In this ever evolving media landscape, the shift to digitally enabled, multiscreen OTT video subscriptions is an area by itself that is outpacing the rest. Subscriptions, as a model, is prevalent across industries but nowhere else is the shift towards it felt more predominantly than in the media and entertainment industry. Consumers have expectations and preferences on how they would like to interact and take advantage of media products and services. This is a transformation that requires stakeholders in marketing, IT, finance, operations and management to align together and pool their resources towards implementation of new digital processes that lay the foundation for a subscription-led growth.
Over-the-top video subscription represents a new business model built around ongoing customer relationships by earning their trust and frequently providing new offers to meet their digital requirements. Not to mention the OTT subscription model is also a win for businesses since a satisfied customer equals a predictable recurring revenue. Even the traditional telecom and cable company operators have given in to the realization that an IP-centric OTT business model is much better to run a business on. So without further ado, let’s jump right in and find out ways on how you can create a seamless subscription experience.
When customers sign up for your content, the user experience has to be seamless. It needs to be that way across all devices. If your OTT platform is difficult to navigate, you can kiss goodbye to your potential customers. From step one itself, every stage needs to be quick, easy and has to draw the customer in. Traditional systems were not designed to support the logistics of an IP-centric OTT video subscription. So as a content owner, you have to make a considerable investment in adopting the latest and updated technology to get more customers.
The Price Factor
Sure you have a ton of exclusive video content that you believe an audience will want to get their hands on but the way you package your OTT and most importantly, how you price the subscription is your most valuable strategic tool. But the reality is, pricing can be a challenging task. You can price based on the number of users, bundle features, group or family packages or price as per time durations eg. monthly, quarterly, annually. It is best to get the help of a tech partner such as Enveu having industry experience in order to nail down a suitable pricing option. How you price your platform directly influences your revenue potential.
Right from the first checkout process to every eventual billing, the process yet again has to be seamless. Even the smallest distraction in the buying decision stage can disengage a prospective customer. Traditionally, products and services were one-time purchases with a single invoice. But a subscription billing is complex as there are many variables factored by a customer’s unpredictably decisive nature to sign up. This complexity needs to be morphed into a simplified version that is easy to understand. Enveu’s system integration services are perfect for it. Complex technological tasks are chiseled down into a seamless solution and just like that, your billing system will have a programmable engine that takes all inputs, calculates accurately and invoices the customer which is in sync with your brand identity.
Platforms that are built on secure, mission-critical and scalable infrastructures are the cornerstones for a successful subscription strategy. Such an enterprise-grade system offers a reliable 24x7x365 continuity in business operations.
As you sift through and figure out how to incorporate these details into your subscription plan, remember that developing deeper customer relations is the core of it. As your customer base grows, it is natural that the processes will get more automated but at the same time you need to ensure that the human touch doesn’t shrink. It is something that a metric can’t calculate but it is definitely something that a person can resonate, respond affirmatively to and before you know it, you will have a loyal customer for life.
You are in safe hands when you onboard a tech partner like Enveu. We will take care of your subscription requirements and ensure your OTT business model gets to see an overall success. Get in touch with us today!