white label | 12 MIN READ
It’s impossible to miss the word ‘chatbot’ these days.
Bots are everywhere — websites, Facebook, WhatsApp, Instagram, SMS, etc.
Studies show that chatbot usage showed a 92% increase since 2019. It is the brand communication channel that witnessed the largest growth.
Evidently, bots have been a noteworthy introduction in the business arena in the past decade.
Owing to the massive demand, it just might be the right time for you to consider starting a bot agency.
We know what you’re thinking. A chatbot agency? But why?
The article will give you answers to all your pressing questions and clarity about what a bot agency is and why you should start one.
What is a Chatbot Agency?
First things first, a chatbot agency is an agency that provides end-to-end bot-building solutions. It is a platform that provides several conversational functions for businesses that ultimately help their customer support and streamline internal processes.
A chatbot agency sells the solution in two ways:
Many chatbot agencies build the solution from scratch. They incur the infrastructure and hiring costs of developers, marketers, and testers that build a solution that can sell.
Apart from the setup and development, they also provide maintenance and ongoing support. Here, the road to profit is long but fruitful one. Because once you’ve built a good product, you know it is going to sell and you can make regular iterations to make it appealing to businesses.
There is also a shortcut that is cost-effective in the short run. Instead of building the chatbot platform, most chatbot agencies now are opting for white-label options. White labeling is when one company creates a product or service and removes its own branding from it and the other company resells the product as its own.
White-labeling has become an enticing opportunity for agencies, especially if they are beginners and still learning about the tool. Not every business has the knowledge, or the resources to launch a new product. White-labeling becomes a win-win option where they can simply get the whole solution and resell it.
Chatbots are a technology that is widely fetched in the marketplace. Chatbot agencies take advantage of this massive opportunity and sell chatbot services that provide an excellent ROI to businesses, expand their lead pipeline, and increase their revenue.
But what’s in it for the chatbot agencies?
You’re about to find out.
8 Reasons to Start a Bot Agency in 2023
The demand for chatbot was already rising for the past few years and the boom of ChatGPT has further escalated this growth, making chatbots a household name in 2023. With such demand and industry-wide applications, starting a bot agency in 2023 can be a highly lucrative proposition.
Apart from the demand, here are the top 8 reasons to start a bot agency in 2023.
1. Venture into Conversational Marketing
Conversational marketing has become quite the buzzword. It is the ability to have one-on-one conversations with users across multiple platforms and engage users and quickly move them through the buying process.
In quite a short time, conversational marketing has proved to be one of the most effective means of lead generation and customer engagement. Currently, 71% of customers are expecting companies to communicate with a conversational marketing bot in real time. And to do so, enterprises are leveraging targeted messaging through intelligent chatbots to engage their customers.
Do you know what that means? That many businesses are already anticipating these services. They are looking to venture into conversational marketing and as a result, so should you. It is a great time to enter this market before it gets saturated and becomes immensely competitive.
Conversational marketing has also made it possible for businesses to move from the cold and impersonal buying process to a personalized and relationship-oriented one. It has eliminated waiting times, and automated customer support for numerous businesses already. But since it’s still a new technology that they are navigating, it can prove beneficial for them if they can get the required aid from a chatbot agency.
2. It’s Cost-Effective
Before starting anything new, the question that constantly looms over your head is, “Will it be cost-effective?”.
In case you opt to white-label, it is a big yes.
If you become a chatbot reseller, you can avoid the hassle of building a solution from scratch while also retaining your branding. It is cost-effective since you don’t have to invest in the resources to launch a new product while also getting expert aid in providing a top-notch chatbot solution.
It saves you the time and money that you otherwise have to spend on salaries and infrastructure in building the solution from the ground up.
3. You Get to Expand Your Service/Product Offerings
If you already have a marketing agency in place, you’d know that building a marketing tech stack is not an easy task. With thousands of tech tools out there, finding the right ones consumes a lot of time in research and strategy.
But it is also not something agencies can avoid altogether. Diversifying your product portfolio allows you to cater to market demands and reach out to new clients. You cannot really move forward without a tech stack that majorly comprises:
Social Media management
Add a chatbot to this, and you get to further expand your automation offering. The best part about adding a chatbot to your tech arsenal is the easy availability and ease of use. The tool isn’t something that would take one month or years to figure out. Even for people without a tech background, it’s simple since most chatbot platforms have a no-code bot-builder. And if you opt for white labeling, you’re adding a valuable tool that your clients would appreciate with minimum effort.
4. Chatbots Are Easy to Sell
Chatbots enjoy quite the popularity amongst emerging marketers and growth hackers. This is simply attributed to the bot’s benefits of being a highly effective lead generation and customer support tool. And of course, as mentioned, it doesn’t take one to be a developer to know how bots function.
Moreover, due to the rise in virtual workplaces, bots have become even more important in offering automated real-time communication in the absence of agents. They bridge communication gaps between consumers and companies regardless of the time and place. In addition, they also have a proven record of saving millions and streamlining key tasks in enterprises.
Any firm aiming to ace its marketing automation game knows that they need to incorporate a chatbot at some point. All these reasons make it easy for a bot agency to sell solutions to businesses.
5. Chatbots Are Applicable in All Industries
You pick any industry today, and you’ll find chatbot widgets on their websites. As a chatbot agency, you’re assured that you don’t have a niche but rather a wide range of industries and companies that you can pitch.
Bots not only offer generic benefits like lead generation and customer support, but they also offer industry-specific chatbot benefits to almost every industry.
Let's have a look at these industries one by one.
Healthcare chatbots help with symptom diagnosis and also assist patients with their medical prescriptions, reports, billings, and appointment bookings at hospitals. They explain procedural outcomes and recommend further steps in the patient journey.
b. Real Estate
Real Estate Chatbots help real estate agents and companies with formless lead capture and screening rental applications. It also schedules property visits and automates support queries.
Ecommerce chatbots perform a wide range of functions in the eCommerce industry. For example, it sends out delivery notifications, provides product recommendations, provides FAQ answers, and helps with the recovery of cart abandonment.
Insurance chatbots help users with answering policy questions and getting personalized quotes. The insurance industry also uses chatbots to facilitate premium payments and provide account support.
Also Read: 9 Best Use Cases of Insurance Chatbot
Chatbots for education aid with the admission process and provide course recommendations to students. It also makes it easy and engaging for students to find universities, and courses, all in a conversational manner.
f. Finance and Banking
Chatbots for finance and banking streamline external and internal support. It provides product and service guidance, facilitates payments to customers, and detects fraudulent activities while also providing employees with a FAQ knowledge base that they can access at any time of the day.
There are abundant use cases of chatbots in various other industries. The point is, a chatbot marketing agency can never go out of options. You can always focus your pitch on one vertical and move on to the next. And if the clients are concentrated in one or two key industries, that’s even better. You can build chatbot frameworks that you can quickly customize for new clients.
6. Bots Are a Source of Recurring Revenue
Just like any other tools, chatbots require updates and modifications over time. Based on the performance, an agency can track and adjust chatbot design through which it can earn recurring revenue. As a result of this, you can also provide excellent results to clients.
You can include these services in your chatbot pricing modules where you offer bi-weekly or monthly monitoring using the analytics dashboard. The analytics dashboard provides a bird’s eye view of bot performances through built-in statistics. You can see where changes are needed (can be the bot script, popup message, adding integrations, etc) and increase your quotations accordingly.
Another source of recurring revenue is offering customized integrations and AI add-ons to your clients. AI chatbots also require regular iterations since their framework depends on machine learning. It takes regular maintenance to train and update the AI bot to make it accurate in understanding customer queries and providing the right responses.
You can add this recurring fee to the AI chatbot prices that you offer to clients. Moreover, if you opt for white label, analytics dashboard and AI chatbot integrations come in handy from chatbot providers like WotNot.
7. Bots Can Generate Massive Results for Your Clients
You’d know by now that businesses love chatbots. Because 55% of businesses that use a chatbot generate high-quality leads. They also save considerable time and money for businesses by optimizing processes and automating basic queries. Once you start selling chatbot solutions, these benefits will be quite apparent.
Because your clients will save extra costs that otherwise go into hiring and support resources. They wouldn't have to deal with the cost of salaries, training, and infrastructure that’s invested in providing support.
While on the other hand, they would also be able to scale their chat support during peak hours and enable new customer service models.
Bots can uplift branding efforts and provide a consistent omnichannel experience for customers.
Since bots have been around for a while, you can demonstrate many successful examples to your clients. Of how clients have conquered new heights of success, generated hundreds of leads every month, and how you can do the same for a new business. The clients would have a strong foundation before investing in the technology.
8. Less Time to Market
Time to market is a key factor for any business. it is defined as the length of time from conception to release of a product. In case of white label chatbots, it is extremely low, as you are essentially skipping the development phase to instantly launch the product into market.
By partnering with a white-label provider, a chatbot agency divides the tasks based on respected expertise. While the white-label provider focuses on the backend, the bot agency focuses on marketing and selling. Your end client gets the best of both worlds and you’re more confident in selling the entire solution to the clients.
Starting a chatbot agency is a lot easier than it used to be. You have proven track records of why the tool has been a success, there are white-label options that don’t involve building the software from scratch, and there are businesses that are jumping at conversational marketing opportunities. You just need to do one thing that every other agency does — convince your clients with the art of selling.
If you’re looking to white-label, look no further than WotNot. We’ve white-labeled our solution for numerous businesses. To know more, you can get in touch with us or schedule a demo, and we’d be happy to explain how white-label works and how you can become a chatbot agency that resells.
Co-founder of WotNot. His leadership, pioneering vision, and relentless drive to innovate and disrupt has made WotNot a major player in the industry.