June 11, 2021
Product Update: Introducing New Extensions - Mentions and GIFs
We are excited to announce the launch of 2 new extensions for CometChat Pro: Mention & GIFs to help you better engage your users in chat
Having a popular website with large number of visitors and the ability to generate revenue through them are two different ball games!!
Different ads and their respective placement, layout, and content are some of the important factors that impact the experience metrics and hence the website’s revenue.
No two online visitors will ever be the same.
So how do you monetize your website? Or in other words, how do you convert existing traffic into revenue?
CometChat allows websites in improving and increasing their user engagement. It assists in better collaboration and conversations further enabling you to monetize the user base and generate higher revenues.
In this article we list a couple of interesting and creative ways how CometChat creates opportunities for brands to have a 1:1 connection and conversation with their customer and thereby converting them into topline figures.
According to a recently conducted research on online purchase patterns of consumers, users are more likely to spend money after a personal advertisement experience in a chat, as compared to desktop advertising.
CometChat takes the creative approach to change the way brands communicate with their consumers through different mediums and platforms. CometChat enables advertisers and brands to creatively place their Advertisements for better awareness and revenue.
The use of native banner ads increases the ad effectiveness and drives more attention as compared to traditional displays.
Most online marketers focus their monetization strategies around these banner ads formats as they are more visually engaging. Not to mention, the likelihood of users to share the ad with family or friends also increases with native ads.
CometChat’s Announcements feature enables brands to push and increase their revenues within individual and group chats.
You can easily make announcements about new sales, promotions, and offers within the chatbox to all your website users.
Brands can track and measure the performance of previous announcements and also add new announcements.
Announcements address the precise audience at the precise time for eg. in case of time-sensitive deals, announcements within chat act as triggers, grabbing the immediate attention of users hence increasing their chances of acting upon the offer or campaign.
CometChat’s Role-Based Access Control mechanism ensures more opportunities for brands and marketers to monetize by restricting and enabling certain features to certain users.
Create subscription level tiers of users, where they can access different features according to their subscription plan.
This easily segments the user’s based on their willingness and the ability to pay, thereby creating more monetization openings. Which in turn allows companies to easily convert more of its ‘free users’ to ‘paying subscribers.’
Role Based Access Control lets you provide more functionality to your Premium Members compared to your Free Members.
You can allow the free users to get access to text chat and restrict the access to premium features (like Video call) to only premium users. In this scenario, if the free user attempts to make a video call, he would be shown a popup asking him to subscribe to paid plans to be able to make the video call.
Where as premium members get to connect and collaborate using features of their choice without any restrictions encouraging them to keep renewing their subscriptions in order to use these features.
ComeChat’s popular Credit deduction mechanism allows brands and marketers, an interesting way to monetize. You can deduct credits from user accounts when they use Audio, Video, and Text Chat features.
This is being used to promote and increase the ‘transactional value’ on the website. Users buy credits in advance and they can pay-as-they-go unlocking premium features including text, voice, video etc.
The feature creates a continuous stream of revenue when users recharge their account to continue accessing the premium features. Moreover, it keeps your users engaged and looking for more in the form of premium features.
For instance, if you have a dating website, you can allow the text chat feature for free to every user and restrict the usage of premium features (like Voice calling) to be accessed only by using credits. This means anyone who wants to make a voice call will require to have purchased a certain amount of credits in the app.
CometChat offers various ways to monetize your userbase. While you can improve user engagement with visually engaging native banner ads of various relevant brands, you can choose a more personal form of marketing through announcements as well.
Moreover, you can tempt your free members to go premium using role based access control or ensure a stream of revenue using credit deduction mechanism. CometChat enables you to increase revenues, realize higher margins, and ensure better user engagement in the long run.
Need more info on monetization techniques through us? Connect with us.