February 12, 2020

How to Make quick Money from Chatbot

By yogindrarawat

Many businesses expect to save on capital expenditure using chatbots and AI services, but few are actively looking to make money with bots. As a new technology, there are plenty of opportunities to explore for both large and small businesses.  Chatbot adoption continues to boom, and businesses of all sizes are starting to see growth in usage and in their return on investment as the benefits of chatbots become clearer. Customers are more satisfied with bot performance and creators note more successful customer journeys in their metrics, but are starting to wonder where they can take their bots next.

But, What is ChatBot?

chatbot is a piece of software that conducts a conversation via auditory or textual methods.  Such programs are often designed to convincingly simulate how a human would behave as a conversational partner.  Chatbots are typically used in dialog systems for various practical purposes including customer service or information acquisition. Some chatbots use sophisticated natural language processing systems, but many simpler ones scan for keywords within the input, then pull a reply with the most matching keywords, or the most similar wording pattern, from a database.

The term “ChatterBot” was originally coined by Michael Mauldin (creator of the first Verbot, Julia) in 1994 to describe these conversational programs.  Today, most chatbots are accessed via virtual assistants such as Google Assistant and Amazon Alexa, via messaging apps such as Facebook Messenger or WeChat, or via individual organization’s apps and websites.  Chatbots can be classified into usage categories that include conversational commerce (e-commerce via chat), education, entertainment, finance, health, news, and productivity.

Various industries and companies are using chatbot as a medium of automated communications, below are some examples.

Customer Service

Many high-tech banking companies are using chatbot to provide faster and cheaper assistance to their clients who are now becoming comfortable with the latest technology.  These chatbots are replacing other communication tools such as email, phone or SMS.

Healthcare

As per the recent study, chatbots are being widely used in healthcare industry.  Chatbots are helping in scheduling doctor appointments, locating health clinics, or providing any medication information.

Politics

In some countries like New Zealand, chatbots are being used to share political thoughts, for example on topics such as climate change, healthcare and education.

Toys

Today’s toys are using chatbot, the voice and behavior is as per the toy’s charachter.  There are also chatbot toys for educational purpose to interact with childrens.

Company Internal platforms

Most of the companies are using chatbots internally, for example for customer support, human resources, etc.  Call center companies are using chabots for automated online assistants instead of call centers with humans to provide a first point of contact.

How can one earn from Chabot?

Chatbots are increasingly present in businesses and often are used to automate tasks that do not require skill-based talents. With customer service taking place via messaging apps as well as phone calls, there are growing numbers of use-cases where chatbot deployment gives organizations a clear return on investment. Call centre workers may be particularly at risk from AI-driven chatbots.

Below are some of the ways through which you can earn a good amount of money from Chatbots.

Using Chatbot with Facebook messenger

Facebook is the largest social platform until date.  Most of the startup companies and small companies uses facebook to advertise their product and services.  Either they post about their product on facebook page or facebook group or they advertise it with facebook ads.  Now, people have started using chatbots for advertising and marketing in facebook, they are getting the facebook messenger integrated with chatbot.  Thus, making the facebook messenger an auto chat enabled messenger.  Let me explain you with an example.

I have created my blogging website and i want to advertise my website blog’s to my list of facebook friends.  I can use the older option wherein i can share my blogs on my personal post, facebook page and through facebook ads.  But, i can use chatbot to make it more beneficial, i will integrate and customized my chatbot with facebook messenger in such a way that, if someone sends a “hi” message to me on the messenger then my chabot should reply with a “hi” and also send my blog website link to them.  Therefore, it will help me in doing a automatic advertising and marketing.

Affiliate marketing and Survey chatbot

Affiliate marketing is a way to recommend the potential customers to buy the products. In return, they earn commissions from it. You can use chatbot as conversation as well as provide suggestions to buy the products or services. But, remember don’t use more suggestion as it can irritate or annoy the user.

You can a build a bot that does the surveys. The chatbot will ask the questions to the user in a form and will collect the answers. After that, you can sell these data to the relevant buyer who wants the data.

For example, if you have data collected through the bot in the medical field, you can sell it to the firms that want the medical data. But, remember you have to mention in the privacy policy that data will be shared with the others firms for the analysis.

Mode of payment transfer

Most of the Banks in US and UK have created a customized chatbot.  Even you can intergrate and create a chatbot which will help in transfering money and in return you can charge a small amount of fees.

Increase Sales

The more number of leads the more number of sales.  Suppose you have a product or provide service to the customer. Lead generation is a process to identify and bring out the potential customers for your products or services.  If the chatbots are integrated with the business model then lead generation will help them to increase the sales.

ou will gather the data from the different services or products like loans, weddings, insurance e.t.c before passing the details of the user to the other business that are using your chatbot. They will be sync with your data that will be helpful for them to increase the sales.

Overall you will create a lead generation chatbot. That Chabot will validate the leads and pass the information to the companies and companies will pay the commission to chatbot owner for identifying the potential customers.

Best Chabot platforms

ChatFuel

Chatfuel is a bot builder for Facebook Messenger that aims to make bot building easy. You don’t need any coding skills to use Chatfuel and the free version of the platform gives you access to almost every feature for up to 5,000 subscribers, although users will see the Chatfuel branding on your bot.

While it’s not as easy to get started with Chatfuel as it is with some of the Messenger bot builders we’ll be looking at in this article, it does make managing and reusing messages easier than most – something you’ll appreciate later on.

Paid versions start from $15/month and this gets you more subscribers, audience insights, priority support and some extra data management features.

Chatteron

ChatterOn aims to be the fastest bot builder in the business, promising to have you building bots in under five minutes. This starts with more than 20 pre-built bots for you to choose from and customise using its simple builder. ChatterOn’s Ai and machine learning algos are pretty solid and it supports a wide range of rich content, including carousels, buttons, photos, gifs and videos.

You can also monetise your bot with contextual ads from Radbots but this isn’t particularly helpful from a lead generation perspective. You can use ChatterOn for free with access to all of the features, unlimited chatbots and your only restriction is 15,000 messages per month. After that, you simply pay $0.0010 per message once you pass the 15,000 mark – incredibly cost-effective.

Botsify

Botsify is a simple builder that lets you create bots for your website or Facebook Messenger easily. It also comes with some great integration features you won’t find with other builders. For example, you can integrate with Shopify, WordPress and Alexa; create conversion forms in your bot or allow human staff to take over the conversation.

You can get started with Botsify for free or sign up to a paid plan, which start from $10/month.

Flow XO

Flow XO is a complete solution for building chatbots, hosting them and deploying them across platforms, which means you’re not only limited to Facebook Messenger. You can also build chatbot widgets for your website or integrate them with suitable third-party platforms and users can also share your bot with others.

The interface is incredibly easy to use and there’s a free version that you can try out to get a feel for things. You get access to all of the features on the free version but you’re limited to 500 interactions – although you can build up to five different bots.

Paid versions start at $19/month, which gets you 5,000 interactions and you can add 25,000 by paying an extra $25/month (50,000 for £50/month, 75,000 for $75/month, etc.) and add five more bots for an extra $10/month.

Final Words

The creation and implementation of chatbots is still a developing area, heavily related to artificial intelligence and machine learning, so the provided solutions, while possessing obvious advantages, have some important limitations in terms of functionalities and use cases. However this is changing over time.

The most common ones are listed below:

  • As the database, used for output generation, is fixed and limited, chatbots can fail while dealing with an unsaved query.
  • A chatbot’s efficiency highly depends on language processing and is limited because of irregularities, such as accents and mistakes that can create an important barrier for international and multi-cultural organisations
  • Chatbots are unable to deal with multiple questions at the same time and so conversation opportunities are limited.
  • As it happens usually with technology-let changes in existing services, some consumers, more often than not from the old generation, are uncomfortable with chatbots due to their limited understanding, making it obvious that their requests are being dealt with by machines.
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