Evergent – The ultimate battleground: securing subscriber loyalty
Paolo Cuttorelli, SVP Global Sales, Evergent
In the “streaming wars” era, retaining subscribers has emerged as the ultimate battleground. As streaming companies navigate through a maze of subscription models, the challenge – or battle plan as it were – is not just to attract viewers but to retain them amidst fierce market competition and tightening consumer budgets. It’s no wonder recent research by Parks Associates revealed that the average annualized subscriber churn rate stands at 47%.
In the face of these challenges, media companies are redefining the playbook on subscriber engagement, leveraging a mix of cutting-edge technologies to forge deeper, more enduring connections with their audiences.
Experimentation to secure retention
Winning in the retention game is all about customization and flexibility. Companies can quickly test and iterate on various subscription models, promotional strategies, and content offerings to see what resonates most with their audience. This agile approach to market feedback is crucial in an era where consumer preferences are constantly shifting, and a one-size-fits-all approach won’t cut it.
Innovative media companies are delivering hyper-personalized, value-added experiences to capture and retain users. By implementing more flexible, tailored subscription models, streaming services are handing control back to the viewers, empowering them to customize their interactions with the platform according to their unique interests, viewing habits, and financial considerations. The result is a more engaged and satisfied subscriber base, less likely to churn due to dissatisfaction or a perceived lack of value.
At the heart of these personalized experiences is the sophisticated use of data analytics and AI technologies. For existing subscribers, AI’s predictive capabilities are pivotal in identifying at-risk users before they decide to leave. By analyzing viewing habits, subscription usage, and engagement levels, AI algorithms can forecast churn likelihood. This foresight allows streaming services to intervene with personalized offers, content recommendations, or other retention strategies tailored to the subscriber’s unique preferences and concerns. Such targeted interventions are far more effective than generic retention efforts, significantly boosting the chances of keeping subscribers.
However, achieving this level of personalization and connection requires a robust and flexible subscriber management system capable of handling complex data and delivering actionable insights.
Securing subscriber loyalty
Traditional broadcasters and streaming companies alike are adopting a more nuanced understanding of their viewers as active participants in a digital ecosystem that values choice and control. By creating a direct and ongoing dialogue with their audience, these organizations can better anticipate viewer needs, refine their offerings, and build a loyal subscriber base.
Content providers are harnessing analytics and viewer data to inform their content strategies, marketing efforts, and operational decisions. This data-centric approach allows for a more agile and responsive organization that can quickly adapt to changing viewer preferences and market dynamics, ensuring its offerings remain relevant and compelling in a crowded marketplace.
The digital landscape demands continual evolution, exploring new content formats, distribution strategies, and revenue models. From interactive sports broadcasts to multi-platform content ecosystems, the willingness to innovate and experiment is crucial for staying ahead.
Embracing the opportunity
The battle for subscriber loyalty is not just a contest of content offered but how well services understand and respond to their subscribers. Whilst the right media offering is important, without the subscriber management tools to match, content alone just won’t cut it. As the industry moves forward, the successful navigation of this complex landscape will hinge on the ability of streaming services to continuously innovate and adapt, ensuring that the subscriber remains at the heart of every decision.
