How Loyalty Programs Can Build Premium Loyalty Into The Streaming World?
- Posted on February 17, 2023 by Robert
- Reading time about 5 minutes
Today, streaming services are booming much more than the expected rate. Now, it is very easy to find quality streaming content. Streaming service providers are investing heavily in content and democratized technology to meet the expectations of the viewers. Instead, audiences have a plethora of places to spend their time and loyalty.
The battle to lock down regular subscribers and maintain their loyalty looks beyond content because people aren’t loyal to streaming services. They are loyal to the show or films they want to watch. When they finish, they’ll cancel and sign up for a new service. This shift is forcing streaming service providers to rethink the tiered-based loyalty rewards program that exists before and after the content is viewed by the customers.
Loyalty Programs For The Streaming Service Providers
Streaming service providers mainly rely on a subscription model to enhance business operations. The subscription model has proved to be very impactful as well to generate revenue. Streaming service providers still need to rethink when it comes to maintaining the loyalty of their users.
Streaming service providers like – Netflix, Amazon Prime, Disney+, etc. are unlocking new opportunities to enhance platform mobility, content communities, and transmedia engagement to build deeper connections with customers using subscription based loyalty programs. Subscription based loyalty programs provide more value to the customers with compelling benefits to make them more attractive, engaging, and brand loyal.
Customers who invest in a premium subscription receive the absolute best the brand has to offer. Thus, the best business loyalty program creates a highly engaged customer who spends more and enjoys the best service of the streaming service provider company.
How Streaming Service Providers Are Gaining Advantage Through Loyalty Programs?
When Amazon integrated the prime membership loyalty program in April 2018 then it draws a remarkable benefit by adding 100 million members. Similarly, last year Netflix reported 1.96 million new subscribers in the first quarter. Looking beyond the content, subscription based loyalty programs can help you in gaining a competitive market advantage to build better loyalty and brand image among customers.
As a platform owner, the one thing that defines the success of your streaming service besides revenue and subscriber count is user engagement. Tiered-based loyalty rewards program helps you in establishing trust among the customers and enhances your customer loyalty to spend more time on your platform. Let’s see how integrating a loyalty program in your streaming services makes your services more engaging as well as brings more loyalty.
Encourage Loyalty Among Customers
Loyalty Programs offer your customers various reward points and credits that they can redeem to make purchases on your platform. This attracts and engages the audiences so that they stick to your platform regularly. Provide them with the best business loyalty program so that they can easily enroll in your subscription plans and stay loyal to your brand.
Personalize Content Engage Users
Today’s audience wants ultra-personalized content that is specially curated for them. Subscription-based loyalty programs use AI to generate data and information about the users and deliver more personalized content to them. It drives omnichannel personalization for users and increases their engagement rate to a great extent. This results in delivering content that is more relevant and drives maximum engagement.
Provide Users With Action-Based Rewards
The best business loyalty program helps you in creating a customized point system that helps you in rewarding your viewers for specific actions. You can easily customize the rewards and points that you want to deliver to your users. Points and award points can be provided on the streaming of videos, renewal, and purchase of an annual subscription to your streaming service. You can drive more sales and ensure more subscriptions with these action-based rewards.
Tiered-based loyalty rewards program allows users to redeem points that they have earned during the purchase and renewal of their subscription. It helps in increasing the sales ratio as well as standardizing your brand value. When users interact and get discounts and benefits from the earned points then they are more likely to engage with your service.
Builds Your Brand Affinity
Subscription-based loyalty programs soar loyal customers to reach a certain threshold and build your brand affinity among them. Thus, your customers won’t even think to go look at other streaming service providers. Loyalty programs advocates who choose you, again and again, no matter what you roll out, and help you in knowing that you’ve done loyalty right.
How Novus Loyalty Brings More Potential To Your Streaming Services?
The subscription economy is booming, and people are willing to pay more than the value when the content is good and in high demand. Streaming service providers must know about their loyal customers and should develop a new way to bring the best value to their best customers. Novus Loyalty software programs let you own the platform, the community, and opted-in users who want better content in exchange for the benefits of membership. Our interactive platform makes it easier for the streaming service provider to maintain long-term loyalty among customers.
If you are looking for the best business loyalty program for your streaming services, then Novus loyalty offers you subscription based loyalty programs that can help you in retention as well as the acquisition of customers. Connect with us today!