You have spent time producing great videos and marketing them to connect with your subscription base. But your work is not done. How can you keep engaged with your subscribers to avoid them churning?
Churning can present some challenges for individuals/companies given the vast amount of readily available OTT choices subscribers have at their disposable. In 2019, churn among OTT platforms in the US reached 35%. By reducing churn you are giving yourself the opportunity to grow your OTT platform. According to research from Bain and Company, increasing customer retention rates by 5% increases profits by 25% to 95%.
Here are five tips to keep your subscribers attention and reduce churn.
1. Understanding why your subscribers churned
Analyze and understand churn feedback. Was the price too high? Was the content relevant? Did their preference change? Technical issues? Did not sign up after the free trial. You can use feedback to reduce churn.
2. Keep content relevant and timely
You want to create and upload content that is relevant and useful to your subscribers. Understanding your subscriber’s preferences and needs keeps your video platform fresh and lets them know why they are paying for your service.
3. Flawless technology for great user experience
Your subscribers want a technical free and first class viewing experience. Any technical issues and subscribers may jump to a competitor. Stream Viral can provide technical know how while you focus on the content.
4. Find the business model that is right for you
You want to ensure the business model you want to apply to your OTT video platform makes a market fit. For instance, if you decide to go SVOD (Subscription based), you want to charge a price where you will make a profit but not too much to turn subscribers away. If your content is unique, you can charge a little more. At the end of the day, exclusiveness of the content is key to price the right amount for it. You want to establish the value of your content so subscribers feel good spending money on the platform.
5. Engagement with subscribers
You want to create a sense of community and keep that connection with your brand after subscribers sign up. Send timely news updates or previewing upcoming content can help provide a positive customer experience to keep them engaged and more likely to stay loyal. CRM tools, such as a variety of MarkTech can help you to interact with your customers and keep them updated about your latest releases.