Why OTT needs agile subscription billing platform for success?
Over the top (OTT) services have revolutionized the way in which the world enjoys media and entertainment. Streaming of media over the internet has led to a swifter delivery of preferred content via online on our smart devices, thereby replacing broadcast television and cable services and it is quite evident from the stats. In a report by Experian Marketing Services, it was documented that that about 7.3 percent (8.6 million) US households have completely given up the traditional TV cable system. The report was compiled in the year 2015 and since then the number has been on an increase.
Owing to the advent of OTT services, people no longer have to wait for the content of their choice and can customize their subscription package according to their content preferences. Unlike traditional TV cable subscriptions. OTT is essentially a fantastic merger of the traditional television and internet driven digital content.
With the onset of advanced technology and high speed internet, it has become important for the OTT service providers to address their customer needs everywhere at any time. An efficient subscription management and monetization platform is critical to meet this business critical need. A Subscription management and monetization platform helps service providers in
- Subscriber onboarding (Join, Renew and Upgrade)
- Creating agile, subscription-based and video-on-demand business models
- Launching pricing, packaging, bundling, campaigns and promotions
- Offering frictionless payment strategies
Analyzing subscriber behavior using Subscriber analytics.Businesses love OTT as much as customers do. The whole concept of OTT gives them a fair idea of the lifetime value of their customers. Most of the successful businesses that capitalize on OTT have an efficient billing platform in place that helps them to effectively monetize their new products and services, giving them recurring revenue and showing the way forward. An intelligent billing platform has more benefits than just managing the recurring deals with the customers. The plus points of having a sound billing platform are as under:
- Lends Competitiveness To Businesses
A billing platform that is flexible and agile lends power and competitiveness to OTT service providers. An effective billing platform helps in creating right-fit plans meeting customer preference and situational demands and etc.
This helps a business in attracting new subscriptions and managing the older ones at the same time which thereby helps in growing a subscription business.
- Subscriber Data
A huge bonus that an effective billing platform provides is the subscriber data. An intelligent billing platform will have a repository of all the essential subscriber data which the company can use to retain existing customers, to upsell to right customer segment and to strategically drive business in the market in more ways than one.
- Billing Data
Having a billing platform that supports auto invoicing with multiple payment options helps a business in acquiring and retaining customers. Billing data, if analyzed properly can be of great help to the company.
From comparing the key indicators of growth of a business’s competitors to devising the effective pricing models, an efficient billing platform can lead to more customers in the long run.
Customer retention and frequent growth in customer count is the key to a successful subscription business. With a smart and agile billing platform in place, the order to payment cycle can surely be shortened which will help the business raise more cash in a shorter amount of time and that can only be good for the business!