In this rapidly changing media landscape, the shift to OTT video subscriptions is driving companies to strategize tailored experiences. Gone are the days of simply sending invoices for transactions. Businesses now need to develop deeper digital customer relationships. It’s no more just about a part of the OTT service but a 360-degree operation solution to boost OTT businesses. Organizations need to assure a smooth user journey with flawless customer experience and ease of use to reduce churn. Besides pricing, selling, billing, collecting payments, and accounting, OTT businesses need to have direct insight into viewers’ usage patterns to provide customized services.
This has led to increasing demand for end-to-end OTT subscription management platforms. Subscription management needs to deal with the entire customer lifecycle operations such as initial trials, onboarding, voucher customization, subscription package categorization, billing, and customer services. And if you are aiming to develop next-generation OTT subscription models to monetize your content and services, you need a flexible subscription management platform that is built to address every customer demand and challenge. A one-size-fits-all platform will do no good for your OTT business.
But with the numerous subscription management platforms available in the market, finding the right one can be challenging. Don’t worry, we are here to guide you on the must-have features of an OTT subscription management platform:
Localization and Multi-Currency Support
Ensure your subscription management system supports multiple languages and currencies to cater to customers worldwide. This includes providing localized payment options, localized pricing, and accommodating regional preferences and regulations.
Flexible Billing and Pricing Models
Your subscription management system should offer various billing options to accommodate different customer preferences and optimize revenue generation. This could include monthly, quarterly, or annual billing cycles, as well as the ability to offer discounts, promotional offers, or tiered pricing plans based on specific market segments.
Automated Renewals and Dunning Management
Implement automated renewal processes to minimize churn and provide a seamless customer experience. Additionally, the subscription management system should be incorporated with dunning management features to handle failed payments, send reminders, and provide customers with an easy way to update their payment information.
Subscriber Self-Service Portal
You should be able to provide your customers with a self-service portal where they can manage their subscriptions, update payment details, view billing history, and make changes to their account settings. This empowers subscribers and reduces the burden on customer support teams.
Integration with Payment Gateways and Third-Party Services
Integrate your subscription management system with reliable and widely used payment gateways to ensure secure and convenient payment processing. Furthermore, consider integrating with other third-party services such as CRM platforms, marketing automation tools, and analytics platforms to streamline operations and gain valuable insights.
Compared to traditional media, the OTT subscription industry has to face more challenges due to market competition and increased audience demands. To stay ahead of competitors, businesses need to focus on consistent service evolution. The above-discussed list highlights some of the primary features of an end-to-end OTT subscription management platform. But there’s a scope for further improvement. Thus, in our upcoming blog, we will discuss a few more essential features and functionalities of an OTT subscription management platform.
