Are you building Chatbots for a living? created a Chatbot product and don’t know how to monetize it? Still looking for the perfect Bot Monetization tactics?
No matter if you are a developer, entrepreneur or both, monetization is something to keep in mind.
So after you worked on all the bits and bytes and have a great product — let’s monetize!
Make Your Bot A Winner
With great tools like Chatfuel, Motion etc. the Bot development process is becoming easy. More and more developers are joining the bots development ecosystem. More Bots, more users (?) and more exposure.
What’s not easy? actually making money with bots.
The main Bot products that are making money right now are platforms and tools.
This is great! isn’t it?
Well. Yes but. The platforms need stable & successful clients to continue growing. The number of successful Bots is low. So you can understand the long-term problem here.
Our goal as entrepreneurs is to create a 2 way street. One that gives value (and fast) to the user but also us ($$$).
When To Monetize a Bot
Like every product, the balance between profits and user experience is important.
A user won’t generate you income unless you are creating some kind of value for him (most of the times).
The value will be the thing that you promised him before he clicked on your link and started the chat.
Because the user was looking for what you have offered him and if you solve the offering — you hit the jackpot.
For example, if you are offering a Chatbot for travel planning. A user will not book anything unless you gave him a good answer. In this case, a good answer will be the one that will make him feel that he found the best deal ever.
There is a lot of user psychology that you should put into your flow — but that’s a subject for a separate article.
3 Bots UX Points Before Monetization
User experience is a vital part of the monetization process. Think about the bot as a landing page. If the page & call to action are not clear — you won’t make money.
Make sure your bot applies this 3 simple rules before trying to monetize.
10 seconds rule
Make sure that it is clear to the user in up to 10 seconds what is your offering and how to get it.
The percentage of Bots that are losing users because of bad initial experience is huge. I am trying out at least 5 chatbots a day and the vast majority lacks the product clarity.
Don’t forget the importance of this points;
- Bot’s name — Try to make it relevant
- Icon — expensive real estate, use it
- Opening text — keep it short and straight forward
- Time of opening — relevant for web
30 seconds rule
30 seconds in the user flow. Did the user got the value he was looking for? or at least some initial value so he could continue filtering his needs?
If the answer in no you are not on the right track.
Imagine texting with a friend. Now think how fast would you want an answer for a question that you sent him.
Most textual and voice interactions are short. Thus make sure you are pushing the value as fast as possible.
1 CTA Per Session Rule
Yes, we all want the user’s email, phone number and approval for notifications.
But don’t try to get all those at once. You will just scare away the user without getting ANY meaningful action.
First session should never end without value given to the user.
Make sure to focus on the most valuable action that the user can do in the session. If your Bot is engaging you will have more shots for getting those other bits of information.