The Ultimate Guide To Reducing Your Company’s OTT Churn
In the old set-to box days, for one to cancel their service, they had to jump several hoops. The freedom of managing your account with the OTT services is why most people are choosing to use them. On the other hand, it means that the consumer can cancel their services easily. That means the OTT firms need to find ways they can keep the consumer from cancelling their subscription. Some of the strategies you can use to reduce the OTT churn in your firm are listed in the article.
Take the time to predict how loyal each consumer is. Even when you have millions of people using your service, it is critical to identify the people who are likely to churn. Using machine learning algorithms, you can predict the likelihood of a person churning from the behaviors of past users. Once a subscriber chooses to use your OTT service; these algorithms can be used to examine if they are happy with their experience. The possibility that someone chooses to leave the service can then be predicted.
The reason why a customer churns is also something that you should find out. Understanding why someone is cancelling their OTT service is as critical as knowing who is likely to cancel. Using an AI can help your team know how the practices of loyal users compared to the behaviors of the individuals who cancel. That makes it possible for you to concentrate on the experiences that are critical to your bottom line. With the information, you will know the genres that people who keep their subscription are watching. Equipped with that information, you can then make better decisions on the type of content that you should be getting.
Even before a user cancels, you can keep them engaged. The good thing about having an AI, is that you can predict who will churn from the services. That means you can keep the users subscribed to your OTT firm by proactively engaging them from the word go. For instance, if the AI predicts that someone is almost churning, you can send them a discount, or give them free premium content they can keep watching. The key is to find out who are the most loyal and the least loyal users of your service. Once you understand the behaviour of the users, you should find content that will ensure they remain loyal to your firm.
Determining the ROI of licensing or creating new content is also something to do. It can be expensive for you to license or create new content. You can find out the ROI you will get by adding new content to your service using an AI. You will know the content to create when looking to grow a loyal client-base.