Promo Codes: How to set up and why they’re important
In this blog, we explore the benefits of promo codes for marketing campaigns and highlight why you should use them to increase customer acquisition, engagement and retention. We also take you step-by-step through setting up a promotional code for your Magine Pro-powered streaming service.
How promo codes can positively impact growth and subscriber retention
Promo codes are a great marketing tool for streaming service operators to attract new customers and retain existing users. For example, promo codes offering a lower price for the first month or year subscription will expand your reach and entice potential customers who may not have otherwise considered signing up to your service.
Promo codes can also help encourage existing users to stay by showing that you appreciate their business and that you’re willing to work with them to provide the best possible value. Do this via subscription discounts or loyalty rewards that give them first access to new content, for example.
Ultimately, promo codes are an effective tool for both subscriber retention and growth.
- Increase customer loyalty by providing a discount to customers who return to your service.
- Attract new customers by providing a discount on their first purchase.
- Boost sales during slow periods by providing a temporary price break.
How to set up a promo code in your Magine Pro-powered streaming service
Check out our complete step-by-step guide on setting up a promo code for your streaming service via the Magine Pro CMS Console:
Top 3 tips for promo code campaigns
- Keep it simple
One common mistake is to make promo codes too complicated. A long and confusing code is more likely to be ignored than a simple one.
- Use regularly
If customers only see promo codes a few times a year, they may forget about your brand or feel like they’re missing out on potential savings. To get the most out of promotions, try using them regularly.
- Make it worthwhile
When planning a promo code campaign, make sure that the discount offered is significant enough to be worth the customer’s time and effort. Promo codes should incentivise customers to sign up and/or stick around.
If you need more information on setting up a promo code in your service, head to our knowledge base or reach out to a member of the team.
Want to learn more about improving customer acquisition, subscriber retention and engagement for your streaming service? Our white paper ‘OTT Discovery: How to stand out amongst the crowd‘ features some useful insights. You can also check our blog for more practical advice, including 5 reasons you should offer Day Pass access to your streaming service.
If you’re interested in learning more about our flexible OTT platform, our partners and how we can help you build and launch a successful OTT business, get in touch with us today.
