OTT streaming services are thriving in the market right now, with millions of customers subscribing to streaming services/platforms. If you own an OTT platform or use white label OTT solution, and want your business to succeed in the industry, you need to make sure you provide the best possible content and what your viewers wish.
The dramatic increase of people opting for the OTT platform is outstanding, providing lots of opportunities for OTT platform owners. There are so many things needed to make things work on your OTT platform, and one of the best things to do is to attract more customers that will provide you more revenue.
There’s no doubt that subscription services attract business-minded people to take a plunge into building their own video platform. Take a look at these giants: Netflix, HBO, Amazon, and Disney+.
These services started not long ago, and today, they have millions of subscribers and even rack up day by day. If you want to have the same achievements as these prominent OTT platforms, it will take effort, consistency, hard work, and a good business plan.
Here are some useful tips on how you can increase subscribers on your OTT platform that won’t break your bank:
Provide Free Trials
There are thousands of people who are left undecided about what OTT platform to choose because many of them exist today. When it comes to picking an OTT platform, especially when it comes to paying, people often opt for a service that provides quality content and offers cheaper plans.
Offering a free trial is a great marketing strategy that can boost the number of subscribers. Moreover, having free trials on your platform will give you a higher chance of retaining them.
You can also retain subscribers by adopting various marketing strategies like offering them discounts, promos, and original content. They can continue appreciating your platform even after the free trial expires. These can give you an advantage over other OTT platforms.
Provide a Broader Range of Content
The most important aspect of owning an OTT platform is content that your viewers appreciate. OTT platform has modernized the way of delivering content bypassing the use of satellite and cable providers. If you want to compete in the future, you need to provide a wide range of content on your platform.
An OTT platform that doesn’t offer diverse content might find persistent problems in the future. Moreover, providing a wide range of quality content can pull more customers into the market. After all, users will use your platform to watch something at the end of the day, and if you provide them with what they want, they will continue paying.
Cater across Devices and Platforms
Build an OTT platform that caters to cross-device media. This will help boost your platform presence resulting in higher revenue and career. Many people are now opt-out of using traditional satellite and smart tv because they can’t provide the flexibility to access content through whichever devices they want.
People adapt the OTT platforms as an alternative because traditional entertainment media doesn’t provide efficiency and the content they want. There are a lot of OTT platforms that cater to limited devices, such as Smart TV, PC, Android, and iOS.
But remember about media boxes and other types of media devices that are popular nowadays.
Go Viral on Social media Platforms
Integrate a share button on your platform so your consumer can share what they are watching on the social media platform. This way, you can promote your platform without spending additional advertising costs.
Encourage your viewers to share their views on your content and reward them based on their opinions and thoughts. More positive reviews and feedback on your platform will increase your chance of surviving the business.
Not Too Cheap, Not Too Expensive
Be careful in setting up your platform subscription price. One of the best strategies to gain more subscribers is by starting with low subscription fees and then gradually increasing them as your platform grows.
This way, you can retain loyal customers and also gain interested customers. Keep track of the market price as it will serve as your price basis in the future. However, your price may vary according to the type of content you provide because there are wide content ranges, and not all have the same prices.
Invest in an analytics tool to help you understand your customers’ behavior while using the platform. This can provide insights into what content is working and not. A broader target audience is challenging to handle. For example, your audiences are worldwide. Provide content that they can understand. You may include subtitles to ensure the best possible experience for your consumers.
OTT platforms usually come with OTT/IPTV Middleware that helps manage everything: subscriptions, content, monetization strategies, etc. A powerful software that connects two or more compatible software for data exchanging.
At some point of evolving, a business inevitably gets stuck, and previous methods stop working. These’re some other means that might help. They aren’t new, we just remind you of what else could be done to achieve the goal.