How to run a data-driven OTT service and prevent subscriber churn
Keeping your OTT service interesting to the viewers requires constant fine-tuning and analysis. Let's explore the importance of reporting and data analytics in your decision-making process in OTT service management.
You have just set up your new OTT service and month after month you keep getting more subscribers and things are going well. Predominantly, you are focusing on marketing your service to get new users. Then at some point, you start to notice that the numbers are starting to stagnate with that ominous monthly churn starting to appear. This is the time when you really need to start fine-tuning your service in order to keep it interesting for your customers for the long run.
First thing you need to check if your marketing strategy is properly prepared. If you are not sure you have covered everything, you can always download our free, step-by-step manual to building your marketing strategy for the OTT/IPTV service. After making sure you are doing everything on the marketing side you will get into figuring out if your business model is bringing in expected results. You will be looking at bundles you offer, their pricing, and if there are any corrections that can be done. Additionally, you will probably look into your content strategy and ask yourselves several questions. Are you offering enough content? Are you adding enough new content on a regular basis? Is that content interesting for my target audience?
For you, the operator, it is extremely important to run a data-driven OTT service.
You’ve asked the right questions, now how would you get the answers to your questions?
Well, the beauty of having an OTT service is that with the right OTT platform you get a management system that also includes a wide array of stats and reports covering, pretty much, every aspect of viewers’ usage of the service. Being aware of the importance of getting detailed information about the service UniqCast turnkey IPTV/OTT/DVB solution provides you with plenty of real-time and historic data to keep your decision-making process based on data and not on a hunch. Just get in touch with us to learn what data the solution provides and get advice on how to utilize that information. That will put your marketing, sales, and content management efforts in the right direction.
For you, the operator, it is extremely important to run a data-driven OTT service, meaning that you spend enough time on a daily basis looking at the reports generated by the OTT platform about your service being used and how.
You can get the information on pretty much everything. You can see which location provides most viewers, how is your daily subscription rate, how many users registered daily, what type of devices were used, which EPG/VOD/AOD event was watched and how much and, very important, for how long; which channel and the assets within the channel are most popular and so on. The list and the possible combinations are extensive.
A good OTT service will provide you with the ability to generate custom-made reports for your specific needs. Interestingly enough, the uCast turnkey OTT solution can deliver all of this data and much more. If you would like to know which reports are available out of the box feel free to let us know via firstname.lastname@example.org or on our web. We will show you what information can be extrapolated from your OTT service.
With the right OTT platform, you get a management system that also includes a wide array of stats and reports covering, pretty much, every aspect of viewers’ usage of the service.
The idea is to use the provided data from the OTT platform combined with other sources like Google Analytics, subscription billing data, and ad server data to get KPI metrics such as monthly active users, customer acquisition cost, average revenue per user, customer lifetime value, conversion rate, abandon rate, churn rate, engagement, inactive users.
Why is all of this important? Well, getting the right information on what content is being watched and for how long can directly define your future content purchasing choices. If you have a clear idea, which devices are being used the most, where, and when will help you with the advertising targeting at certain times and focused on certain platforms and specific regions. In short, having data-driven insights helps you to stay ahead of your competition, boost your customer experience and engagement rates, deliver sales, provide actionable data for marketing teams to work with, intelligently allocate funds and entice advertisers, and increase your ROI.
These are just a few examples as there are many more that can really help you make the right decisions and the right choices ensuring that you maintain a popular and, most importantly, profitable streaming service.
UniqCast Turnkey solution is a multiscreen choice for operators on 4 continents. Our user-centric solution provides you with all the necessary tools to run a successful, data-driven service backed by our extensive experience and know-how. Let’s get in touch and get you started on this exciting, premium user experience multiscreen journey.