9 Ways to Make Money From Chatbots
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A Chatbot is an AI (Artificial Intelligence) program that you can easily create and monetize. Some ways you can make money with a chatbot include advertising, lead generation, sales and more.
Can you make money from a Chatbot? You can make money from chatbots in a variety of ways. You can monetize your chatbot with affiliate marketing, eCommerce, advertising, lead generation, surveys, landing page, and sales funnel processes. You could also sell your chatbot to businesses to reduce customer support overhead.
Just like any other means of making income, chatbots require your commitment, dedication, and patience. Once you have successfully made your chatbot you have to monetize it if you want to make money – but don’t worry- we will look into some of the monetization strategies too! Let’s get started.
Monetizing your Chatbot
There are several ways to make money using a chatbot, and some means can be more passive than others. You have to decide which one works best for you. Before you even start making your chatbot you have to figure out its intended purpose, ask yourself questions like:
- Who is my target audience?
- What niche would I like to serve?
- What platforms does this audience use?
- What are their questions or concerns?
- What solutions do I have to their problems?
- What is their customer journey?
- Are there products or services the chatbot could recommend?
- What monetization strategies are appropriate for this audience?
Map out the discussions your chatbot will have with them before you get started. This will help you better understand the discussions your chatbot will have with the audience. Once you have a better understanding of your audience, their pains, solutions to those problems and their customer journey, you can start thinking about monetization strategies.
Now, there are many ways that you can monetize your chatbot. For instance, you can sell advertising, use it to generate leads or give it out for free then get a commission from sales made through your chatbot. Ideally, choose the method that works best for you. You can also try and mix up different monetization strategies until you find the perfect blend. Let’s look at some of the monetization tools that can help you make the most from your chatbot.
1. Advertising
Using your chatbot to advertise is one of the monetization strategies that can help you to make the most from your chatbot. You can advertise sponsored content, pay per click ads and more. For instance, you can embed your chatbot to a niche site and have it advertise to the audience depending on the discussion they have with it. As long as your niche site is able to generate traffic you can earn income 24/7 from the interactions the audience has with the chatbots. However, make sure the ads are pertinent and choose to work with reliable, relevant companies to advertise with.
2. Affiliate Marketing
You can use chatbots for affiliate marketing. This allows you to earn commissions on sales made from your chatbot. For instance, if you have a chatbot on a niche site that talks about gardening, and the bot assists customers looking for top quality soil, the chatbot can provide the affiliate link as a solution to the problem they are trying to find. If they click on the link and make a purchase, you will make commissions from the sales that you make.
Sign up with an affiliate marketing programs that are relevant to your target audience and niche site. Market places including Amazon provide affiliate marketing programs. Affiliate marketing is a very passive means of making income. We have a full guide for beginners on how to use affiliate marketing to generate income, check out our affiliate marketing guide for more info.
3. Conversions to Landing Pages
Chatbots are awesome tools for raising the number of conversions on landing pages. You can simply place them strategically as links on your chatbot’s conversations from which people can easily access. When a user gets on the landing page, they can find access to products for sale, you can combine this monetization tool with others including eCommerce, affiliate marketing, advertising to fully utilize this chatbot feature.
However, if you are looking to attach links to your chatbot, you have to do it in such a way that they don’t appear too spammy otherwise you may run the risk of having your customers withdraw from using your chatbot. When it comes to using chatbots your primary focus should be ensuring your customers are satisfied with the service. We recommend setting the tone of your chatbot as a helpful guide trying to offer meaningful suggestions to your customers’ queries.
4. eCommerce
You can use chatbots to sell products in many shapes and forms! Chatbots can be used to sell digital products such as eBooks or courses. You can also sell physical products, print-on-demand or dropship items. We have a full guide on making money with eCommerce including how to make an eBook, how to get started selling online, how to print-on-demand and how to dropship. Just click on the links above to read the full guides on our website.
https://youtu.be/Ybv4x1ZE8U0
Learn More About Making Passive Income with eCommerce
5. Conduct Surveys
Information is worth money, and chatbots can conduct surveys on a variety of topics to collect information. Chatbots can collect client, prospect or study information on behalf of clients or companies. Major corporations and big players in the industrial sector will pay good money for useful information that your chatbot collects. They can use the information to improve their services, provide feedback and improve customer relations.
For instance, you can use your chatbot to collect data on the education sector and sell it to interested stakeholders. You can also approach companies and design a chatbot to conduct surveys on topics affecting that specific company for a fee. In some cases, companies may offer you a commission for every successful survey completed. Make sure to respect laws with regard to collecting people’s personal information such as the GDPR. If you have questions about this, consult a qualified lawyer in your area.
6. Generate Leads
A chatbot can be a useful method of generating leads. Leads can convert to sales or be resold to other companies that can provide them adapted services or products. For instance, if you have a chatbot that is used to collect leads looking for insurance, you can resell the leads to insurance companies for good money. Some chatbots can automate the entire process and make your work much easier. This is an excellent way to boost your income if the lead can be sold at a high cost.
7. Sell Your Chatbot For a Flat Rate
Another way you can make money off your chatbot is by just selling it to interested businesses. Industries such as the motor industry, finance, retail, and education are a few of the places that you can choose to sell your chatbot. As long as your chatbot fits their expected requirements, the sale can fetch you a good amount.
Although it may seem easy, selling your chatbot takes much more than a good sales pitch. You have to identify your target industry and understand how it relates to its customers. From there you can start to design your chatbot all while considering the interests of the buyer and their specific business needs. Once your buyer accepts the chatbot, you can negotiate a good price depending on how much you feel the software is worth. If you are looking to make quick money from your chatbot, selling your bot is a good way to start.
8. Sell Your Chatbot For Commissions
If you find an excellent prospect business to work with, you can boost your income by creating a chatbot for them for free, and then monetizing it by collecting commissions on sales and leads it generates for their business. This can be a lucrative, passive way to make money from a chatbot. However, make sure the prospecting business is in good standing and will provide to be lucrative for you or you could lose on the transaction.
9. Customer Support
Chatbots are awesome to improve customer relations and reduce overhead for businesses. Chatbots can automate the process of providing customer support by answering common customer queries, collecting feedback and more. Chatbots can offer 24/7 assistance to customers making them a very useful tool for eCommerce and retail businesses that are looking to grow their customer base, market existing products or introduce new products to the market. This may be harder to monetize, but since it can save businesses money, you could sell them a full customer support bot for a flat fee to make a quick sale and good income.
Related Questions
Are chatbots expensive? Hiring a developer to create one from scratch will get you into the five-digit cost minimum and will, therefore, be expensive. However, this is relative to the value of a chatbot provides and the monetization strategies in place. These and other factors come into play when determining how much a chatbot is worth.
Will chatbots remain here in the future? Chatbots are becoming more and more popular and will most likely be here in the future, as more and more businesses look to save on costs and automate most of their services chatbots are becoming a good place to start. By now, many sectors of the economy including education, finance, technology, etc are already using chatbots in their daily operations.
Are Chatbots passive? Chatbots can be a highly passive means of making money if set up to be passive. A well-monetized bot can make you money even while you sleep. Since chatbots are designed to handle customer interactions on your behalf, you might find them to be a very passive means of generating an income. However, if you are looking to sell your chatbots, it may not be as passive as some of the other methods since that would consist in a one-time sale.
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