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How Our Personalized Video Technology Can Help OTT Companies Drive Subscriber Retention
Yosef | Aug 30, 2023
Yosef | Aug 30, 2023
In the competitive world of Over-the-Top (OTT) services, retaining subscribers is crucial to success. With a plethora of options available, customers are quick to switch between providers to find the best value for their money. As such, OTT companies must focus on customer retention strategies to keep their subscribers loyal. One way to do this is through the use of personalized video for OTT subscribers.
Introduction
OTT companies must understand the importance of customer loyalty and retention. High subscriber churn rates can negatively impact the business’s bottom line, resulting in lost revenue and market share. This is where personalized video can play a significant role in improving customer retention.
Personalized video uses data and artificial intelligence to create unique, relevant, and engaging videos for each customer. By leveraging this technology, OTT companies can create a more personalized experience for their subscribers, which can ultimately lead to increased customer loyalty.
Understanding Subscriber Behavior
To effectively use personalized video to improve customer retention, it’s important for OTT companies to understand their subscribers’ behavior. By analyzing data such as watch history, search queries, and engagement metrics, companies can gain insights into their customers’ preferences and interests.
This information can be used to create personalized video content that resonates with subscribers, leading to a more satisfying viewing experience. Additionally, analyzing subscriber behavior can help OTT companies identify potential pain points and areas for improvement.
Personalizing the Subscriber Experience
Personalization is key to improving customer retention in the OTT industry. By providing personalized recommendations and content, companies can create a unique and tailored experience for each subscriber. This can lead to increased satisfaction and loyalty, as customers feel that their needs and preferences are being met.
Personalized video can take personalization to the next level. By using data to create videos that are tailored to each subscriber, companies can provide a truly unique and engaging experience. This can help set them apart from competitors and keep customers coming back for more.
Communicating with Subscribers
Effective communication is critical to building strong customer relationships. OTT companies must communicate with their subscribers to keep them engaged and informed. This can be achieved through various channels, including email, social media, and in-app notifications.
Personalized video can also be used as a communication tool. By creating videos that address individual subscribers, companies can provide a more personal touch to their communications. This can help increase engagement and encourage subscribers to remain loyal.
Using Personalized Video to Improve Customer Experience
The impact of video on OTT customer loyalty cannot be overstated. Personalized video can help OTT companies attract and retain a loyal audience in several ways.
Attract and retain a loyal audience
Personalized video can help OTT companies attract and retain a loyal audience. By providing a unique and tailored experience for each subscriber, companies can differentiate themselves from their competitors. This can help build brand loyalty and keep customers coming back for more.
Personalization
Personalized video can help OTT companies personalize the subscriber experience. By using data to create videos that are tailored to each subscriber, companies can provide a more engaging and satisfying viewing experience. This can help increase satisfaction and encourage subscribers to remain loyal.
Encourage Content Discovery
Personalized video can also be used to encourage content discovery. By creating videos that highlight relevant content, OTT companies can help subscribers discover new shows and movies. This can help increase engagement and keep subscribers interested in the service.
Reduce Subscriber Churn
Personalized video can help reduce subscriber churn. By providing relevant and engaging video content, OTT companies can keep subscribers satisfied and less likely to cancel their subscription. This can help improve customer retention
Where to use Personalized Video in the OTT Customer Lifecycle
Personalized video can be used throughout the OTT customer lifecycle to improve customer retention. Here are some areas where personalized video can be particularly effective:
Onboarding
Personalized video can be used during the onboarding process to welcome new subscribers and introduce them to the service. By creating a video that highlights key features and benefits, OTT companies can help new subscribers feel more comfortable with the service and encourage them to start watching content right away.
Introduction
Personalized video can also be used to introduce new content to subscribers. By creating videos that highlight new shows and movies that may be of interest to each subscriber, OTT companies can encourage them to start watching and keep them engaged with the service.
Content Discovery
Personalized video can also be used to encourage content discovery. By creating videos that highlight shows and movies that are similar to what a subscriber has watched in the past, OTT companies can help them discover new content that they may enjoy. This can help keep subscribers interested in the service and reduce churn.
Upselling/Cross-selling
Personalized video can be used to upsell or cross-sell additional services or features. By creating videos that highlight the benefits of premium content or add-ons, OTT companies can encourage subscribers to upgrade their subscription or purchase additional services. This can help increase revenue and improve customer retention.
Re-engagement
Personalized video can also be used to re-engage subscribers who have become inactive. By creating videos that highlight new or popular content that the subscriber may be interested in, OTT companies can encourage them to start watching again. This can help improve customer retention and reduce churn.
Case Studies
Several OTT companies have already seen success with personalized video technology. For example, Netflix uses personalized video to create unique trailers for each subscriber based on their watch history and interests. This has led to increased engagement and higher customer satisfaction.
Another example is Hulu, which uses personalized video to promote its live TV service. By creating videos that highlight specific channels and shows that the subscriber may be interested in, Hulu has been able to increase subscriptions and improve customer retention.
Conclusion
In conclusion, personalized video technology can be a powerful tool for OTT companies looking to improve customer retention. By using data and AI to create unique, relevant, and engaging videos for each subscriber, companies can provide a more personalized and satisfying viewing experience. This can lead to increased customer loyalty and reduced churn, ultimately improving the business’s bottom line. To stay competitive in the crowded OTT market, companies must embrace personalization and leverage the power of video to keep their subscribers engaged and loyal.
