Monetization Strategies for the Chatbot featured image

How to Make Money from the Chatbot : Proven Strategies

Chatbots are the best conversational computer programs. In fact, you can think it as an automatic messaging system. Just type the text message it will do the rest work. In addition, chatbot is the new and hot topic in the market. Every business wants to integrate their business work with a chatbot to increase revenues.  But what are the strategies they should use to make money from the chatbot? Much new business successfully creates chatbot but they are unable to find the ways to do monetization of their chatbot. In this article, you will learn the following topics

If you are beginners and want to learn the basics of chatbot and its technology. You can read the following articles on chatbot.

What is Chatbot? : An Artificial Intelligence Insight

Know the Underline Technology behind Artificial Intelligence Chat Bot

Chatbots for Business: Why We Need Them?

What are chatbots mean for businesses?

Now you must have someday see the messages received by some company in your facebook messenger. When you type “hi” you will automatically get a response from them.

Most of the business integrated the facebook messenger with the chatbot. Chatbots are conversation software that allows you to interact with the messaging bots.

There are two types of chatbots uses in the businesses. One is simple other is artificial intelligence or machine learning chatbot. Large business use ai powered chatbots.

In addition, These uses some of the best chatbot APIs like Amazon lex, IBM Watson, Wit.AI and many more.

Why are most of the chatbots not making money?

Todays there are many chatbot tools in the market that makes very easy for building a new chatbot. Thus most of the chatbots are releasing and its success is increasing the competitiveness in the market.

But one question comes to the mind. Even the chatbot is successfully building then why the most of the chatbots are making money for the businesses.

Some business is making money from the chatbot monetization but most are unable to find the good strategies that are leveraging their earnings. The other reason may they are not taking chatbot seriously and considering it as a part of the business model.

Best strategies to make money from the chatbot

Todays there is huge competition in the chatbot marketing. Everyone wants to find the best way to make money from the chatbot. You can find many but maybe most of them are not worthy.

In this section of the article, you will know the best and proven strategies to make money from the chatbot. In fact, you will find the best method for monetizing the chatbot to increase the revenue of the company.

Making money from Lead Generation

Suppose you have a product or provide service to the customer. Lead generation is a process to identify and bring out the potential customers for your products or services.

If the chatbots are integrated with the business model then lead generation will help them to increase the sales.

You will gather the data from the different services or products like loans, weddings, insurance e.t.c before passing the details of the user to the other business that are using your chatbot. They will be sync with your data that will be helpful for them to increase the sales.

Overall you will create a lead generation chatbot. That Chabot will validate the leads and pass the information to the companies and companies will pay the commission to chatbot owner for identifying the potential customers.

 

Using chatbot as a landing page

A landing page is a page specifically created for marketing a particular product or services. Integrating a landing page depends upon the design of it.

You can use it in the conversation messages as a link. There is another way also. You can add a recognizable icon in the corner of the design. Many chatbots are failing as they are unable to provide clarity to the users.

Their user interface is not easily understandable to the user. Therefore you must focus on the simplicity of the chatbot while using it as a landing page. You should keep the chatbot name simple and relevant. Use an easily recognizable icon for it and Chatbot should open very fast.

Overall you have to make a chatbot that will do conversational in such a way that it will tell the customers to buy the product or service using the landing page.

Use the customer Psychology for increasing sales

Understanding the customer Psychology is a hard work. Once you are able to understand their psychology then you are able to increase the sales. But how the chatbot can do it ?. You will build the chatbot in such a way that first, it will understand the customer what they want.

Then give the valuable information about your product or service through the questions. After gathering all the information from the customers, Chatbot will use their psychology to force them to buy the product or service thus increasing sales.

Let’s understand with a simple example suppose you are offering a chatbot for the movies booking. Customer will ask the Chatbot for the current or future movie releases. After that, It will provide them with the actionable information to book the movie tickets for the show.

Thus it will save the time for the customers as well as increase the revenues of the movie business.

Making money from Native or sponsored content

Native content or sponsored content are those content where the brands pay money to the marketing firms to distribute the content directly to their own channels. It will help the content to get more reach to the people.

Let’s understand with a simple example. Suppose you have a stock trading chatbot. It gives stock trading advice to the customer through the articles. You can use the bot to redirect the user to paid content. You can think native ads on the bot as banner ads on the website.

But it is far better than the banner ads as it is more worthy for both the publisher and the brand.

Facebook E-Commerce site Shopify

You can also use the chatbot on the Facebook messenger to increase the e-commerce purchases. Shopify is an E-Commerce site provided by the Facebook. There you can sales your products online. You can use the Chattypeople pre-built platform for integrating the Shopify to the messenger.

Thus it allows you to purchase the product without leaving the facebook. You can think messenger bot as a connection between the customers and e-commerce business. It becomes super easy for the customers to know about the product and buy them through the one to one conversation with the bot.

Making money through Partnership

You can also make money from the chatbot by joining hands with the other companies. Suppose you have a chatbot but you are unable to monetize it. Then you can do the partnership with the other firms.

They will use your chatbot as a marketing strategy to monetize it with their resources and revenues will be shared mutually. Thus it is a win-win situation for both.

 

Other Ways to Monetize the chatbot

Consulting ChatBot

You will use your chatbot as a consulting agency. The user will ask advice and queries from the bot and it will deliver them with the right information. You will charge some fee for consulting.

But make sure you have to develop this bot very strategically and it will obviously use Artifical intelligence to interact and attract the customers.

Affiliate marketing

Affiliate marketing is a way to recommend the potential customers to buy the products. In return, they earn commissions from it. You can use chatbot as conversation as well as provide suggestions to buy the products or services. But remember don’t use more suggestion as it can irritate or annoy the user.

Survey ChatBot

You can a build a bot that does the surveys. The chatbot will ask the questions to the user in a form and will collect the answers. After that, you can sell these data to the relevant buyer who wants the data.

For example, if you have data collected through the bot in the medical field, you can sell it to the firms that want the medical data. But remember you have to mention in the privacy policy that data will be shared with the others firms for the analysis.

Advertising 

Advertising is the other way you can monetize the chatbot. If you have a bot that is receiving medium to large traffic then you can advertise ads on it. There are many companies want to increase the revenue. You can contact them manually or they will contact you to put ads for them.

Money Transfer

The chatbot is a great way to transfer money to the user. It will ask the user to put relevant information like account number, name, address e.t.c. to transfer the money to the receiving user. In return, you will charge small fees on it.

Conclusion

The chatbot is very useful to interact with the businesses. There are many pre-built platforms available in the market that make very easy for us to make a chatbot. Thus it has increased the chatbot marketing competition.

Most of the small business have chatbot but they are unable to find the strategies to monetize them. Here I described only the proven and working strategies to make money from the chatbot. But you can do some other creativities for monetizing.  Just follow the three rules.

  1. Stick to the core monetizing strategies
  2. Improve the strategies with time
  3. Integrate it with the business model

Hope, you have found the best method to make money from the chatbot. If you have any other strategies that you want to share with our readers please feel free to comment below or contact us. You can also connect with us socially on our official Facebook and Twitter.

Make Money from the Chatbot
How to make money from the chatbot Infographic
 
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