As we discussed in our previous blog, (add link) OTT video businesses need to provide customers with intuitive and comprehensive tools to manage their accounts over the entire subscription lifecycle. They must give subscribers the control they want or risk customer dissatisfaction, which in turn leads to churn and revenue loss. Besides providing localized and multi-currency support, flexible billing and pricing models, and churn reduction, your OTT subscription management platform should be integrated with a few more features such as:
Data Security and Compliance
Prioritize data security and compliance with relevant regulations, such as GDPR (General Data Protection Regulation) guidelines. Implement secure data storage and regular audits to protect customer information. Make sure it enables chunk encryption with unique keys to add security to the stream. The system should give short-lived authorization tokens and allow restrictions to the user’s device, IP, and geo-location. Further, the OTT subscription management platform should also abide by the Payment Card Industry Data Security Standard.
Analytics and Reporting
Subscription businesses need to focus on unique metrics like Annual Recurring Revenue, Customer Retention Rate, recurring profit margin, and growth efficiency index to add value to their services. This gives insight into customer usage patterns, based on which businesses can make data-driven decisions, optimize pricing strategies, and identify areas for improvement. Understanding what customers value, in terms of content and functionality, helps offer a better customer experience. Implement a subscription management system with robust analytics and reporting capabilities to track key subscription metrics.
Scalability and Flexibility
Choose an OTT subscription management system that can scale with your business as it grows and supports flexibility in terms of pricing plans, product offerings, and subscription tiers. This ensures that your system can adapt to changing market dynamics and customer demands. The platform should have horizontal auto-scaling of the business and data servers with real-time load triggers and vertical scaling for more powerful instances in minutes.
Customer Support and Communication
Provide responsive customer support channels, including email, WhatsApp, SMS, and knowledge base resources, to assist customers with any subscription-related queries or issues. Additionally, communicate with subscribers regularly through email newsletters or notifications to keep them informed about new features, updates, and discount coupons.
Continuous Testing and Optimization
Regularly test and optimize your subscription management system to identify and resolve any technical issues, improve user experience, and refine your monetization strategies. Solicit feedback from customers and leverage data analytics to identify areas for improvement.
In today’s digital landscape, the right end-to-end OTT subscription management platform is vital for content providers to deliver a seamless and personalized experience to their subscribers while boosting business growth. It serves as a backbone for a successful OTT service, enabling providers to effectively manage subscribers, streamline billing and payments, control content access, analyze user data, integrate with other systems, and enhance customer retention and engagement.
At Magnaquest, with our years of experience in the media and entertainment sector, we have developed an end-to-end OTT subscription management platform to boost your OTT business. The platform can be customized according to your business needs, and is inbuilt with intuitive UI for simplified user journey with seamless subscription and payment process and optimal user experience.