This week we feature an article by Alp Pekkocak who leads the industry and product marketing for Media & Entertainment at Salesforce. He shares how engaging content and personalized experiences can lead to longer-term subscriptions that have a huge impact on brands’ bottom lines. Retaining subscribers with engaging content and personalized experiences is key to […]
This week we feature an article by Alp Pekkocak who leads the industry and product marketing for Media & Entertainment at Salesforce. He shares how engaging content and personalized experiences can lead to longer-term subscriptions that have a huge impact on brands’ bottom lines.
Retaining subscribers with engaging content and personalized experiences is key to building revenue and driving long-term success.
There’s a tremendous opportunity for subscription services to deliver better experiences for their customers. Serving up what they want when they want and enabling them to share it with whom they want can lead to longer-term subscriptions that have a huge impact on brands’ bottom lines. Customer acquisition costs approximately five times more than customer retention, so what steps can companies take to keep the subscribers they already have happily engaged?
Everything from your menu of services to the checkout process and the platform introduction should be easy to read, free of clutter, and quick to navigate. An overwhelming menu of options, slow and clunky navigation, or a checkout page that keeps returning errors can turn off would-be customers. The initial experience sets the tone for how the subscriber will engage with your service moving forward and is critical in maximizing a customer’s lifetime value. The right technology can help you choreograph a delightful first impression. It can also help you gather information about your new customer that will help you shape experiences tailored to their preferences.
No single service works perfectly all the time, but it’s important to plan for hiccups so that when customers encounter an issue or have a question, you can address it quickly. Self-service knowledge libraries can help customers troubleshoot on their own, while subscriber care agents available on multiple channels can help you meet your customers where they prefer to communicate. Investing in omnichannel and personalized subscriber care can lay the foundation for the seamless experiences your customers expect.
Offering a wide spectrum of choices on a technology platform equipped with the ability to serve up personalized recommendations can keep your customers consuming content on your service much longer. For example, if your gaming platform recognizes that a customer gravitates exclusively toward football titles, you can suggest similar titles on your platform that they haven’t yet tried to keep them engaged longer. For a music lover who can’t get enough of the 80s, your platform can recommend other artists from the era or serve up playlists curated with songs from that decade for your customer to stream non-stop. After all, content consumption is king.
Finding inspiration from a different business sector can unlock new opportunities for media companies and help you win the streaming wars. Look at the travel industry. It’s full of many customers lured in by loyalty programs. They could be die-hard miles chasers or occasional travelers that largely remain loyal to one airline because they aim to earn perks that come with frequent ridership be they free checked bags, seat or cabin upgrades, or VIP status. Many in the media industry don’t offer loyalty programs, so there’s a prime opportunity to pioneer a new idea that can help drive increased engagement.
It’s tougher than ever to hold onto your subscribers In an increasingly crowded market, but the key is to deliver an unparalleled experience that makes it difficult for your customers to walk away. Investing in technology that can keep them happy by removing friction points and continuously serving up the content they’re seeking while surprising them with something new and different can go a long way in building loyalty and securing long-term subscriptions. Learn more about how technology can help you maximize subscribers’ lifetime value.
Alp Pekkocak leads industry and product marketing for Media & Entertainment at Salesforce. He works with media companies across the globe to drive digital transformation to address their needs for the constantly-evolving media landscape – from content production, distribution, monetization, to subscriber lifecycle management and audience engagement.
For more articles from Shep Hyken and his guest contributors go to customerserviceblog.com.
Read Shep’s latest Forbes article: You Are A Subscription Business, Whether You Know It Or Not
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