IBC 2016: Maximizing Conversions & Minimizing Churn
IBC 2016 in Amsterdam was an exciting show with plenty of new announcements and advancements across the OTT and TV industry.
We also saw interesting discussions surrounding:
- UHD – with the addition of HDR and WCG to 4K coming under the UHD banner driving new initiatives at the product, content and channel level.
- Immersive Experiences – with VR and AR headsets all around the show (Our VP, Channel & Strategic Alliances, Ian tried them out for himself).
- Data Driven Broadcasting – data was a clear favorite, with a whole area surrounding how more data enables better decision making across the industry.
- OTT – this has become a permanent fixture amongst talks, but this year we saw a focus on going beyond the services of today with the attention on customer experiences, personalization and customization.
For MPP Global, the popular areas of discussion focused on the customer journey and generating revenues, with maximizing conversions and minimizing churn at the forefront in our talks, including a session with InBroadcast (watch it below).
In our experience working with broadcasters across the industry, it is critical that to maximize conversions organizations must incentivize the consumer. We showcased tactics such as:
- Offers & Trials – create engaging incentives to attract consumers, such as 3 months free on a 12-month subscription or a free 30-day trial.
- Voucher Codes – produce a range of voucher codes tailored to a product or demographic, including early access to certain films for existing customers.
- Memberships & Rewards – launch exclusive rewards and services for loyal customers, such as those who have been with the service for over a year.
- Gifting & Partnerships – create the ability for subscribers to gift access to the service, as well as working with partners to target both services, e.g. buy a 12-month subscription get Spotify free.
This was not only a hot topic at the MPP Global stand, but also at the Content Everywhere Hub – with many talks focusing on the TV landscape, OTT and attracting consumer to services.
While increasing conversions and growing revenue is vital for all TV organizations, it is known that keeping hold of a customer is equally important.
During IBC, we were showcasing the latest addition to eSuite, the new Retention & Recovery module. Covering all aspects of churn, the module enables organizations to take the steps to reduce voluntary and involuntary rates as well leverage insightful predictive churn technology.
- Voluntary – create win-back campaigns using rules-based logic to attract subscribers who have churned back.
- Involuntary – implement card updater technology, automatic account updating, retry rules and suppression windows to drastically reduce involuntary churn.
- Predictive – leverage machine learning techniques which generate highly accurate reports and precision rates to identify which customers are likely to churn.
The importance of reducing churn can not be overlooked, with one of our clients reducing cancellation numbers by over 70% and another increasing its retention, equating to a value in excess of £6M per annum.
We want to see video content continue to grow and are keen to share our insight and tactics with operators and broadcasters looking to launch new and enhanced OTT services.