Can Your Small Business Monetize Chatbots?

Can Your Small Business Monetize Chatbots?

How familiar is your business with chatbots? Relatively new to the scene, the word on the street is that these bots are good business — especially if you have an ecommerce model. However, if you’ve created a chatbot but have yet to see an uptick in sales generation, we’ve got some key tips to help you monetize these bots.

The Ins and Outs Of Chatbots

In his Entrepreneur article “Top 7 Chatbot Monetization Strategies You Need to Know,” Murray Newlands dives deep into the world of chatbots.

Companies like Google, Amazon, Microsoft, and Facebook have recently embraced Chatbots in a big way. While this may seem too daunting for your small business, chatbots are easy to develop, which is why the market is growing quickly. However, the success of chatbots depends on making money. If you are unclear on how to make money with these chatbots, look at seven monetization strategies this author outlined in this article, summarized below.

Understanding user psychology: As with any business interaction, a customer comes to your business with a need. Your role is to provide value to meet this need. This fundamental principle must be translated into the purpose of your chatbot, where this fulfillment transaction can take place and your bot provides all the most relevant information that your audience needs.

Considering BooS (Bots as a service): Like B2B software, B2B bots are designed to help companies boost productivity with the handling of difficult tasks. Will these B2B bots take off in the future? If the success of cloud and SaaS-based business application services proves anything, the answer is yes.

Thinking (and treating) chatbots as landing pages: The success of a chatbot is dependent on you. If you are clear on the purpose of your chatbot and the value it provides, you have achieved the first critical step. Your call to action needs to be crystal clear for monetization to happen, telling your customer exactly how and what they will get through you. To better sell your chatbot to your customers, give it a recognizable icon, a short name, concise text, and a platform that opens immediately without any technical hiccups.

Putting Facebook Commerce on your radar: It’s possible to now incorporate bots into Facebook to complete a purchase without leaving Facebook via the messenger chat if this is right for your business.

Incorporating native or sponsored content: What exactly is native content? It’s a model that allows brands to pay media firms for content distribution in their channels. Dually effective for the brand and the publisher, native advertising is proving more successful than traditional banner ads and it continues to grow rapidly through outlets like BuzzFeed.

Tapping into lead generation: It is thought that chatbots may be effective as lead generation platforms since they can provide insight into various things about a user. For example, what specific things are they looking for when they are considering insurance policies or loans? Pair this with the user’s actual information (name, email, etc.) and this is prime (and possibly lucrative) information for a business to capitalize on. The company benefitting from these leads would then pay the chatbot delivering this information.

Forming partnerships: One key strategy to chatbot success may be partnering up, especially if you aren’t able to monetize your product immediately. To make this partnership work, ensure that your chatbot will help the other entity and the expanded audience you will receive from this united front will also work for you.

Moving Forward with  Chatbots

Monetizing chatbots in today’s world can be extremely beneficial if it’s done correctly, but it will certainly take some work on your end! If you have tiptoed into these waters, what have you learned so far?

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