This Q&A reflects Kate's time as Senior Director of Growth at Stash. Currently, Kate is Sr. Director of Partnership Media at Launch Potato.
Kate Palmer is Senior Director of Growth at Stash, where she heads up the acquisition team. Kate’s career covers all sides of digital and mobile advertising: agency, vendor, client, and consultant. After two years in finance, she started working for an advertising agency, initially focusing on SEM and eventually launching and managing the social media department. Kate then transitioned to an AdTech vendor, where she managed a team and ran campaigns for Fortune 500 companies. Wanting to expand her skills beyond desktop, she transitioned into mobile at Jump Ramp Games as the Director of User Acquisition. Consulting for a few subscription apps, she realized that she really enjoyed that model, which led her to her current role at Stash.
Read Kate's latest article: "3 Mistakes to Avoid to Instantly Save Money & Acquire More Users"
Stash is a one-stop-shop for all of your financial needs. The distinguishing feature between Stash and its competitors is the high value we place on financially educating our users and the simple usability that grows wealth and saves for the future.
I got my start in mobile marketing when I joined Jump Ramp Games to run user acquisition. While I had prior experience in desktop digital advertising, at Jump Ramp I made the shift from desktop to mobile, which is a completely different ball game. Here I had a crash course in the mobile-marketing industry, learning everything from mobile measurement platforms to diversifying a portfolio to mobile fraud.
I love mobile marketing because it reminds me a lot of the Wild West. Something new and exciting hits the market every day, allowing me to constantly learn and reevaluate my strategies. As things are constantly changing, something that worked well a year ago is now obsolete, and something underperforming becomes more effective. Much like the Wild West, the people in the mobile industry are some of the scrappiest around!
You have to be super nimble, a quick decision-maker, and a bit of a control freak. There is no 'set it and forget it' in mobile marketing–you have to be 100% on top of performance at all times. Always optimizing, always testing, always learning, and quick to pivot.
A strong onboarding funnel. A great ad will only get you so far. Once a user enters the app, you have to hit them with the right amount of engagement and education. This ensures that they not only understand the app but will readily complete all actions required to become a daily active user.
Diversifying your portfolio. Every campaign will eventually hit its point of diminishing returns, making it harder to scale without becoming significantly less efficient. When you are relying on merely a handful of sources to drive acquisition, every incremental user becomes increasingly more expensive. Fewer sources will also increase your susceptibility to swings in overall performance. I hate being in a position where if Facebook has a bad day, we have a bad day. A larger and more diverse portfolio will allow greater balance and the ability to scale with minimal impact to your bottom line.
As a financial app during this challenging time (and always), it is important that we are able to serve as a resource to our users. We want to stand as a place for people to learn about what to expect and to receive advice on maintaining or achieving financial stability in the middle of COVID-19. Stash wants users to feel safe and trust in our ability to help weather the storm. In terms of how we have pivoted our strategy, we have placed an increased emphasis on educational messaging–including our CEO hopping on Instagram live to address questions directly from our community.
Bear in mind that mobile app users are generally overwhelmed by ads. If you don't hook people within the first 3 seconds, you're toast. For that reason, communicate your value proposition in a succinct and straightforward manner.
With so much to say on this topic, I wrote an entire blog about it. My best, high-level, advice to share is that a fraud detection solution is worth every penny and you will be amazed at the ROI.
I rely on a lot of my industry friends for advice and tips and regularly read AppsFlyer’s Weekly Digest and the Grow.co email newsletter to stay well-informed about trends and news.
*This material has been distributed for informational and educational purposes only, and is not intended as investment, legal, accounting, or tax advice.