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Can Chatbots Automate Marketing For Tax Practitioners?

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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 accountancy marketing — that will likely prove successful for bots used as a tool within messaging apps.

Chatbots can also provide practices with value added 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.

Accounting practitioners are learning how they can monetize chatbots by tailoring existing models. They are also exploring various ways chatbots can be used to cut practice marketing costs and overcome the slew of barriers that a practitioner need to overcome in order to tap into a potentially lucrative market.

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 accounting and tax practitioners to reach consumers. These include a global presence, high retention rates, and an ability to appeal to a younger demographic.

Accounting practitioners looking to capitalize on the potential to monetize the software need to identify four existing models that can be successfully tailored for their practice. These models include Bots-as-a-Service, native content, marketing, and sales.

Chatbots can also provide practices with value added services that don’t directly generate revenue Click To Tweet

Chatbots can also provide practitioners with value adds, or services that don’t directly generate revenue. Bots used for research, lead generation, and customer service can cut down on a practitioners operational costs.

There are several benchmarks chatbots must reach, and barriers they must overcome, before becoming successful revenue generators but they are currently being adopted and modified.

To achieve this, practitioners must understand :

  • The different ways their practice can access, utilize, and distribute content via chatbots.
  • The pros and cons of each chatbot monetization model.
  • The additional value chatbots can provide their practice outside of direct monetization.
  • The potential barriers that could limit the growth, adoption, and use of chatbots and therefore their earning potential.


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