Instagram, one of the fastest-growing social media sites, has swiftly surpassed one billion active users. It has developed over the years from a basic photo-sharing app to a robust marketing tool used by influencers and organisations of all sorts to reach their target audiences. According to Instagram Business, 60% of customers use the site to find new items, 80% follow at least one brand, 200 million users check out a business page every day, and 66% of profile visitors are non-followers. Like Google and Facebook, Instagram is a platform to find new clients and make free gains daily.
Ways to make an income on Instagram
On Instagram, there are three simple ways to make an income:
● Become an influencer and post brand-sponsored content,
● Become an affiliate marketer and sell the products of other people, or
● Become an entrepreneur and market your products.
1. Post sponsored content
The first thought that comes to mind when you hear someone say “Instagram influencer” is undoubtedly sponsored posts. As of early 2019, Instagram had over 800,000 active influencers. A decent impressive count and a respectable interaction rate are the minimum requirements here. In other words, if you are skilled at getting strangers on the internet to like and trust you, this method is for you.
The allure of this method is that it includes marketing without any of the problems associated with ecommerce: you do not need to manufacture a product or fulfil orders. In an ideal world, all of this would involve just being yourself and blogging about the things, services or businesses that make your life what it is. Of course, there is a drawback: not all brands are created equal, and it may not be Bvlgari who knocks on your door at first. Furthermore, there are a plethora of fraudsters out there who prey on wannabe influencers.
Even if you are successful with sponsored content, you will most likely need to consider the balance between your ethics and earnings. After all, it is your brand that is on the line. And people believe in genuineness.
2. Become an affiliate marketer
Unlike sponsored content, the goal of this tactic is to increase sales rather than raise awareness. This is because you only earn income when your followers buy your products. On the positive side, as an affiliate marketer, you will not have to worry about manufacturing or delivering orders. This method’s disadvantage is that it needs a solid plan if you want to develop without upsetting your audience. Furthermore, the word “affiliate marketing” has a poor stigma. It has been linked to bogus claims of seven-figure monthly earnings and even jet ownership.
Affiliate marketing is a sensible and well-established marketing strategy when approached responsibly. You suggest your favourite pens, mascara or dog food, and provide a link to purchase the product or a coupon code for a bit of a discount. Both the URL and the promo code are unique to you, allowing the retailer to attribute purchases to your efforts. For each sale, you get a fee or a percentage.
Meanwhile, as Instagram introduces product tags and Instagram Checkout, advertisers are no longer constrained to using the phrase “link in bio.” Affiliate marketers may experience an increase in revenues as clients find it simpler to purchase on Instagram.
3. Sell your products
The third Instagram money-making approach extends beyond marketing and into the area of basic ecommerce. Instead of selling other people’s products with your brand, sell your own. This may be a coffee-table book including your most famous photographs. However, it might also be your time and expertise as a consultant or your high-end fashion brand. If you currently have a company, selling on Instagram is a natural extension of your marketing plan.
How to Make Money on Instagram
Recognise your value
Influencers want to know how much it costs to publish a story (with swipe up) to say 27,000 followers. How much does it cost to host a product giveaway to a specialised demographic with an excellent 5% interaction rate?
When it comes time to negotiate fees with companies, you need accurate landscaping information. See our comprehensive guide to Instagram influencer pricing.
Keep an eye on your competition
Stay on top of the debate in your sector and among your rivals by watching (and listening) to social media.
Put in place Instagram-specific search streams in Hootsuite to keep tabs on what is going on. Then, using Hootsuite Insights, establish alerts to track what your rivals are up to elsewhere.
Respond to queries as soon as possible
According to one survey conducted by Twitter, 71% of users anticipate customer service replies in less than an hour on social media. Your customer care approach must include a near-immediate response.
Instagram is among the fastest-growing social media networks, with the most significant engagement. Thus, making money on the internet is simple if you utilise it correctly. There are several inventive methods for making money on Instagram, ranging from sponsored posts to social media marketing services.
Finally, spending time and effort on Instagram is a terrific long-term investment. And it is never too late to get on board and start monetising your Instagram account.