Money is always a huge battle between OTT brand and consumers. Customers don’t want to spend it, and OTT providers often feel entitled to it before they’ve even let their subscribers know what’s on offer to them. When consumers hand over money, they are handing over control, and need to be instantly reassured at this point that they’ve done the right thing.
Unfortunately, financial concern is present in the majority of people’s lives, and unexpected events whether that’s personal or societal, have an impact on monthly expenses.
Where the problems start
Most of us don’t learn about money (how to save, spend or earn it) until we reach adulthood, and forced to enter the real world. Until then, money is seen as an ‘adults’ remit’ that children don’t have much to do with, giving us all a lack of confidence when it comes to managing it. We are suddenly expected to know exactly how to handle money when we reach the adult world, but the reality is that many people are still in a Child Ego state when dealing with money.
Subscribers can often fall into childlike reactions around money and their OTT services, with fight, flight or shock responses when issues arise or something doesn’t add up, purely because they don’t feel in control.
How can you fix this?
Giving subscribers an element of control over their service, in areas such as billing, upgrading and downgrading, keeps them in an Adult Ego state, meaning they will feel more at ease and able to do the right thing. Fundamentally, this is about transparency, and OTT brands must ensure subscribers are constantly up to date with what they are paying for and when, all at the touch of a button.
Hiding price hikes, double charging or initiating credit control activities to recoup debt after a missed payment throws subscribers into a Child Ego state, and causes a massive disconnect from brands.
Psychology of a Subscriber
Find out more about the Psychology of a Subscriber, and how you can keep your customers happy whilst ultimately driving growth by downloading our research.