and security requirements are called purpose-built HIPAA servers. These managed hosted platforms offer data encryption at rest and secured point-to-point transfer of electronic PHI data, high network availability, server firewalls, Linux dedicated servers, and power infrastructure.

    Position2 has used LiquidWeb and AWS for HIPAA-compliant clients. Other platforms to consider are Microsoft Azure, RackSpace, and Connectrica hosting.

    Online Tracking Technologies

    The Department of Health and Human Services (HHS) has a detailed description of the HIPAA compliance requirements for online tracking.2

    Google states that neither Universal Analytics nor Google Analytics 4 (GA) is HIPAA compliant. Their policies and terms mandate that no data be passed to Google that could be recognized as personally identifiable information (PII), and no data you collect using GA may reveal any sensitive information about a user or identify them3. Therefore, Google recommends that customers should not set analytics tags on pages that must be HIPAA-compliant – read more here.

    We recommend using tracking technology purpose-built for healthcare. Solutions like Freshpaint are laser-focused on HIPAA compliance. Ultimately, you need to choose which data to send to downstream destinations. That critical oversight eliminates the risk of accidentally sending PHI and violating HIPAA.

    Social Media Marketing

    Many patients and healthcare professionals engage in social media posting. A compliance officer should monitor and document the healthcare provider’s social media do’s and don’ts. Create guidelines for image/photography usage, consent forms, private information usage, and phrases that might indicate HIPAA non-compliance.

    HIPAA compliance checklist

    There are a lot of components to HIPAA compliance in Marketing – we’ve got a great checklist to help you guide your teams.

    Hipaa Compliance Checklist

    HIPAA-compliant healthcare marketing is essential to any healthcare organization’s growth strategy. Multi-location healthcare providers must be organized and unified across all their locations. Multi-location healthcare marketing campaigns must develop a centralized marketing plan, obtain patient consent, ensure data security, use de-identified data and conduct regular audits.

    References:

    1. Accent Consulting – Infographic: https://accentconsulting.com/blog/health-it-and-hipaa-compliance/
    2. HHS, Health Information Privacy:
      https://www.hhs.gov/hipaa/for-professionals/privacy/guidance/hipaa-online-tracking/index.html
    3. HIPAA and Google Analytics:
      https://support.google.com/analytics/answer/13297105?hl=en

  • The not-so-secret challenges of SaaS Marketing: Test, test, test your SaaS Marketing Strategy – are you attracting your ICPs?

    SaaS marketers need to understand whether their strategies are effective, but many don’t know how to. Some may be running the wrong tests, or they may not be reading the results correctly—others might not even be testing.

    As a result, they may be wasting time and money on marketing that just isn’t effective. Organizations rely on their marketing strategies to attract and convert potential customers. But how can you be sure that your strategy is actually working? The quick answer is test, test, test… but there’s a little more to it.

    It’s not just testing – it’s using the right method, understanding the result, and knowing what success or growth looks like. By testing different elements of your marketing strategy, you can see what’s working and what’s not. This will help you to improve your strategy and attract more of your ideal customers (ICPs).

    Not buying into the testing hype? It’s well known that testing improves revenue, retention, and growth, and companies including Dell and Amazon prove that fact.

    In this article, we will discuss some of the key elements of SaaS marketing that you can test. We will also provide tips on how to run effective tests and interpret the results.

    First, let’s talk about the common mistakes SaaS marketers make when testing their marketing campaigns:

    What are you testing for? Not having clear goals for your marketing test makes it difficult to measure success. Be intentional in the planning. Ask yourself this question … “What do you want to achieve with this test?” Are you testing messaging, cadence, or creative elements?

    It’s important to clearly identify what you are testing and what success looks like. Have a specific goal in mind before you start testing – it’s the foundation of any test and the first step in the process.

    Not testing enough variables. There are many angles and parameters when it comes to crafting marketing content. When you’re testing a marketing message or landing page, it’s important to test more than one variable at a time. This will help you to isolate the factors that are most affecting your results.

    Not running your tests for long enough. It takes time to collect enough data to get accurate results from a marketing test. If you don’t run your test for long enough, you may not get the full picture. Be realistic with your testing timetables so that your efforts will yield effective results.

    Not analyzing your results properly. Once you’ve run your test, it’s important to analyze the results carefully. This includes looking at the click-through rate, conversion rate, and other metrics. When you analyze your results thoroughly, you can glean insights from your marketing campaigns, getting you closer to targeting your ICPs.

    Set your strategy on the right path by ensuring that your SaaS marketing strategy is attracting your ICPs You can achieve this by testing your marketing regularly. Let’s discuss some of the different types of marketing tests that you can run:

    • A/B testing: In A/B testing, you compare two different versions of a marketing message, landing page, or email to see which one performs optimally. For example, you could test various aspects, including different headlines, images, or calls to action.
    • Split testing: In split testing, you send different versions of a marketing message to different segments of your audience to see which one performs better. For example, you could test different email subject lines or landing pages for different types of customers.
    • User testing: In user testing or user experience (UX), you observe real users interacting with your website or landing page to see how they use it and what they find confusing or difficult. This type of testing can be very helpful for identifying usability issues that are preventing people from converting.

    In addition to running these types of tests, you can also attract your ICPs with your marketing tests by:

    • Targeting the right audience: Make sure your marketing tests target the right audience for your product or service. This means understanding your ICPs’ needs and pain points and creating content that is relevant to them.
    • Using relevant keywords: Use relevant keywords in your marketing tests to attract the right people to your website or landing page. This will help you to rank higher in search results and attract more organic traffic.
    • Creating compelling content: It will engage your target audience and encourage them to take action. This could include blog posts, infographics, videos, or ebooks.

    By testing your marketing regularly and using the right tactics, you can ensure that your SaaS marketing strategy is attracting your ICPs and helping you to achieve your business goals.

  • The not-so-secret challenges of SaaS Marketing: Performance-Based Marketing

    The key ingredient to habitual growth in SaaS marketing

    The SaaS market is competitive, and with its compound annual growth rate forecasted at 18%, it’s only heating up. It’s more important than ever to have a growth-oriented marketing strategy, and performance-based marketing is a key ingredient to achieving this goal – so, let’s get into it.

    What is Performance-Based Marketing?

    Simply put, it’s a type of digital marketing in which a Brand only pays when its marketing agency meets its business objectives/goals. You’re not paying for impressions; you’re paying for a desired action (outcome), such as a click, a purchase, or a lead.

    The benefits of Performance-Based Marketing

    For SaaS businesses looking to make a mark in a saturated market – here are a few benefits:

    • Scalability: It can be scaled up or down as needed, making it a cost-effective way to reach a large audience.
    • Transparency: It offers transparency – so you know exactly what you’re paying for – making it easier to manage marketing spend more effectively.
    • Measurability: Being able to easily measure and track your results to see what’s working provides the insights you need to optimize your marketing campaigns, allowing you to iterate and yield better results.

    Measuring Performance

    The first step to measuring marketing performance is to set clear goals and objectives. Ask yourself: What do you want to achieve with your marketing campaigns?

    Once you know your goals, you can start to track the metrics that matter most to your organization. So, what are some metrics that you can track?

    The common performance metrics that your organization can track include:

    • Cost per acquisition (CPA): measures the total cost of a customer completing a specific action.
    • Cost per conversion (CPC): measures the total cost of converting a lead or prospect into a customer.
    • Conversion rate: The percentage of visitors who take a desired action, such as signing up for your email list or purchasing a product or service.
    • Return on investment (ROI): net profit (or loss) divided by the total investment.

    Make growth habitual

    Growth is the key to long-term success in marketing, and marketing SaaS is no different. This means that, as a marketer, consistently generating new leads and customers over time has to be the cornerstone of your strategy. Performance-based marketing can help you to achieve consistent growth by:

    • Helping you to target the right audience with the right message.
    • Delivering measurable results that you can track and optimize.
    • Providing you with the flexibility to scale your marketing campaigns as needed.

    Creating a Culture of Consistent Growth

    Maintaining consistent growth in your organization requires fostering a culture around it. It needs to be embedded into the marketing DNA of your company. To create a habit of growth in your SaaS marketing, you need to:

    • Set realistic goals: Start with small, achievable goals and gradually increase them as you get better at performance-based marketing.
    • Track your results: So you can see what’s working and what’s not.
    • Make adjustments: Based on performance optimize your marketing strategy as needed.

    The Bottom Line

    Performance marketing is a powerful tool for achieving growth goals. By setting clear goals, tracking your results, and making adjustments as needed, you can create a habit of growth that will help you succeed in the long run.

    To learn more about what Position2 can offer, visit our website and follow us on LinkedIn.

  • The not-so-secret challenges of SaaS Marketing: It’s time to move on from legacy thinking

    We’ve all heard the adage, “change is the only constant”. In the world of B2B marketing, there’s a lot of truth to that. We adapt to meet customer needs, internal organizational needs, and evolving economic factors. More to the point, as new technologies advance, organizations must develop and transform to remain competitive in the market.

    We know that customers are more adept and discerning when it comes to making purchases. And in this ever-changing marketing landscape, businesses that rely on legacy thinking are at a major disadvantage.

    Legacy thinking is the tendency to stick with old tactics and strategies– the tried and true methods of yesteryear– even when they are no longer effective. We get it; change is jarring. However, this type of thinking can lead to you and your organization missing out on new opportunities – failing to connect with your target audience.

    3 ways Legacy Thinking Kills Businesses

    It can be challenging to discern whether or not you’re using legacy thinking in your marketing efforts. We’ve identified a few behaviors that can torpedo your organization’s growth and future success.

    • Old school methodology – Businesses using outdated marketing tactics are no longer effective. For example, relying on traditional advertising methods, such as TV and print ads, you may find that your ads are not reaching their target audience as effectively as they used to.
      This is because people are increasingly consuming media online, rendering traditional advertising methods a less than viable option for reaching this audience.
    • Not embracing new strategies – Legacy thinking can prevent businesses from embracing new marketing tactics and strategies. New marketing tactics, which include social media marketing and content marketing, can be very effective at reaching target audiences. Still, businesses that rely on legacy thinking may be reluctant to adopt these new tactics.
      This can put them at a major disadvantage in the competitive marketplace because their audience reach is significantly hampered by not occupying the same channels as their competitors and their target audience, respectively.
    • Mixed messaging – When you rely on legacy thinking, you will inevitably create marketing messages that do not resonate with your target audience.
      When businesses do not understand their target audience, they’re more likely to create disjointed marketing messages that are not relevant or useful to their needs or interests. This causes low engagement and poor results, ultimately stagnating your organization’s growth and potentially putting you in the red.

    Embrace the future

    Change and innovation are hard; that’s a reality. In today’s market, successful businesses are those that are willing to get uncomfortable and embrace new marketing tactics and strategies. They understand that the old ways of marketing are no longer effective, and they are willing to experiment with new approaches.

    If you want to succeed in our current landscape, you must move on from legacy thinking and take up new marketing tactics and strategies. By doing these things, you can create marketing messages that resonate with your target audience and achieve your marketing goals.

    In this series, we will discuss the tactics and strategies that will help break you away from legacy thinking and get the right message at the right time – in front of the right audience.

  • The not-so-secret challenges of SaaS Marketing: How to avoid common mistakes in Marketing

    In the SaaS world, marketing is critical to growth and success. However, many marketers in SaaS organizations continue to make common mistakes that can lead to ineffective marketing tactics and wasted budgets. Long gone are the days where sizeable marketing budgets can easily cover up marketing mistakes.

    Those spammy email nurture campaigns – yeah, they don’t actually work. More to the point, as the workforce continues to evolve and contract, rookie marketers can no longer afford to continue throwing money into ineffective marketing funnels.

    According to Zipdo, The average SaaS company spends 75% of its revenue on sales and marketing for the first three years. In this blog post, we’ll discuss the most common mistakes that SaaS marketers make, and how you can avoid them to create marketing funnels that convert.

    Top 3 mistakes in SaaS marketing:

    • Chasing vanity metrics. Vanity metrics are metrics that look good on paper but don’t actually measure the success of your marketing campaigns (it’s a broad challenge for Marketing across industries as well). For example, leads generated is a vanity metric because it doesn’t take into account the quality of leads. A lead is only valuable if it’s a qualified lead that’s likely to convert into a customer. Sure, you could garner thousands of leads, but if they aren’t interested in your products or services, you’re setting up your sales team for disaster.
    • Choosing the right marketing channel. Not all marketing channels are created equal. Some channels are more effective for certain types of businesses than others. For example, if you’re selling a B2B SaaS product, you’re probably not going to get a lot of traction on Instagram or Pinterest. So even if you have a ton of followers, those followers don’t necessarily translate into customers or sales.
    • Not understanding terminology. There are a lot of technical terms that are used in marketing and marketing SaaS is no different. If you don’t understand these terms, you’re going to have a hard time tracking your results and making informed decisions about your marketing campaigns. A study by Demand Gen Report found that 40% of SaaS marketers don’t understand the difference between lead generation and lead nurturing. This lack of understanding can lead to ineffective marketing campaigns. Don’t get caught up in the jargon and make sure you understand exactly what your strategy entails.

    By correcting these mistakes, you can refocus your marketing to achieve your goals. Let’s talk about what you can do to improve your current marketing initiatives.

    Focus your marketing efforts in these areas to achieve your goals:

    • Focus on the customer journey. We talk about the customer journey a lot, and there’s a reason for that. It’s the process that a potential customer goes through from the moment they first become aware of your product or service to the moment they make a purchase. When you understand the customer journey, you can tailor your marketing efforts to each stage of the journey. This is where you start planning your marketing strategy.
    • Use data-driven insights. In order to know if your strategy is resonating with your customers, you need to measure your results. Data-driven insights and analytics are your friend. Track your results so you can see what’s working and what’s not. This will help you make informed decisions about your campaigns. And, as an added bonus it’ll also help you celebrate your wins with your team.
    • Test and iterate. Put your problem-solving cap on and don’t be afraid to experiment with different marketing channels and strategies. The best way to find what works for your business is to test different things and see what gives you the best results.

    Look, we get it. Marketing is hard and SaaS Marketing has its own unique set of challenges, but it’s essential for businesses to thrive. In this blog series, we’re going to tackle the common challenges and best practices, giving you the tactical tools and insights to be the best marketer you can be. Stay tuned for the next post in this 5-part series and bolster your marketing strategy while being kind to your budget – get ready to learn how to create a winning SaaS marketing strategy.

  • Beyond the Hype: AI’s Actual Impact on Four Key Industries

    Experts estimate that Artificial Intelligence, or AI, could replace 300 million full-time jobs across the global workforce. For jobs that remain delegated to humans, 80% of the American workforce can expect AI to influence at least 10% of their daily work tasks.

    From agriculture to zoology, AI is transforming a wide range of industries. If you’re feeling a bit shaken up by rapid AI developments and concerning predictions being shared around the digital water cooler, you’re not alone. Nearly a quarter of all workers are worried AI will make their jobs obsolete.

    Let’s get past the hype and look at the reality of AI’s impact on the workforce in four key industries: finance, healthcare, computing, and cybersecurity. We break down the data to see if AI is more likely to replace or refine these jobs, highlighting the evolving nature of human and machine collaboration.

    Fintech

    The fintech industry employs over 300,000 worldwide, with North America being the biggest employer in the industry. A recent survey found that nearly a quarter of American tech workers are worried AI will make their jobs obsolete. The concern isn’t entirely unwarranted, with thousands of layoffs in the tech arena linked directly to AI.

    But when it comes to fintech roles such as financial advisor, risk analyst, or even chief financial officer, how dark and looming is the threat? Some predict that AI’s data analysis, personalization, and process automation capabilities could render human advisors obsolete. The most extreme view is that emerging AI could wholly displace financial advisors within the next decade.

    This prediction leads to the question of whether consumers are ready and willing to trust AI with their financial needs. Recent data reveals that only 37% of US adults are currently interested in using AI tools to manage their money, suggesting that the widespread adoption of AI in financial advisory services may be a gradual process.

    “AI will change the game, but it is unlikely to replace financial advisors…I think the world in 2030, the majority of wealth management clients are kind of expecting a data-driven, hyper-personalized advice delivery ecosystem but still with a human connection, human interface because we’re dealing with people’s livelihood – their nest eggs, their kids’ college funds,” says Lee Davidson, chief analytics officer at Morningstar.

    The truth is that rather than replace, AI is set to empower human financial advisors and others in the fintech arena by enhancing their analytical capabilities and automating routine tasks. While AI excels in data analysis and personalization, humans will continue to play a crucial role in interpreting insights, building trust, and offering strategic guidance on complex financial decisions.

    Cybersecurity

    AI is playing an increasingly important role in cybersecurity, for good and bad. The rise in cyberattacks, many AI-powered, has created a massive demand for AI-based security products. In 2021, the market was valued at $14.9 billion. However, projections estimate it will reach an astounding $133.8 billion by 2030.

    Does this mean AI-based security products will replace cybersecurity analysts, ethical hackers, and CISOs? The younger cybersecurity workforce certainly has their concerns. Over half of cybersecurity professionals aged 45 or under view AI and machine learning as a threat to their job security. And they’re not entirely wrong.

    When asked about AI in cybersecurity, Rohit Ghai, CEO of RSA Security, said, “We must accept that many jobs will disappear, many will change, and some will be created.”

    The US Bureau of Labor and Services backs this up, expecting the demand for Information Security Analysts to increase by nearly 35% by 2031, adding 56,500 open positions to the cybersecurity job pool.

    While the hype isn’t completely unwarranted, the truth is that while AI is great at handling routine and repetitive tasks, human cybersecurity specialists bring experience, creativity, and problem-solving skills to the table.

    While AI may change some aspects of cybersecurity roles, it can’t replace the human touch in overseeing and implementing security processes. However, to stay relevant, cybersecurity specialists must stay up-to-date with the latest technologies and trends while learning how to work effectively and side-by-side with AI technologies.

    Healthcare

    In 2016, Dr. Geoffrey Hinton stated that society should stop training radiologists, as it was obvious that software would replace the healthcare position in the next five years. Yet, we’re years past the deadline, and there’s a high demand for radiologists, with job postings on the American College of Radiology job board reaching a record high in 2021.

    While radiologists are in the clear (for now), there are other jobs in the healthcare industry that experts predict could be displaced by AI, including medical coders and pharmacy technicians. But while rumors of layoffs flutter during shift changeovers, the truth is that a hospital filled with robots instead of RNs isn’t likely anytime soon.

    It’s not all doom and gloom, AI is also aiding medical professionals, helping them do their jobs with more speed, precision, and personalized care. As an extreme example, AI-driven surgical robots work in collaboration with human surgeons. They allow surgeons to focus on the intricate aspects of a procedure while handling more mundane tasks with remarkable precision and stability, making them an asset in complex surgeries, certainly not a threat.

    In addition to aiding surgical procedures, AI is proving its worth in diagnosing diseases. Alex’s journey highlights how AI, specifically ChatGPT, helped identify his tethered cord syndrome after 17 doctors over three years couldn’t. AI is also helping with medical research, writing, and education.

    One interesting prediction about how AI will improve the healthcare arena deals with, of all things, humanity. As Dr. Eric Topol, renowned cardiologist and expert in the field of digital medicine, says in his book Deep Medicine: How Artificial Intelligence Can Make Healthcare Human Again, “The greatest opportunity offered by AI is not reducing errors or workloads, or even curing cancer: it is the opportunity to restore the precious and time-honored connection and trust—the human touch—between patients and doctors.”

    Computing

    The computing industry gave rise to AI, and now AI is giving rise to changes in the industry. Tasks that once required human intervention, like data entry and basic IT support, are now being efficiently handled by algorithms. Recent data underscores this shift: data entry jobs are at risk of being entirely replaced by AI.

    Still, it’s important to see the bigger picture with AI in computing. Take a programmer’s ongoing plight of sifting through lines of code to find that one pesky bug. AI can automate this process, freeing up developers to focus on more complex and innovative tasks.

    Software testing is also undergoing an AI-fueled renaissance. Algorithms can quickly simulate thousands of user interactions and scenarios, ensuring software is robust and ready for deployment much faster than with human testers.

    However, while AI can process, analyze, and even predict, there’s an element it lacks: the human touch. As American computer scientist Fei-Fei Li says, “Artificial intelligence is not a substitute for human intelligence; it is a tool to amplify human creativity and ingenuity.”

    AI’s role in computing is undeniably transformative, but it’s not solely about replacement. It’s about partnership. As AI takes on more of the heavy lifting, humans can focus on what they do best: imagining, innovating, and instilling a touch of humanity into the digital world.

    Don’t panic, it’s just progress

    When the first automobiles hit America’s roads in the late 1800s, the horse and buggy began its descent into history. Yes, some roles faded, but the auto industry eventually paved the way for millions of new jobs.

    Similarly, while AI might reshape certain professions, history has shown us that technological progress often opens doors to fresh opportunities. As AI advances, we should remember that new technology doesn’t just take away; it also gives. As we navigate this digital evolution, the horizon holds new roles, innovations, and possibilities we’ve yet to imagine.

  • Top 5 Barriers to Proactive AI Adoption

    92% of large companies achieve notable returns on their investment in artificial intelligence. Businesses often adopt AI for simple reasons: it reduces human error, automates repetitive tasks, and improves the customer experience with deep personalized insights. The effort pays off—more than 80% of IT professionals worldwide in marketing and sales believe that AI leads to cost reductions for their organizations. To reap these benefits, a strategic, holistic approach is key.

    However, in the wake of fierce competition, new regulations, and rapid-fire developments like ChatGPT, organizations are scrambling to figure out AI. Understanding the top five barriers to AI adoption will help your organization prepare to deploy AI successfully.

    1. 79% of respondents only have some exposure to artificial intelligence

      When you type a sentence in an email, sometimes your email composer will suggest the end of a word or a sentence. Based on context clues, natural rhythms, and the language used, there are only so many words that could logically follow the last one you typed. By typing an ordinary email, you just interacted with AI.

      Whether you’re composing an email, generating keywords for an SEO article, or creating an automated email workflow, AI has likely touched some part of your work life. However, when it comes to organization-wide implementation, it’s easy to feel lost and overwhelmed.

      Artificial intelligence provides an endless sandbox for experimentation—which is paralyzing enough to stop many organizations before they begin. AI technology is complex, expensive, and incredibly powerful—which means that organizations must understand what’s right for them before making an investment.

      The barrier of not knowing enough about AI or its deployment is only overcome through knowledge and experience. Many experts recommend conferences where you can network with other companies that use AI, learn from subject matter experts, and connect with AI specialistsor vendors.

    2. 70% of organization-wide change efforts fail

      According to Harvard, change management strategies often fail because leaders focus on technology instead of people. In fact, behavior at the top is a primary indicator of whether organization-wide change will be successful. Employees need hands-on guidance through big changes, with a focus on anticipating consequences and minimal disruption.

      The mantra for most technological advancement is simple: machines do it better. Whatever ‘it’ may be, technology does it in less time, for less money, with higher accuracy. When implementing artificial intelligence, workers are rightfully worried that their jobs are disappearing.

      The ramifications of new technology are real. After all, repairing fax machines or making cassette tapes aren’t popular careers anymore. New technology has replaced those jobs—but it’s also created even more new jobs in their wake.

      Implementing AI is equivalent to implementing a change management strategy. It requires education, support, consistency, and a thoroughly considered transition plan that prioritizes people first.

    3. Companies must implement at least 25% of the AI tools available to them

      The cost of deploying AI is prohibitive for many organizations. After all, it requires a significant investment in new hardware and software, education for existing employees, new hires, and more. To counteract this huge expense, many experts recommend that companies start small and scale gradually.

      Start by selecting a single department or business as your test subject. Deploying a pilot AI program can ease corporate anxieties about budget, uncover opportunities to correct course, and provide small wins that justify investment on a larger scale.

      However, big results often require an equal investment. In a recent McKinsey survey, 63% of respondents reported a 5% annual revenue increase thanks to AI adoption. As organizations evolve, new capabilities that save money and boost productivity are increasing revenue. However, an article by Kiplinger suggests that limited AI adoption doesn’t translate to significant measurable growth in the real world. Instead, companies must make a real commitment to see a return by using at least 25% of the AI tools available to them.

      While the scale necessary for this approach can be intimidating, remember that small investments can pave the way for a larger one. But if your results aren’t as impressive as previously hoped, remember that holistic AI adoption is the key to seeing more impressive results. Partnering with a reputable AI vendor is another way to cut costs, too.

    4. 62% of consumers will submit their data to AI for an improved customer experience

      Artificial intelligence exists because of data. Most of it revolves around consumer data which means that AI is a high-stakes game. If your systems are hacked, or customer information is exposed, your organization’s image will suffer. Depending on federal or state regulations, you may also face legal or criminal penalties. When dealing with massive amounts of data, theft, illegal access, and cybercrime are big risks.

      Consumers—in fact, 62% of them—want to give you their data if it means they’ll get an improved digital experience. Of course, transparency with consumers is the first step. How are you using, processing, and storing consumer data?

      To protect the data necessary for successful AI adoption, ensure compliance with relevant data protection rules and regulations. Data encryption, access limits, and recurring security audits are a great place to start. Implementing an audit, risk, and compliance process is also critical to make sure your bases are covered–and may even be necessary to comply with regulations and industry standards.

    5. 52% of employees trust artificial intelligence in their workplace

      It can be tempting to trust artificial intelligence over human intellect. After all, ‘human error’ is responsible for more mistakes than an automated algorithm. But it’s crucial to remember that artificial intelligence is only as good as the people creating, feeding, and using it. When using AI, the accuracy of the original information, context clues, and implicit bias must be accounted for. Nothing should be implicitly trusted. In fact, only half of employees fully trust AI in their professional lives.

    Primary solutions to mitigate AI risk and overcome barriers

    Successfully implementing AI can take many forms, especially when tackling big problems on a limited budget. Some vital solutions include:

    • Implementing existing security measures and cyber controls
    • Investing in complementary technology, such as big data capabilities and cloud computing
    • Educating and training staff members
    • Investing in a change management strategy
    • Hiring legal experts
    • Openly communicating with stakeholders
    • Enhancing interpretability
    • Oversight and governance
    • Addressing discrimination in AI

    If you enjoyed this article, add a comment below or continue the conversation on LinkedIn.

  • Why is it important to optimize your landing pages?

    Let’s start off by quickly defining what a landing page is

    A landing page is designed for a specific conversion goal and they’re temporary page(s) that are not part of your website architecture. Consider them a standalone destination for customers or prospects that are tied to a specific marketing campaign(s).

    Your website is the comprehensive online presence for your brand – it’s considered owned media and isn’t dependent on individual marketing campaigns. It’s an asset that your team manages, updates and optimizes depending on new features, products, and services for your company.

    The need for optimization of your landing pages

    It’s important to look at the performance of your campaign landing pages and make the necessary changes or enhancements so they can continue to drive conversions for the marketing campaigns they support. These are some of the methods that our team works through to optimize our clients’ landing pages.

    • Alignment with campaign goals

      Make sure that your landing page content and messaging are still aligned with the goals of the marketing campaign this alignment will improve the chances of conversion.

    • User-friendly and responsive

      It almost goes without saying that your landing pages need to be intuitive and user-friendly. Reducing friction makes it easier for visitors to navigate, interact with content, and take the desired action. This means that the pages need to be consistent regardless of the device your visitor or prospect is using.

      We recommend a responsive page that adjusts the layout, font sizes, and images to fit the screen, eliminating the need for users to zoom in or scroll horizontally. A positive user experience leads to higher engagement and increased chances of conversion.

    • Clear and concise content

      Since your landing page is tied to a marketing campaign and not your website – the content needs to be simple and relevant to the campaign objective. Having a strong headline that grabs attention and content that clearly communicates the value proposition of your offer. Content should be compelling and relevant to your target audience.

      Informative and relevant content establishes credibility and builds trust with the audience. When the message is clear, visitors are more likely to stay on the page and engage, increasing the chances of conversion.

    • Call-to-Action

      Your call-to-action (CTA) should clearly communicate the action that the visitor is expected to do. A clear CTA on the landing page sets the right expectation and has a direct impact on conversion.

    • A/B testing

      Test, test, test … we recommend testing different elements of your landing page to optimize its performance. Test different headlines, CTAs, form placements, colors, or layouts. A/B testing allows you to gather data and insights on what resonates best with your audience, enabling you to make data-driven improvements.

    • Forms

      If your landing page has a form fill – identify the information that your campaign or Marketers are prioritizing – keeping your forms as simple and streamlined as possible. Long and complicated forms can deter visitors from converting – consider using progressive profiling to gather additional information over time.

    • Testimonials

      Consider adding customer reviews, badges, or other positive 3rd party content that can support your value proposition. You’ve got their attention – make the most of the opportunity.

    • Integration with your marketing automation system

      Leverage your marketing automation system by integrating your landing page with that platform. You can set up lead tracking, nurture campaigns, and personalized follow-ups to engage with your leads effectively.

    • Load speed

      By its nature, a landing page needs to load quickly. Using compressed images, and minimizing server requests will help in improving load speed.

    • Analytics and tracking

      As with any marketing initiative, prioritize data-driven revisions to your landing page and make the right modifications to drive conversion.

    So… what’s a good conversion rate for a landing page?

    As Hubspot shared last year, the average conversion rate for landing pages is 5.89% across all industries. A good conversion (across all industries) rate is around 10%.

    There are multiple factors that can influence the conversion rate, some of these include:

    • Campaign goals and objectives – and how well they’re executed
    • The type of content (video, images, content)
    • The type of CTA included on the page
    • Content/message relevance to the audience
    • Channels driving traffic to the landing page
    • Your target list or audience targeting

    We hope this article has helped highlight some of the tactics that can help boost conversion rates on your marketing landing pages. It’s more important than ever to work with the right agency team to get the very most out of your campaign landing pages – if you’re not getting what you need from your current agency – please reach out to our team at Position2.