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.
No matter the reason your subscribers might churn, Evergent’s customer churn management solution helps customers fight churn with the following capabilities:
- Geographic and demographic targeting
- Price, offer, and payment flexibility
- A/B offer testing
- Social interaction, gamification, and loyalty programs
- Payment retry logic and an account updater to reduce involuntary churn
- Customer self-service portal and customer care module
- Targeting at-risk customers with a system for quickly adding new products, packages, and promotions with tiered pricing and a broad range of attributes
- Customer insights and reporting that can be customized to meet a variety of requirements
- Leveraging advanced AI technologies for timely content recommendations
“Parks Associates research finds the rate of cancellations for OTT video services among U.S. broadband households has held steady over the past three years at approximately 18%.” — Parks Associates
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