Marketing Mantra: Strategies to Reduce Churn in video OTT Service
So, you have a great OTT platform with amazing features, featuring super-cool content and acquiring new customers on a daily basis! Phew, that’s some tremendous achievement, indeed. But wait, are you also losing customers, on a daily basis? If yes, then you need to scroll down now.
Below, we list 5 quick tips which will help you reduce the OTT churn rate and automatically progress towards the divine marketing success parameter – customer retention!
Content is King!
Yes, definitely! Are you in tune with the latest trends that are making waves in terms of content? Do you keep a tab on shows that are doing huge business? Does your platform host content-focused shows?
These are some questions you need to ask yourself, because people are gradually moving away from the clichéd. Explore the genre which is currently trending and plan relevant content around that. Better yet, play it safe with a social topic, you’re bound to get a good audience for that.
Always remember, none of your strategies will bear fruit if you ignore the main USP of any OTT – good content!
Technical glitches are a strict no-no
Studies show that faster internet connections have made viewers more impatient, and that people begin abandoning videos if they don’t load within two seconds. Every second of additional delay results in approximately 6 percent more viewers jumping ship. In fact, 20 percent of viewers are gone after five seconds delay.
No one likes to spend time watching slow streaming, pixelated videos, let alone wait for the buffering to take place. Aim for a top-notch technical game. A hawk-eye watch over your technicalities is what you need to maintain an almost error-free experience for your customers. Keep your back-end processes smooth and conduct regular sanitation checks to clear out bugs from the system.
Fun tip, make friends with the tech guy, you’ll automatically have a coffee buddy to make your life easier.
Also, never forget the power of social media in today’s time. One glitch might cost you unwanted attention as well as few potential and regular customers.
Analytics and Marketing – Talk numbers!
And we mean it! Keep a regular check on your analytics dashboard to fathom what’s working and what’s sucking. Make tables, draw Venn diagrams, design charts and make analytics your best friend. The deeper you dig the dirt, the shinier your treasure will be.
You can zero in on the issues most customers are facing, determine which content is clicking with your target market and better yet, learn what interests your target group has. Plus, you can also chart out a good recommendation list with the help of numbers. Wondering, if there’s anything else you can do with numbers? Yes, you can go for personalization. Isn’t that great?
Operate a full marketing and engagement life-cycle platform – collect, analyze, visualize and define audiences, then design & launch relevant marketing campaigns with segmented push notifications, measure effectiveness of this campaigns and re-target.
Not only will it help your customer retention numbers, it’ll definitely enhance your customer-friendly reputation as well. After all, who doesn’t love getting what they want, without even having to ask for it?
Communicate YOUR VALUE
Many a time, customers are simply unaware of what content they have access to. They might have selected a package for a specific content, but after that they simply do not explore the other options which can be accessed using the same package.
Make it a habit to communicate regularly with your customers about ‘what else’. Yes! What else can they do with their subscription plan? What else can they enjoy over the upcoming weekend as part of their subscription plan? What else is there exclusively for them?
A quick SMS alert, a simple ‘hi’ over a push notification, or perhaps a visually appealing email over the weekend would do the trick for you.
Practice healthy CRM
Standing for Customer Retention Management, this is a major investment, right after content.
Tracking user behavior gives you an idea of what the user wants, and CRM helps you do just that. Proper communication channels spanning personal inboxes and mobile devices help you stay connected with your customer. You can then drop a quick message talking about a new offer, a kick-ass product feature which you’d like them to try, an alarm about an upcoming nail-biting episode or basic fundamental app news. Regular communication makes your customers remember you, and nobody says no to a good offer.
Bottomline: just like every relationship thrives through communication, similarly your customer-company relationship also thrives through communication. Make sure to BE THERE for your dear customers!