Our latest ebook looks at brilliant customer experience is essential for streaming video companies to thrive in an increasingly competitive environment.
There are hundreds of streaming video companies competing for customer attention and wallet share. Consumption and subscription data shows signs that customers are approaching a saturation point with streaming video services, with rising churn and plateauing consumption.
To win in this environment, Customer Experience (CX) can be a decisive differentiator that builds loyalty, increases sign-ups and reduces churn. Conversational AI, delivered as a service, can play a crucial part in empowering Subscription Video-On-Demand (SVODs) to up their CX game quickly and effectively – leveraging cutting-edge AI to deliver a Netflix-grade CX at a fraction of the cost.
Poor CX Is Now An Existential Risk to Streaming Video Companies
A poor customer experience is an existential risk to a streaming video company. The switching costs from one service to the next is nearly zero. Recognizing this, consumers are showing an increasing tendency to cycle through streaming services regularly. For companies offering a free trial, making the upgrade process as seamless and straightforward as possible is paramount. SVOD companies that are losing or missing favorite programming face unhappy customers. For companies that have repeated service delivery problems, properly communicating, and managing customer expectations is a thorny yet critical task.
Against this backdrop, streaming video companies must seek to constantly improve their customer experience offerings at all levels in order to stay competitive and relevant. An immediate response to any customer need is not table stakes. Legacy customer experience improvement paradigms, including self-service menus and simplistic, rules-driven chatbots, are no longer sufficient; in fact, those measures in a vacuum can lead to worse customer experiences and greater churn.
This improvement generally requires that streaming video companies leverage modern machine learning and AI technologies to streamline and simplify key experience milestones such as upgrades, hacked accounts and account setting changes. The AI must be smart enough to work quickly and intelligently and wise enough to know when to pass a customer query off to a human representative.
Now Streaming Video Companies Must Compete on Customer Experience
With competition so fierce, the low-hanging subscriber fruit is picked; to maintain their subscriber rolls and be more successful at winning over new subscribers from tight competition, streaming video companies need to think about upping their CX game to:
- Improve conversions from free trial or ad-supported to paid higher tiers
- Improve CSAT and NPS through superior customer service
- Create innovative ways to increase stream starts and consumption
- Reduce churn by inserting smart or proactive retention offers
AI Use Cases for Streaming Video Companies to improve the Customer Experience
Developments in machine learning and AI for CX and Customer Support are making it easier for streaming brands to deliver more personalized, more precise, and more enjoyable CX and support experiences to customers in any language and any channel. For streaming video providers, Conversational AI has multiple critical potential use cases:
- Prevent Churn
- Simplified or Assisted Sign-Ups
- Improved Conversion from Free Trial or Ad-Supported to Paid
- Cross-Channel Conversations
- Expanded Advanced Technical Support
- Improve Unsubscribe and “Pause” Experience
- Reporting Technical Problems and Hacked Accounts
- Advanced Multi-Lingual Support
Smarter streaming video brands are already exploring machine learning and AI to improve the critical metrics of their business. Even over the near term, these improvements will show up not only in reductions in churn and improvements in conversion but also in higher CSAT and NPS scores.