How to Convert Free Trialists into OTT Subscribers
Consumers are well-versed in the concept of a “free trial” in many different scenarios, and especially in the competitive OTT space, it’s almost expected. There are so many different video service options on the market, and a free trial period is used for consumers to make informed decisions about whether or not they want to subscribe to a service.
Do Free Trials Really Work?
In a study conducted by Parks Associates last year, they found that 50% of U.S. broadband households that subscribe to an OTT video service indicated that the free trial GREATLY influenced their decision. As you can see in the graph below, “I was offered a free trial” was the most prominent reason users chose to subscribe to an OTT service. “I enjoyed the service trial and decided to keep it” was the third most popular reason for choosing to subscribe.
But What About Churn?
While the downside of offering a free trial may be increased churn rates, the number of free trial users converted to paying subscribers could be well worth it. Parks Associates reported that 58% of U.S. broadband households that accept a free OTT trial convert to fully-fledged paying subscribers, and that number has only been increasing over the years. If your conversion rates are lower than expected, it could indicate a deeper problem with your content, marketing, or user-experience.
How to Maximize Retention with your Free Trial
In order the get the most out of your free trial, be sure to follow these tips from Float Left:
- Set up a pre-authorized payment
Thanks to Float Left’s technology partner, Cleeng, a company that manages subscriptions for SVOD services, users can set up their free trial to pre-authorize the payment method. This will avoid any involuntary payment problems once the free trial ends and allow for a seamless transition from trialist to subscriber.
2. Decide on the correct length for your free trial
I’m sure you’ve seen many types of trial lengths, ranging from 7 to 30 days. The length of your trial should be dependent on your content. 30-day trials are most common for Broadcasters and Entertainment Networks, who refresh their content frequently. For services such as Faith, Fitness, and others, a 7 or 14-day trial period may be more appropriate. The overall idea is, you don’t want users to be able to watch everything that interests them before their trial period ends.
3. Give them exclusive and quality content
You’ve heard the phrase “Content is King”, and in the OTT industry, that translates to “Original or Exclusive Content is King”. By showing free trialists that not only do you provide them with exclusive content, but GREAT exclusive content will keep them coming back each month. Keep your content fresh by updating it frequently. Use a tool like Float Left’s Application Management Portal (AMP), which allows content distributors to upload and push out new content uniformly across platforms with ease.
4. Give users a great overall experience
None of the previous points matter if the OTT platform is difficult to use. A well-developed OTT application is user-friendly and adaptable. Take Float Left’s Flagship OTT solution, Flicast, as an example. It has a simple, yet powerful, interface that gives audiences a seamless experience. Intuitive controls and features, such as watchlists and favorites, makes it easy for the users from the moment they open the application to the moment they close it.
For questions or inquiries about Float Left’s services, please email sales@floatleft.tv.
