Conversational commerce is the talk of the town, with many businesses adopting it as part of their marketing, sales, and customer care activities. Although social media channels are still an important marketing channel for businesses to reach their audience, messaging applications are now taking over, as more consumers are using them for personal conversations.
As a result, companies of all kinds are trying to tap into these prolific channels…and that’s where conversational commerce comes in. Before I tell you about how you can make money using this new technology, let’s have a look at conversational commerce:
What is conversational commerce?
Instead of giving you an exact definition of conversational commerce, let me set the scene for you. Let’s say you want to buy a new pair of jeans. You go into your messaging application and tell a chatbot, “I want to buy a new pair of jeans, in dark blue or black, size 6, less than $50”. From there, a message pops up from the chatbot saying, “Here are your jeans”, with a link to a recommendation, the delivery details, as well as the correct color and size.
The best part about it all is that you probably wouldn’t be able to tell whether you were talking to a human or robot, which is the beauty of artificial intelligence (AI). Simply put, conversational commerce, better known as chatbots, is a way for brands to communicate with their audience on messaging apps using AI rather than humans.
Just how can AI-powered conversational commerce help you make money?
1. By combining chatbots with native content.
Native content is when brands pay media outlets to publish their content in a natural way. For example, if you see an article about eating more vegetables, you may notice a specific product mentioned. This is most likely because the brand that owns that product paid the media outlet to include it in the article.
Chatbots can do the same thing. Basically, if you are using a cooking chatbot to find a recipe, it will give you the information you need while also highlighting certain articles that promote specific branded products. Similar to selling advertising space, you could offer this service to various brands through your chatbot.
2. By using bots as a service.
Specialists believe that chatbots will be using the SaaS model by introducing various paid subscription versions to consumers. Instead of dishing out information on demand, the chatbot will offer the customer introductory features and then follow up by suggesting he or she upgrade to a paid version for more complex and detailed answers.
With this model, you must be sure that you are creating a subscription plan that is bulletproof. In other words, you need to make sure that you are offering enough for your audience to want to pay for an upgrade.
3. By leveraging affiliate marketing.
Affiliate marketing is a great way for you to make money, especially if you are working with popular brands. For instance, if you have a tech bot, you could send updates to your consumers on how some of the latest tech is being used today. You could then work with a brand such as Apple and use affiliate links to send them to the latest Apple products. If the consumer makes…