Chatbots are new and hot but how do you get them to make money for your company? Is it really possible to leverage chatbots to generate sales? More importantly, have you created a chatbot but are struggling to monetize it?
Regardless of whether you are an entrepreneur or a company, monetization is something that has to be kept in the forefront of your endeavor.
Successful development does not guarantee monetization
The success of chatbots has increased the competition in the chatbot marketing. Interestingly, the process of developing chatbots is becoming increasingly easy thanks to chatbot tools. With bigwigs like Google, Amazon, Microsoft, and Facebook announcing their intent to join the chatbot bandwagon, they remain one of the hottest and most discussed topics. Now, all that is fine. The million-dollar (no pun intended) question, however, remains the same-how can you monetize chatbots? Yes, some products are making money, but those are few and far between. These platforms require stable AND repeat clients to be able to grow in a sustained manner. Your goal must be to leverage chatbot as something that is akin to a traditional business model which imparts value and is monetized in an incremental manner.
Here are seven practical chatbot monetization strategies:
1. Understanding user psychology.
At its core, monetizing chat bots is all about understanding and utilizing user psychology to your advantage, and that is not in a negative connotation. To do that, you need to be able to deliver on your promise about the item that was promised before a potential customer clicked on the chat. A user will generate income for you only if you offer something that is of tangible value. Let’s say you are offering a chatbot for medical counseling. In this case, no potential client will want to book an appointment unless you provide them with insightful and actionable information. The user will not want anything short of a great answer that will make him want to go further.
2. BooS (Bots as a service)
The future belongs to B2B bots that will empower entrepreneurs and companies to increase their productivity and handle difficult tasks, thereby replicating the business models of most B2B software. As per Forrester, the revenues from cloud and SaaS-based business…