ChatBot's path to 2600+ customers and $300,000 in monthly recurring revenue

We wanted to make a tool that automates business communication and is simple to use. It's easy to create a chatbot dedicated to a specific company and built by a group of specialists. It's more challenging to develop a universal and easy-to-use tool so that anyone without technical knowledge can create a chatbot and benefit from it.

Another challenge lies in explaining and translating the technical aspects into the interface so that it's understandable for everyone.

Initially, the biggest challenge was Text being a single-product company. While it feels natural that we build and offer more products these days, few people believed or were aware that we would never again be a company offering only LiveChat.

Defining the target audience for our product wasn’t easy either. The chatbot and AI industries often imply that they’re aimed at big businesses — those in significant need of automation that will save a ton of work. The truth is, ChatBot is dedicated to every segment of small and medium businesses (SMBs).

Both small businesses that can’t afford to work 24/7 and enterprises with concrete automation requirements use ChatBot daily. To add to that, government institutions use our software more often, and they implement ChatBot entirely on their own.

Text’s organization helps with the decision-making but also in scaling our startup. We never wanted LiveChat to be the driving force behind our product, but it undoubtedly helped in the early stage of our product development.

The massive experience of the people developing the LiveChat product was a great motivator when ChatBot was just starting and developing further. Text also provided us with the means that enabled us to build ChatBot, including the money, office space, and equipment.

The numbers speak for themselves — after five years since the product launch, we have over 2600 customers and the number is continuously growing. They bring almost $300,000 in monthly recurring revenue (MRR), and the average revenue per user (ARPU) reached $110.5 at the end of September 2022.

Another significant aspect is that we still work together and that ChatBot is a part of the Text product group. We’re developing our product with a shared vision and mission, and — after so many years — we feel more motivated than we did during ChatBot’s first days.