7 business models, allowing to cash on chatbots
When Google, Microsoft, Facebook and other IT giants have started to invest in chatbots development, the popularity of such software has increased significantly. However, a lot of people wonder how to cash on chatbots. Ross Simmonds, a successful businessman from Canada, has examined this issue and presented seven profitable business models, allowing to monetize bots.
Model 1: service B2B bots (BaaS)
B2B bots control the task performance process, solve company’s intercommunication issues, help to enter the new efficiency level, and provide many other options.
Ross Simmonds told that revenue from using service applications (SaaS) and networked storages was more than $32 billion previous year. Corporate users have already got used to the similar business model, so the BaaS platform implementation should not cause any problem.
Model 2: bots for native and affiliate advertising
Currently, a lot of companies pay media resources for posting and distributing their content. But they can use bots for such purposes. For instance, a cooking helper prompts a housewife how to cook certain dishes and recommends to buy Sriracha sauce for better taste, simultaneously showing the reference to the article like “Recipes with Sriracha sauce to impress your family”. Surely, the article will be paid by the company producing this sauce. According to statistics, such native advertising is much more efficient than traditional banners.
Model 3: bots for affiliate marketing
Affiliate marketing is a perfect earnings strategy for young companies. Chatbots implementation significantly simplifies the process of promoting third party products. In particular, Kip shopping bot responds to user requests regarding where to buy a certain product or order services, and Kip developers obtain the interest for each purchased product from the manufacturing company.
Model 4: bots for conducting paid surveys
Today, there are bots that can conduct surveys. Thus, owners of such chatbots can use them to provide services of researching tastes and preferences of the target audience. DisOrDatBot is the example of such software.
Model 5: bots for searching potential customers
Lead generation is a popular marketing method of searching and attracting potential customers. Previously, specialists have created landing pages for such purposes, and nowadays one can implement chatbots that will pay more attention to useful content instead of advertising. For instance, a construction bot will help to choose wallpaper and then transfer the customer information to the company focusing on this area.
Monetization process of similar bots is the following:
- developers design a special bot for customer searches;
- a bot communicates with customers and collects their data;
- customer data are sent to companies, providing certain services;
- bot developers obtain the interest from product selling.
Model 6: retail bots
Soon, none of big online shops can do without bots. Surely, it is so convenient: users ask a question whether the website offers a certain product, and a chatbot immediately provide references to required goods. By the way, purchases can be also made via chat. Fast and convenient.
Model 7: expert bot
People requiring specialist assistance are ready to pay for sound advice or consultation. Modern bots using artificial intelligence algorithms are similar to expert systems, allowing to find the best possible solution of a certain task. It can be a bot answering psychological question, or engineering bot allowing to repair a car on your own, or consulting bot in business management. Chatbots are able to give tips as good as skilled professionals.
Any business model will be successful when following three aspects:
1. Efficient and favorable interaction with users.
2. Time and cost saving when using bots.
3. Business and life improvement when following tips from bots.
The chatbot market is only growing, so nowadays it is quite easy to become leaders and monetize useful chatbots.