Improving artificial intelligence (AI) technology and the proliferation of messaging apps — which enable users and businesses to interact through a variety of mediums, including text, voice, image, video, and file sharing — are fueling the popularity of chatbots.
These software programs use messaging as an interface through which to carry out various tasks, like checking the weather or scheduling a meeting. Bots are still nascent and monetization models have yet to be established for the tech, but there are a number of existing strategies — like “as-a-service” or affiliate marketing — that will likely prove successful for bots used as a tool within messaging apps.
Chatbots can also provide brands with value adds — services that don’t directly generate revenue, but help increase the ability of brands and businesses to better target and serve customers, and increase productivity. These include bots used for research, lead generation, and customer service.
A new report from BI Intelligence investigates how brands can monetize their chatbots by tailoring existing models. It also explores various ways chatbots can be used to cut businesses’ operational costs. And finally, it highlights the slew of barriers that brands need to overcome in order to tap into the potentially lucrative market.
Here are some of the key takeaways:
- Chatbot adoption has already taken off in the US with more than half of US users between the ages of 18 and 55 having used them, according to exclusive BI Intelligence survey data.
- Chatbots boast a number of distinct features that make them a perfect vehicle for brands to reach consumers. These include a global presence, high retention rates, and an ability to appeal to a younger demographic.
- Businesses and brands are looking to capitalize on the potential to monetize the software. BI Intelligence identifies four existing models that can be successfully tailored for chatbots. These models include Bots-as-a-Service, native content, affiliate marketing, and retail sales.
- Chatbots can also provide brands with value adds, or services that don’t directly generate revenue. Bots used for research, lead generation, and customer service can cut down on companies’ operational costs.
- There are several benchmarks chatbots must reach, and barriers they must overcome, before becoming successful revenue generators.
In full, the report:
- Explains the different ways businesses can access, utilize, and distribute content via chatbots.
- Breaks down the pros and cons of each chatbot monetization model.
- Identifies the additional value chatbots can provide businesses outside of direct monetization.
- Looks at the potential barriers that could limit the growth, adoption, and use of chatbots and therefore their earning potential.
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