If you are running subscription platforms or if you have an idea of starting subscription platforms. Then your major focus will be on subscribers as to how to get them, how to connect with them and most importantly, how to keep them.Subscription churn happens for several reasons. It may be due to Covid 19, where people have to reduce their expenses and also for not using the product or service frequently. Statistic states that an increase in customer retention up to 5% can increase profit up to 90%.
Subscription churn is one of the biggest challenges for video creators as the subscription churn rate is over 30% for Video streaming apps per year. Subscription churn is nothing but users unsubscribing from your platform. Subscription churn rate is a percentage of the number of subscribers who have cancelled the subscription. It is calculated with a simple formula: the number of paid users who unsubscribed is divided by the total number of paid users. You have to keep the audience engaged to reduce subscription churn. So here are the seven ways that have to be followed to reduce subscription churn.
Before solving this issue, you have to find out why subscribers are leaving.After finding out the reason, you have to take steps accordingly. If the price is too high, then you have to reduce the cost. If the content is old, then you have to schedule new video content release at a proper time. Always keep an eye on subscribers data so that you can fix issues before they unsubscribe it.
Subscriber tends to stay in those platforms where particular video content is not available elsewhere. Try to give engaging, creative and unique content that ultimately helps you in keeping subscribers. If the price is too high, subscribers will leave the platforms. If the price is too low, you have the risk of not making a profit in the business. Do the research and look into your competitor’s platforms to get some knowledge about it.
No matter what industry you are in, releasing new content frequently engages and excites the audience. Releasing new content often makes your platform feel fresh. It might remind the audience why they are paying for it. It is really very essential for the business to upload video content regularly to retain subscribers.
Always be in touch with subscribers by sending a newsletter about the new releases and also give the link directly so that they can click to watch the video content. It is also useful to convert free trial users to subscribers by sending a newsletter about new movie releases and new episode releases. Sending out promo codes through email about subscription offers prices to bring back unsubscribed users.
Websites or apps with good experience and excellent UX design make it easier and comfortable to use the service. Subscribers nowadays expect a world-class website and video experience; otherwise, they will unsubscribe from it. You can build a video streaming platform by hiring developers and UX designers. The better option is to approach Video streaming platform providers in the market that build World-class Video streaming platforms for your business. You can concentrate on creating video content by offloading tech work to the Video platform providers.
Promo codes not only convert free trial users to subscribers but also retains subscribers. This can be done by sending a promo code to subscribers as a reward like free usage of video platforms for one month period and rewarding promo codes to existing customers for referring our channel to others. You can also send promo code to subscribers about offers who are on the verge of unsubscribing it
First, you have to identify the reasons why they have unsubscribed. Look into user data with the help of data analytics to find out the user behaviour like most engaged content, average time per session. Then using the user data, you can email a list of unsubscribed users to send discount offers for the subscription, which may help bring back the customers. You can also retarget your audience on social media channels by talking about new features, new content releases and discounted prices for subscription renewal.
To know whether your product or service is performing well or not, it is better to ask your users directly, this can be done by sending an email to subscribers to fill the feedback form or take up the survey test. This shows to the customer that you are committed to continually improving your services. By getting those feedback, you can improve the service or product accordingly.
One way to always be on the good side of the customer is to provide good customer service. Customer service employees should be responsive and knowledgeable in such a way to respond to the question or issues that customers face. Providing excellent customer service is one of the ways to stand out from your competitors
Running a subscription is all about keeping your audience happy, engaged and excited about your video service. Communicating with the users, providing excellent service, and establishing brand loyalty, will keep your subscribers in touch with your platform. Delivering a wonderful video experience with well-built apps and websites built by World-class Video platform providers will considerably reduce the subscription rate.