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Why Should OTT Subscription Businesses Deliver a Stellar Digital Experience?

Posted In Business - By Techtiplib on Monday, October 16th, 2017 With No Comments »

The OTT or over-the-top model has been steadily gaining more ground over the years, especially with the fast-paced developments in audio, video, and ICT technologies. Who hasn’t heard of Netflix or iTunes, or used at least one chat app in the past 24 hours? There are literally millions of OTT users and subscribers worldwide—in fact, OTT video streaming subscribers are expected to be 330-million strong by 2019.

OTT Subscription Businesses Deliver

This massive customer base is arguably the best asset of OTT companies. However, the huge number of people using OTT services is also one of biggest pain points when it comes to running an OTT subscription business. It can be especially challenging to have these people stick around and keep their subscriptions. This makes delivering a top-notch digital experience a critical requirement for OTT businesses to be successful. If you’re running such a business and you find that you’re constantly reminding yourself about this golden rule, here are a few things that you should keep in mind:

Your Customers Picked Your Business Model over Traditional Formats

You’ve essentially won these customers over from the “other side” because you are giving them something they want, which is simultaneous and multi-device access and pay-on-demand content. The least you could do is to provide them with the best possible experience from start to finish, and back again.

This can be as simple as overhauling your website’s GUI for an enhanced, hassle-free user experience. With literally thousands of content to browse through, download, and buy, OTTs should be made as simple as possible so that everyone, even those who are not as tech-savvy, can find their way around.

Another way you can provide a better digital experience is to use a recurring billing software. This helps minimize payment lapses, charging errors, and failed payment transactions, in turn minimizing customer churn. These customers are already willing to pay; it’s now up to you to make sure that they receive the services and products that they expect.

More Players Are Getting in the Game

While Netflix is still the king of streaming, smaller competitors are rising up to the challenge of providing similar, competitively priced alternative services. Amazon and Hulu, for instance, are quickly catching up, and pocket services of TV networks like HBO Now and CBS All-Access are also gaining more subscribers. The arena of OTT communications is also getting more and more competitive. There’s WhatsApp, Skype, Viber, WeChat, Line, among a host of other social media networks like Facebook that also provide their own quick communication platforms.

Newcomers won’t necessarily be able to overtake the older, established OTT businesses in a snap. However, the fact remains that the playing field is open to all players who want to take a shot. The more players there are, the more difficult it is to get noticed and stay top-of-mind. This is why it’s important for the OTT businesses to keep delivering stellar experiences to prevent their customers from jumping ship.

The reality is that none of these various OTT apps and services need to “die” for the rest to make it big. There is simply a need to constantly provide something fresh in order to break through the clutter and play toe-to-toe with the “big kids.”

They’re Paying You with More Than Just Cash

This is especially true with YouTube, a prime example of free and ad-supported VOD service. Subscribers “pay” content creators (the “YouTubers”) with their views, which means these viewers invest their time to watch your content. This makes it an imperative to give the best possible experience because they spent—and will hopefully continue to spend—more than just money on you.

For subscription-based and transaction-based VODs, providing the best customer experience, including customer support, is even more critical. Customers have already paid you to access the full array of services you offer, so it’s only reasonable for them to expect that they will get their money’s worth—perhaps even more.

The presence of OTT businesses don’t necessarily mean the death of traditional cable and entertainment companies. In fact, these companies will still continue to play a key role in the growth of broadcasting. However, these new apps and services have definitely changed the game, especially in terms of competing with television and other traditional communications technologies. It now becomes a battle on who provides not only the best content, but also the best customer experience. Who provides both will most likely emerge as the big winner.

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