Why Customer Retention on OTT is Important and How can You Achieve It?
It’s no secret that OTT is the next big thing in the media industry globally. The global OTT market is projected to reach US$ 1039.03 by the end of 2027. This highly lucrative space is seeing several new entrants. We talk a lot about how to get customers onto your platform, but what’s more important in his highly-crowded space with plenty of options, is how you retain our audience.
In this piece, we list a few ways for retention and the role Enveu can play in the same.
Know why your subscribers are opting out
The best way of retaining your customer is by understanding why your customer wants to leave the platform. A report by Vimeo suggests that the most popular reason for a customer opting out is that ‘he/she signed up for a trial and didn’t decide to continue.
There’s not much you can do with such a consumer, other than try to keep catching the attention of the user. A service provider like Enveu has the data of that category of customers and can share push notifications or e-mail reminders every time you put up a new piece of content. Not only does this push out the content offering, but also helps you occupy the top-of-mind position for your customer.
With the number of players on OTT increasing, it doesn’t necessarily mean that the average consumer is increasing his/her subscriptions. A Statista report suggested that 60% of those who cancelled a streaming service in 2019 stated that price was the reason.
So, you may need to rethink your pricing strategy. Be careful here though, you don’t want to risk lowering your price by too much and risking your overall business.
Enveu can help you monetise and acquire your consumer base by helping you and your platform with different offerings (subscription methods, AVOD, display ads, etc).
Once a user has been acquired, this is what will help you steer clear of the competition. We’ve seen plenty of users take to social media to complain about a certain OTT player’s user interface. When these users repeatedly complain on social media, while it’s damaging to your brand, there’s one thing to note out here. The user is still using the platform. And that’s only because there’s no substitute for the OTT offering in terms of the content being offered.
The above point on content doesn’t mean that you can compromise the user experience you’re offering. You cannot. You need to offer a clean and clear interface so that the customer isn’t left confused. Use Enveu’s service to bring in the likes of voice search, suggestive text, etc to help your user find content on your offering.
Also, use the tech services offered by Enveu to bring in features like continue watching, suggested content and playlists convert that user who came in to watch one piece of content to a binge-watcher.
Communicate with your consumers
Remember that phrase, out of sight, out of mind? It’s completely true.
Just as important as creating content regularly is maintaining consistent communication with your subscribers. A mailer to your database is a great way to keep current subscribers watching and convert free trial subscribers. Also, since you have the data of the user’s birthday or anniversary (from when he/she registered), a greeting card on those occasions could also help you score brownie points.
As mentioned earlier, this is something that Enveu can also take care of. We have our engines in place that capture these data points and can send out the customised mailer on your behalf.
These are just a few ways of retaining your existing customers. If this is a challenge and you want to speak with us in detail, we are happy to help.