With all business going digital, more people are subscribing to multiple OTT platforms, but it also leads to high brands-subscriber discontent that results in cancellation of subscriptions
OTT platform subscription has been booming over the last few years. People are attracted to a particular brand based on the marketing strategies employed, and the features offered. Pandemic saw a marked increase in the renewal of subscription as a large part of media closed down indefinitely. A recent report, “Psychology of a Subscriber: Part 2 – Growth” by Singula Decisions throws light on the mindset of subscribers.
Brands, however, displays less than commendable customer experiences that result in a bitter aftertaste for the end-users. More often than not, the reason is billing issues. Often the platforms increased the prices without informing the users, or the increased package pricing left users with no choice other than paying up the difference. Upgrading and downgrading is one more aspect which leads to higher customer discontent.
It’s important that users be given some control over the Upgrade, Bill, and Downgrade phases. Lack of proper customer support, no resolution to ongoing issues, etc., can increase Crunch. It’s advised that end-users have direct access to brands with regards to billing issues. Clients may start questioning the relationship and added value once the pricing continues increasing regularly.
Clients have traditionally viewed OTT subscription as a luxury and not a necessity. But 2020 changed the thinking in unimaginable ways. People started opting for subscriptions more to feel positive amid uncertainty and negativity. People had previously been giving up their satellite and cable subscriptions and opting for subscription and internet brands as entertainment sources.
A saturation slump now plagues brands as the clients are tired of the content type on a particular OTT platform. Brands must build a positive relationship with the end-users to prevent “slump.” A two-way communication channel is essential even after users have paid for the subscription. Many OTT platforms committed the mistake of displaying narcissistic tendencies after the initial signup, where they refused to address the client’s requirements and concerns.
Bhavesh Vaghela, CEO of Singula Decisions says that “Proactivity is vital – brands must act to interpret their data, recognize the signals, learn and create mechanisms for customers to provide valuable feedback so that pivotal moments in a customer journey aren’t missed with the wrong action (or lack thereof) which turns customers off.”
The report suggests that brands that avoid hiking prices without intimation to clients, excessive additions in the small print policies that people rarely go through, and diverting clients call when opting for customer support.