It can be frustrating when you lose subscribers to your online video content platform. A certain amount of subscription loss is always likely to happen. Subscribers are individuals who make individual choices in life. They may decide that they want to try something different, or simply that they want to spend their money on something else. Sometimes there is nothing you can do that will prevent subscribers from making these choices, but there are actions you can take to improve your retention rates and increase the numbers of people who come back to you.
We are going to look at why improving retention is so important and what you should do if a subscriber no longer wishes to subscribe.
The importance of retaining subscribers
The reason why retaining subscribers is so important is probably obvious; it helps to secure a reliable revenue stream for you. The problem is that it’s easy for providers to become complacent and take subscribers for granted. Remember, it’s generally easier to retain a subscriber than it is to win one back. It’s important to always provide a high quality of customer service. You should also keep in regular touch with subscribers; telling them all the latest news. Deals are not just there to attract new subscribers, or win lapsed ones back. If you offer deals to regular subscribers they are more likely to feel valued and remain with you.
What happens if someone wants to end their subscription?
If one of your subscribers does decide that they want to end their subscription then it’s not necessarily the end of the story. There are several steps you should take.
- Always provide an exit questionnaire to complete. If you do not know why a subscriber wants to end their relationship with you, then you are not in a good position to try and put things right. If several lapsed subscribers make the same comments on the questionnaire then you may need to think about making some major changes.
- Offer enticements to stay as a subscriber. It’s often a good idea to offer deals to people who want to end their subscription. You may be able to keep them interested in your service with the offer of free or reduced price content.
- If a subscriber still wants to end their subscription you should never make it difficult for them to do so. If you do you can end up seriously damaging your reputation.
- Set up a segment on your email lists for lapsed subscribers and continue to update them about offers and improvements to your service.
There will be times when people want to end their subscription to your service. You can limit the number of times this happens by providing high-quality content and customer service, as well as adopting a fair pricing strategy. If someone does end their subscription then remember to keep in touch, in a helpful and friendly way, to let them see what they are missing.