Waveform Insight

What's better than a great meeting? A great meeting with free merch. Thanks to the team at Forest for keeping us cool in every sense of the word on an unseasonably 🌶 🌶 🌶 day in EC1. Roll on the weekend! 😀

Over the last couple of months Waveform has been busy sharing the findings of our 'Let's Stick Together' research with brands in a wide range of spaces, including media, fintech, retail, telecoms and beyond. The unifying theme that connected all the brands we have spoken to was that they were brands with digital subscription services. And all were looking to increase the value they offer their users in order to be as competitive as possible in a tough market. By engaging with people who have digital subscriptions (or have recently cancelled them) we aimed to unearth their desired outcomes, the pain points and friction they face and the forces of change and inertia that brands can lean into to meet user needs and promote loyalty. Here is a summary of findings but if you are interested in finding out more please get in touch and we would be happy to share the full report! https://lnkd.in/eGhMZYgr #mrx #digital #subscriptionservices #jtbd #customervalue

Waveform has been in business for just over year now and in that time we have worked with everyone from innovative tech start-ups to some of the world's biggest brands. Despite that, it is fair to say we are still a way off being fully-fledged members of the Market Research establishment! But many thanks to Quirk's Media for making us feel like we are on the right track by inviting us to submit an article for the website. If anyone is interested in understanding how to get more out of online surveys, check out the article here: https://lnkd.in/dEsrJXQj #mrx #onlinesurveys #marketresearch #digitalfirst

It has been rumoured for a while now, but execs at Amazon have finally decided to officially lift the lid on their plans to shake up the funding model and pricing for Prime Video from early next year. Following in the footsteps of other SVOD services Prime Video is introducing a hybrid SVOD / AVOD approach where the new default is now content with ads unless you pay a premium to remove them. Amazon may be insulated by the wider Prime services model, e.g. next-day delivery, Amazon Music, Prime Day but, in our opinion, this is likely a risky manoeuvre and almost certainly is one that will disappoint their loyal viewers. While it is hard to envisage a streaming future where ad-funding is not an important way of balancing high expectations from viewers (for ‘must-see content) and brands (for a return to growth) whilst keeping costs low, good execution is critical. In our Stream On research from earlier this year we saw that, at a market level, audiences were open to ads if they reduced costs however, there was an almost unanimous negative reaction to the idea that brands could introduce ads onto subscription-funded services.   The implication would be that Amazon can make this hybrid model a success. But to be most effective the brand should consider how to use the introduction of ads to tangibly increase consumer value rather than the standard fallback position of ‘we need to do this to invest in new content’ which risks alienating viewers used to the status quo. If you want to find out more about how SVOD brands can deliver more value to streaming audiences take a look at our full report here. https://lnkd.in/eDax2FtH #streamingservices #streamingtv #svod #mrx #uxresearch #cxstrategy #costofliving #jtbd #humancentereddesign #content

With prices for subscription services on the rise, we have spoken to thousands of subscribers about how they feel and have reviewed the pricing and communications strategies of dozens of brands. Many do this well, but there are plenty of brands out there that can do more to help make this bitter pill easier to swallow. Subscribers are often grudgingly accepting of price rises due to inflation, but what they really dislike is when brands take with both hands: increasing prices whilst also reducing functionality, features and benefits. Here are three ways subscription brands can keep customers engaged if they do need to adjust pricing upwards: 1. Demonstrate a corresponding increase in value. Many brands tend to talk about this in abstract terms without specifics. Or otherwise reel of a list of pre-existing features and benefits. Try to link the increase to specific future developments or features on your product roadmap. Firstly, to entice them to stay with the reminder of what's just around the corner but also to provide a clear rationale for the price increase, that might make it that bit easier to accept. 2. Prioritise your existing customers. Stagger price increases and hold firm on legacy pricing for longer with those who have been with you for the longest. It is a great way to demonstrate to often sceptical subscribers that loyalty is rewarded. 3. Ensure there is a down-sell. But don't make it too attractive which will negate the price increase. Including an alternative, even if it is unattractive, provides your customers with agency. They have been presented with choices which is more palatable than a unilateral price rise. And you create safety net which has the potential to mitigate against churn. If you want to find out more about Waveform's recent research into subscription churn please follow the link... https://lnkd.in/eGhMZYgr #digital #productmarketfit #mrx #uxresearch #subscriptionservice #costoflivingcrisis #research #loyalty #productmarketfit

We speak to many brands with subscription services that want to boost loyalty, reduce churn and reactivate lapsed customers. One of the first questions we ask is: "Are you sure you have the right customers?" And by that we mean, is what a brand offers really aligned with the needs of an audience. Because, if not, they will always be hard to satisfy and expensive to retain. A mismatch between a value proposition and audience needs tends to be more prevalent when brands are utilising discounts and offers as part of an acquisition strategy as there will always be a tranche of customers who are only there to benefit from the temporary attractive pricing and have little intention of sticking around. This is a theme that surfaced again and again in our recent 'Let's Stick Together research'. To mitigate against this brands need to ensure they: 1. Identify an addressable audience with a clearly defined Job-to-be-Done (goal) 2. Build empathy with the audience's pain points and underserved needs as they make progress towards their goal. 3. Use this human-centred insight to define, build and articulate a proposition that addresses the sources of friction and adds value to the lives of their target users. If you want to find out more about Waveform's recent research into subscription churn please follow the link... https://lnkd.in/eGhMZYgr #digital #productmarketfit #mrx #uxresearch #subscriptionservice #costoflivingcrisis #research #loyalty #productmarketfit

Whilst the Chancellor of the Exchequer may think a lower headline rate of inflation means things are now on the up, the reality is we are all just getting poorer more slowly. Gen-Zers and younger Millennials are audiences that are, more often than not, bearing the brunt of this. As such, they have typically been the first to adopt digital services and subscriptions that remove friction from their lives and help them make progress toward their goals as they navigate the 'roaring' 2020s. This has been a boon for digital subscription brands as they have paved the way for wider adoption. So while we all wait for the dawn to break brands need to be careful to ensure they continue to meet the needs of these audiences as many have now reached 'peak subscription', are feeling less valued and are looking to cut back. If you want to find out more about which brands are most at risk and how brands can keep these younger audiences engaged, please get in touch or follow the link.... https://lnkd.in/eGhMZYgr #digital #productmarketfit #mrx #uxresearch #subscriptionservice #costoflivingcrisis #research #loyalty #productmarketfit

Interesting reading in The Verge today about the weakening Product-Market Fit in the streaming sector and the decreasing lack of competitive advantage vs. traditional cable due to increasing costs and an ever more fragmented market: https://lnkd.in/dkdMj9A8 Digital subscriptions extend into all areas of our lives not just VOD and when these D2C services fail to align with user needs, it is easy for these to be dropped or switched. Our research into digital subscriptions identified the types of digital subscriptions that are least likely to be missed...