You’ve probably heard of chatbots.
You must have even interacted with a few in your daily life.
But did you know there are ways you can make money from a chatbot even if you aren’t a developer?
Even though 59% of business owners use a bot to provide faster and smoother customer service, that’s not all that chatbots can be used for.
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What Are ChatBots?
You may have chatted with a bot while purchasing those new shoes from an online store.
Or maybe you use Siri or Alexa or Google Assistant on a day-to-day basis? Fun fact: all three of them are cloud-based natural language bots. Cloud computing enables these bots to work with a lot of information stored in the cloud, making them highly advanced.
There are many ways businesses use chatbots, and it all depends on their need for conversational AI (Artificial Intelligence).
With so much need for chatbots and so little knowledge and expertise available on the market, there are so many ways you can use the best moneymaking bots to start a chatbot business of your own!
Read on to find out how to start a chatbot business and make money with bots.
Disclaimer: If you buy something using the links in this article, I may receive a commission at no extra cost to you. Know that I only promote stuff that I use and trust for the sake of my readers and the reputation of this site.
How To Start a Chatbot Business – 9 Ways to Make Money With ChatBots
There are many reasons businesses (both B2B and B2C) prefer chatbots as a tool for their work.
Here are some of the reasons customers enjoy using chatbots:
Companies are aware that people have a more pleasurable experience interacting with their website or service using a chatbot, which is why chatbots are so much in demand now.
Here are 9 ways you can make money with chatbots. Most of these ways can be implemented even if you aren’t a chatbot developer!
Let’s dive in!
1. Bots as a Service (BaaS) is a Game-Changer
Companies are going after a conversational user experience for their customers.
And that’s not surprising.
Market Research Future predicts that the chatbot market will grow to approximately 6 billion USD by 2023, with a CAGR (Compound Annual Growth Rate) of 37% from 2016 to 2023.
See the potential for conversational AI?
And one of the best ways of offering customers a conversational user experience is chatbots.
These bots need not be built from scratch, mind you – you can even integrate Facebook messenger for customer service for a product.
Bots have come a long way with advancements in AI software. That is why B2B companies are using them more and more.
Imagine the possibilities –
- train new employees and onboard them easily using chatbots,
- interact with customers and gain feedback on a new SaaS product,
- collect information from users using chatbots,
- send potential customers down your marketing funnel depending on where they are on their customer journey
– there’s no limit to what a chatbot can be designed to do!
That is why there are more businesses that offer Bot-as-a-Service. If you plan to start a BaaS business, you would have to help clients identify what they need their chatbot to do, design one for them, and implement that chatbot using services like ManyChat or Tidio.
These tools allow you to easily input your client’s needs, create a chatbot response diagram, and build a customized chatbot for your client.
Microsoft AtBot is one such BaaS.
2. ChatBots For Native Advertising
Native advertising is an attractive marketing strategy deployed by companies. Native ads are ads that are naturally integrated with certain content – a blog post, a landing page, or in this case, a chatbot.
Bot makers include links to sponsored content or product pages instead of showing banner ads on a landing page.
Here’s how this works:
Imagine you are looking for ways to make your ski trip memorable. A chatbot could help you by suggesting what places you could visit on your trip, as well as links to the equipment you can buy to enjoy your ski trip better.
You could offer to create native advertising chatbots as a service to your clients.
Here’s an example of ChatBot advertising from Emirates:
Chatbot platform Eyelevel believes that to be effective, advertising needs to be contextual – and what better way to do this than with chatbots? Eyelevel boasts of a huge chatbot publisher network of more than 1700 chat apps and has 45 advertisers signed up.
3. Use a ChatBot For Affiliate Marketing
If you understand AI and machine learning, you’ll understand how chatbots can be used for affiliate marketing as well.
Affiliate marketing is when you sign up for an affiliate program and sell the products or services of the company you signed up with. The company gives you special affiliate links that you can place on your blog, website, or social media.
When someone clicks on your affiliate link and purchases something online, you make an affiliate commission out of it.
You can read this post for more information on affiliate marketing and how it works:
Remember, you need to disclose to your audience that if they click on your links and buy something, you will earn a commission at no extra cost to them. In fact, they may even be getting a discount if they use your affiliate links.
You can include your affiliate links within the conversation or dialogue of your chatbot. That way, your chatbot will offer resources and links that are useful to your customer based on their responses, and you will earn an income if the customer decides to buy something using your affiliate links.
Affiliate marketing is as easy as setting up a profile with an affiliate program such as Amazon Associates.
You can then start promoting their products immediately using the affiliate links that they give you.
4. ChatBots For Research or Conducting Surveys
Surveys can be boring for some users. With chatbots, you can make surveys engaging and conversational so that individuals do not find it monotonous or a complete waste of their time.
If you build a good chatbot to collect data by using medium, you can log user data for big businesses.
For example, say your client is an event planner. You can implement a chatbot that talks to users about what kind of events they like to participate in and then sell that information to event planning companies.
The companies can then use that information to organize such events in that area and gain maximum participation.
Chatbots can help you conduct market research to check if a product or business idea you have is viable.
Here’s an example of a chatbot taking a survey from a user:
This chatbot collects information from users from Facebook Messenger.
5. Use a ChatBot For Lead Generation
Chatbots are increasingly being used for improving lead generation.
Suppose you offer your website visitors a chatbot on specific web pages. In that case, they are more likely to communicate their needs with the chatbot than search for the product or information themselves.
With a chatbot, you can easily collect your potential customer’s email address and phone number while offering them useful information.
Once the chatbot has captured the lead, it can pass on the information to a human employee for either processing or a callback.
Chatbots certainly can’t replace humans entirely from the lead generation process, but they definitely help your company generate higher quality leads in lesser time with less effort and resources.
This leads to higher conversion rates and more qualified traffic to your website.
Here’s an example of lead generation by a chatbot:
6. ChatBots For Retail Or eCommerce Sales
eCommerce is booming now more than ever.
People order stuff online every day. A conversational experience makes the buying experience faster and more pleasurable.
67% of US millennials make purchases using a chatbot.
Bots have thus become an integral part of the online shopping experience.
A chatbot can help customers find what they are looking for faster. It can also help solve any queries they have before they decide to make a purchase.
Chatbots can also make product recommendations depending on the buyer’s preferences and purchase history.
Using a chatbot fr your online retail store can boost sales and make shopping an enjoyable experience, especially for your first-time customers.
Here’s an example of a chatbot designed for the office supplies store Staples:
Chatbots are so popular with eCommerce stores because they are a very familiar medium for customers, making the whole buying experience simpler and more personal.
7. Make And Sell ChatBots
Okay, now what if you don’t have a business to use a chatbot for?
What if your specialty is to create functional and conversational chatbots?
Make money with chatbots by selling them!
You can use tools and chatbot publishers to start a bot company. Find a platform that allows you to build amazing chatbots.
You can then make chatbots for businesses and sell them to companies online. You can also build a team of chatbot makers and start a chatbot agency to scale your chatbot business.
Media companies, B2B companies, or even eCommerce sites – you can design a chatbot for any type of business and sell it to companies who want to use chatbots as a part of their monetization strategy but do not know how to create one on their own.
When companies use a medium like Instagram for marketing, they tend to set up Instagram stories with links to their products and offers. But it’s hard to keep track of responses for this story.
Using a chatbot platform, they can easily send customers down their marketing funnel and use it for lead generation, as we spoke about previously.
Here’s a video that shows you how you can pick an industry or niche and sell chatbots for thousands of dollars:
8. Make Money From ChatBot Sales Commissions
You can still make money after you sell a chatbot.
By having a chatbot affiliate program.
45% of bloggers preferred joining an affiliate program because it did not hamper the user experience.
Here’s how this works:
Like any other affiliate program, you sell your chatbot (or give it away to certain people for free) and ask them to join your affiliate program.
Once they sign up, assign them a unique link to promote on their website, blog, tutorials, or social media.
When their followers buy using their link, you get a sale, and you pay your affiliates chatbot sales commissions which would be a percentage of the sale amount.
Pretty simple, huh?
Here are some examples of successful chatbot affiliate programs:
9. Use a ChatBot For Customer Support
Customers usually abandon purchases if they do not find what they are looking for or have unresolved queries about a product.
You can eliminate this problem using chatbots.
A customer service chatbot uses AI and machine learning to solve queries from customers on the chat application.
Customer service chatbots send customers to relevant resources and FAQ pages on your site so that your customers can get the exact answer they are looking for with minimal effort.
You can collect user data by using chatbots. When customers answer simple questions from your chatbot, you can use that information to improve their customer experience and provide the answers they are looking for.
The best part about using chatbots for customer service is that over time, your chatbot will be able to get “smarter” and use collected information to give better replies to customers.
There are many ways you can make money with a chatbot.
The key is to truly understand this wonderful technology and figure out ways to creatively engage with customers to offer them the best user experience.
A monetization strategy that keeps in mind the user experience will greatly help you begin your chatbot business.
What are your opinions about using chatbots for a greater user experience?
Do you use chatbots for your business?
Would you like to make money with a chatbot?
Leave your thoughts in the comment section below – let’s learn from each other! 🙂