With the plethora of media and entertainment options available today, providers must be both targeted and agile in how they acquire new subscribers and deal with churn management.
Making it easier for consumers to choose and manage their own accounts is just one of the reasons that streaming and on-demand services are growing in popularity. However, making it easy for consumers to sign up also means they can now cancel their services with just a few clicks in a self-service portal.
Today providers of digital content and services must optimize the sign-up and retention of subscribers as well as prioritizing customer churn management in order to be competitive.
OTT video and other content providers must consider implementing strategies such as agile marketing campaigns, targeted offers, and regular promotions to help keep subscribers interested and active on their platforms.
There are two types of churn: voluntary and involuntary. Involuntary churn might be the result of an expired or declined credit card. Voluntary churn occurs if subscribers voluntarily cancel due to rising prices or changes to their bundles. Some subscribers might lose interest after a must-see series or event airs, while other times, competing service providers might offer cheaper bundles, better content, or a better user experience.
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