We all know what chatbots are and how amazing they can be in our everyday and business lives.
The hype about chatbots is still high, and people keep using them more and more each day. People love messaging, and that is why chatbots are successful as they message and help.
User experience is an important part of the monetization process.
Big companies are all having chatbots as the first contact with their consumers and already are paying attention to the productive potential of bots.
Even though making chatbots may seem easy, monetizing a chatbot is not as simple.
The balance between profit, when it comes to user and product, comes to one thing ─ the user won’t generate your income unless you are creating some kind of value for them.
So, how do you monetize a chatbot? Here are some tips:
Affiliate Marketing
One of the oldest tricks in the book. This is a very simple step that you can use with your chatbot for making money.
Let`s say that you are using your chatbot for your store and a consumer is asking for a particular black shoe, size 5 ─ you don`t have them in that size.
In that moment, you are losing your customer and your profit.
On the other hand, by using affiliate marketing, certain sponsored brands could be shown as a preference when providing answers. In this case, your chatbot would give options for that same shoe in the same size as per the buyer’s request to another store.
When the customer completes the purchase, you will be credited as a referrer. It`s a win-win situation.
Lead Generation
This is another great option for monetizing your bot. Let`s say that you are using your chatbot for your bakery and you only sell pastries.
At the moment of purchase, you can add suggestions from your partnered company about cooking supplies.
Leads are very valuable, and you can make a lot of money by selling them to the right company.
E-Commerce
Use a direct pay option to your chatbot over a 3rd party company. Make your bot offer relevant products to your users and drive sales. Also, try drop shipping or direct sales, as it could be a great fit, as well.
Collaborations
This is a low-risk step. You have your chatbot and now what?
Find a company that can benefit from your chatbot, and if there is a place where both of you can benefit from your chatbot, it can profit from both sides.
Advertisement
This may be one of the best solutions. You have a chatbot and one thing that chatbots make best is data.
By monitoring users’ experiences and following shopping patterns, you can offer paid commercials to be sent to your users, targeted by them individually and personally.
Ads can be tailored to a specific moment in a conversation, offering a coupon or companion product at just the right time to perfectly engage a customer.
Final Thoughts
Making a profit with your chatbot can be a learning and long process. You have to make it simple to use and have a chatbot with a conversational flow that can also provide support for you and your company, as well gather data, select leads and work well as a recommendation for products.
By using the suggestions above, it may be your first step on how to monetize your chatbot, and maybe you will not get rich, but you will have a profit for something that you did for free.
How can you build your chatbot for free, you might ask?
Use our Bot Making Platform at ChattyPeople. It’s free to start!
Posted by Maya S.
