OTT content providers are always looking for new ways to grow their subscriber base and generate more revenue. The blog post will explore some top strategies for doing just that. Whether you’re looking to increase customer loyalty or attract new subscribers, these tips will help you get the most out of your existing OTT subscribers.
OTT services are becoming more common for people to watch their favorite TV shows and movies. As the market for OTT services continues to grow, service providers need to find ways to increase revenue from their existing subscriber bases. Here are a few strategies that can help you.
As the OTT video market grows, providers seek ways to increase revenue from their existing subscriber base. Here are four strategies that can help you achieve this goal.
- Offer more value with your subscription plan.
- Increase the price of your subscription plans.
- Add new features and functionality to your platform.
- Increase marketing efforts to attract new subscribers.
Top Strategies for growing new revenue from existing OTT Subscribers
There are many ways to grow your OTT business. Marketing to your existing subscriber base is one way to increase revenue.
Companies use many strategies to increase revenue from their existing OTT subscribers. Some popular methods include introducing new products, cross-selling, and upselling.
Introducing new products is a great way to attract new subscribers and keep existing ones engaged. It can be done by offering unique content or features they can’t find anywhere else.
Cross-selling is another effective strategy for growing revenue. It involves promoting related products or services to your current subscribers. For example, if you have a subscription service for movies, you could cross-sell them a subscription to a TV show streaming service.
Upselling is a great way for subscribers to spend more on your product or service. It is to offer them discounts or upgrades. For example, you could show a discounted price for upgrading to a premium subscription.
Offer incentives for referrals. Give existing subscribers a discount or bonus for every new subscriber they refer.
Increase the value of your offering. Add new features, content, or value-added services that will make existing subscribers want to continue.
Make it easy to upgrade. Give subscribers the option to upgrade their subscription to access premium content or services.
Improve customer service. Provide quick and responsive customer service to address any problems or concerns that subscribers may have.
A fundamental way to do this is by introducing new value-added services that subscribers can purchase on top of their monthly subscriptions.
Create a tiered pricing model that offers different access levels and features for other price points.
Develop ancillary products and services such as merchandise, events, and other add-ons that complement your core offering.
Use data analytics to segment your customer base and offer targeted upsells and cross-sells.
Reward loyalty with loyalty programs and rewards that incentivize customers to stay subscribed long-term.
Focus on cross-selling and upselling. For example, if you offer a basic and premium subscription, promote the benefits of the premium subscription to encourage users to upgrade.
Improve your customer retention rate.
Evaluating and understanding your target audience
Conceptualizing creative marketing campaigns
Developing a pricing structure that meets both your needs and those of your subscribers
Devising retention plans to keep your existing subscribers happy
Continually looking for ways to improve the subscriber experience.
Increase prices for new content.
Introduce new content that is only available to subscribers who pay a premium.
Run targeted campaigns that offer incentives for subscribing or upgrading to a premium plan.
Offer exclusive discounts and promotions to your most loyal subscribers.
Personalize your content offerings based on subscriber preferences and behaviors.
Create a loyalty program that rewards subscribers for sticking with your platform. It could include discounts on other streaming services or free access to premium content.
Increase the value of your subscription by offering additional features that improve the user experience. It could be anything from ad-free viewing to personalization options and customization controls.
Expand your content offerings.
You are expanding your content offerings beyond what’s available on traditional cable TV. Add exclusive content, original programming, and niche channels that cater to specific interests.
Offer additional features and perks.
OTT subscribers are used to getting more bang for their buck. To compete, you must offer additional features and perks that appeal to cord-cutters. It could include free access to premium content and customizable viewing options.
Keep prices low.
OTT services are often seen as a cheaper alternative to traditional cable TV. To capitalize on this, keep your prices low, especially when launching your service. You can always raise prices later after you’ve built up a loyal subscriber base.
Offer blueprints or downloadable content that they can use to create their product.
Poll your subscribers to see what industry changes or new technologies they would be interested in, and then provide content based on those topics.
If you understand your target subscribers, appeal to their interests outside of work by providing content catered to those interests.
See if you can package your services with other OTT platforms or content providers to sweeten the deal for potential new subscribers.
Offer exclusive content.
By offering exclusive content subscribers can only access, you’ll entice new viewers to sign up and encourage current ones to stay engaged. It could include anything from early access to new episodes or behind-the-scenes footage.
Leverage user data.
Use the vast data to your advantage by creating targeted marketing campaigns for specific demographics. It could help increase conversion rates and encourage people to subscribe (or upgrade their subscriptions).
Introduce new features.
Add new features to improve the user experience and offer value outside watching shows or movies. It includes social integrations, interactive content, or bonus material.
Start by identifying your existing OTT subscribers.
Then, develop a strategy for growing new revenue from them.
Some top strategies include cross-selling, upselling, and providing value-added content or services.
Another way to grow new revenue is to offer a discount to encourage re-subscription.
Remember that whatever strategy you choose, you must focus on delivering value to your subscribers.
Create engaging content that users can’t get enough of.
Offer compelling discounts and incentives to encourage sign-ups.
Make it easy for subscribers to share your content with friends and family.
Conclusion
Key strategies can be employed to grow new revenue from existing OTT subscribers.
By understanding what services and features appeal to viewers and leveraging data-driven insights, operators can create a more personalized customer experience.
Creating an intuitive and easy-to-use platform will help reduce churn rates and encourage long-term loyalty. Where possible, operators should partner with other content providers to broaden the appeal of their service.
If you need support in executing and implementing any of these strategies or need help navigating the ever-changing landscape of OTT, contact us today for expert consulting.
