New technologies are beginning to dominate many traditional businesses, and the television, movie and broadcast industries serve as prime examples. Here, digital disruption has run rampant, and it has given rise to a host of innovative players that are rapidly changing the customer experience.
Netflix is a leading player in this space. Its success at giving viewers what they want, when they want it is forcing many traditional media channels to completely rethink their own respective customer engagement strategies. And as Netflix is poised to expand into 130 additional countries, many more entertainment outlets may see their viewers slipping away.
The choice is becoming clear. Traditional media outlets must themselves evolve, or become irrelevant in the face of the streaming juggernaut’s relentless march.
Paywizard, a London-based specialist in subscriber management for pay-TV, understands the challenges that disruptors such as Netflix present to its industry, and it’s doing everything it can to help providers adjust their own customer experiences accordingly.
In fact, through a new report titled, “The fight is on: Winning the pay-OTT battle,” Paywizard has devised a strategy that offers eight practical ideas to help service providers improve customer acquisition and retention.
The crux of the paper is a call for Pay-OTT (over-the-top) TV providers everywhere to avoid a “one-size-fits-all” approach.
To win the customer loyalty of viewers, providers must understand who their viewers are and offer them a customized experience that meets individual needs. Data and analytics must be leveraged in order to create a more sophisticated, seamless and personalized approach.
“The aggressive growth plans that Netflix’s CEO Reed Hastings announced at CES will be a concern to local pay-TV players, who will now need to fight even harder to keep market share,” Bhavesh Vaghela, CMO of Paywizard, said. “However it’s crucial to remember that bigger doesn’t necessarily mean better when it comes to Pay-OTT. When it comes to winning subscribers and keeping them, the most important factor is actually making sure that you understand your viewers, and treat them differently as a result. One size does not fit all, but with clever analytics you can develop a picture of all the different personas that subscribe to your service, and use this insight to deliver more sophisticated marketing campaigns, tailored packages and an all round simpler and smoother customer experience.”
The eight strategies and considerations advanced by Paywizard include:
• Use data for a more personalized approach.
• One size does not fit all.
• Leverage real-time insight.
• Say goodbye to rigid contracts.
• Cater to all demographics.
• Expose value through better recommendations.
• Spot unhappy customers early.
• Make cancelling subscriptions easy.