How to Make Money Selling Chatbots
Statistics show that chatbots have become a very popular media for communication (source), and you can sell them to make money. There are many ways you can earn income with a bot. However, in this article, we are going to look at one method specifically – selling your Chatbot.
Can you make money by selling Chatbots? You can make an excellent income by creating and selling chatbots. One way of monetizing your blog is by selling it to a company/business or offering it to them for free, and earning a commission on sales from it. Many businesses are willing to buy chatbots to automate parts of their sales, support, and marketing processes.
In this article, we are going to look at two ways of making money by selling a chatbot. The two main ideas are selling it to a business for a one-time payment, or giving it away for free and earning income in the form of commissions on sales or lead generated by your bot. If you would like to learn more about Chatbots as passive income sources, please read our full chatbot passive income guide. Let’s get started
Is it Hard to Create a Chatbot?
Choose a Profitable Industry to Serve
Identify and Capitalize on a Niche
Selling your Chatbot to a Company/Business
Here are a few steps to follow when you decide to sell your bot.
- Research about the business/company
- Reach out to potential buyers
- Pitch your idea, the benefits, and your bot outline
- Create it with their business intelligence and needs in mind
- Sell your bot for recurring revenue, flat fee or commissions on generated leads
Let’s have a look at each step in detail
1. Research on the Business/Company
Chose an industry you are interested in and knowledgeable about. It will be much easier for you to put yourself in the shoes of your customers and their clients to reply to their actual needs. If your bot does not solve any real-life problems, it will probably be useless.
Make sure you do extensive research about the company you are selling your chatbot to. Carry out your own due diligence, especially if you are planning on making the bot for free and getting paid commissions on sales. This could be an awesome win, or a huge loss for you depending on the companies success, the contract, percentages, payouts and more.
2. Reach Out to your Potential Buyers
Remember, selling your bot is just like any other business deal. If you impress your prospect, it is likely that they will listen to your offers and consider buying your bot. Provide stats and actual ROI (Return On investment). What is in it for them? How will your bot answer their real-life problem? How will it boost their sales or reduce their costs? How much will it cost them?
If you are a beginner, local businesses are a good place to start because they are easy to find and pitch your idea to. Some ways of knowing what the business needs is by looking at the company’s reputation and finances. Reach out to different businesses through walk-ins, by phone, email, or through social media. Make sure to be interested in their needs and to understand what their specific business is looking for. Businesses are willing to pay for things that provide them value.
3. Pitch Your Chatbot
If you get an interested client after reaching out, your next step should be to pitch your bot to them. You can create a diagram of the discussion that the bot will have to help you demonstrate the value it can bring their business. Make this as personalized as possible so they know how you can help their specific business. You can talk about many benefits of chatbots during your pitch.
For example, chatbots can help eCommerce businesses prevent shopping cart abandonment, receive orders, upsell, and cross-sell, as well as encourage action with special offers. They can also enhance customer engagement and because of time-sensitivity, you can rest knowing that your bot will respond to questions from potential customers 24/7. Moreover, bots make sales automation easier. They can engage site visitors, collect lead information, qualify leads, and connect them to a salesperson.
You must be professional and articulate during this stage because it determines whether they will understand what you have to offer. Demonstrate a bot in action on your website, or on a site that you created for another client. You need to show that your bot can be beneficial and valuable to their business. You should demonstrate how it works and highlight the various features that make it stand out from the rest. If you pitch your product well and demonstrate the return on investment, there is a high chance that the business will consider buying your bot.
4. Create Your Bot
5. Sell Your Bot
The pricing model should have been decided before the sale was closed but remember you have a couple of business models to choose from. These include
- Selling the bot for a flat, one-time fee
- Earn recurring revenue for ongoing support, updates, new features, etc.
- Getting paid a commission on generated leads or sales, etc.
You can also follow the above steps but instead of selling your bot, you give away for free. You can then request for commissions on sales if your bot is used to generate leads or sales. Businesses use effective lead generation methods (like Chatbots) to capture potential customers’ information so they can sell to them. But do not close a deal that you are not comfortable with. If the company requests you make the bot for free and you get paid a commission on leads or sales generated, make sure that the company is trustworthy and pays you out.
Also, sign a contract that determines how long it will be valid for. Work with a qualified lawyer if you have. Many other businesses need your bot. So, if the deal is not right, be patient and listen to other offers before selling your bot. With the money you get, you can create other Chatbots, sell them, and make more money.
How Much Can I Sell my Chatbot For?
Can you make a decent income selling Chatbots? Yes, you can make good money creating and selling chatbots. If you build quality bots, you can sell them to businesses at a profit. Some bots sell for thousands of Dollars. It all depends on the features it comes with, the activities it can perform, the level of engagement it offers, the return on investment it can provide the business and more.
How can I boost my income by selling bots? You can make more money selling chatbots by investing your income, to creating other bots and selling them for a profit. The more bots you create and sell, the more income you can make. Once you are financially comfortable, you may be willing to take the risk of making a bot for free and receiving commissions on sales. Carry out your own due diligence in that case and work with a lawyer if necessary.