Top 5 strategies to improve OTT subscriber retention
Subscriber retention is essential for any business, but especially in OTT, given the choice of services and the propensity of viewers to regularly change or alternate subscriptions.
To grow sustainably, streaming service operators need to focus on converting new customers and retaining existing ones. Fortunately, there are several ways to keep your subscribers happy and engaged, such as offering exclusive content, early access to new features or releases, personalised recommendations, and customer service that goes above and beyond. By implementing a subscriber retention strategy, you can make sure your business grows sustainably for years to come.
With that in mind, we’ve put together our top five strategies to improve subscriber retention:
1. Customer feedback loop
It’s essential to create a space where customers feel heard and their concerns are taken seriously – even if you can’t always immediately resolve the issues they’re experiencing. All feedback is valuable, and negative feedback can be especially useful in identifying areas that need improvement. Ignoring customer feedback or brushing it off will only lead to frustration and eventual retention. Create a strong customer service and retention strategy to ensure your customers always feel like their voices are heard and valued.
2. Leverage your data
The cost of customer acquisition is high, so it’s important to keep your existing customers engaged and coming back for more. And one of the best ways to do that is to understand their viewing habits and cater content around their interests. Fortunately, with today’s data-driven insights, tracking customer behaviour and developing targeted campaigns that resonate with your audience is easier than ever. Leverage your data and gets to know your customers; you can build specific content categories around their interests and personalise comms for select groups to highlight what’s available.
3. Regular and engaging communication
Keep your subscribers engaged and interested in your content to keep them coming back for more. A well-considered communication strategy is essential for achieving this. You can personalise your communication based on data you know about your subscribers, such as their favourite actors or genres, and highlight up-and-coming releases that they might be interested in. Stay top of their minds with regular outreach that is engaging, informative and on brand for your business.
4. Reward loyalty
It costs much less to keep a customer than to acquire a new one, so rewarding loyalty makes good economic sense. There are a number of ways to show appreciation for loyal customers, such as offering discounts, access to exclusive content early or for free, or even a personalised thank-you email. Whatever the method, the goal should be to personalise the user experience as much as possible. After all, happy customers who feel valued and appreciate your brand values are more likely to stick around.
5. Continue to educate
At Magine Pro, we believe customer education should continue long after conversion and onboarding. Continuing to educate customers throughout their journey with your brand is essential. Build educational campaigns around your streaming service, highlighting valuable features such as building Watchlists, Continue Watching, etc. By helping users make the most of their subscriptions, you’re more likely to keep them loyal and engaged. In addition, these campaigns can help to create a more positive customer experience, which is essential for driving long-term growth.
Want to learn more ways to increase subscriber retention and engagement for your streaming service? Our white paper ‘OTT Discovery: How to stand out amongst the crowd‘ features some great insights. You can also check our blog for more practical advice.
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.
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.