How to make money on Instagram
With 700 million monthly users Instagram has forever changed the way we share and interact with our pictures. What’s more, it created a platform that can be monetized. We discussed how to create a following on Instagram in the previous post, and now it is time to shine the light on how to make money on Instagram.
Depending on your niche, your followers, and your engagement, there are few different ways you can make money on Instagram. Here’s a few options we’ll discuss in this post:
- Sponsored posts for brands that want to get in front of your followers.
- Becoming an affiliate with popular brands.
- Creating and selling a physical or digital product or service.
- Selling your successful Instagram Account.
These are only the three most popular ways that you can get paid on Instagram. As you spend time building up a strong profile and start to earn a living of it, other opportunities will present themselves. Then, it will be up to you to grab them.
Become an Influencer
Most common and successful approach to making money with Instagram is to work as an influencer for brands. To become one you must build an Instagram account that will have a good reputation, high popularity, and a sizeable following. Successful influencers create an image of themselves as reputable, respectable individuals whose reviews, suggestions and knowledge regarding certain subjects can be relied upon – that’s why their followers trust them!
These kinds of jobs generally ask for creation of a content, an Instagram post or video, and also includes permission for the brand to use this content as they deem fit. This can be a single post or a campaign in return for a fee or facilities in cash or kind.
In a survey of around 5000 influencers, around 40% said they charged anything between $200 to $400 per post.
Bargain hard with what you have in hand and play your cards well.
If your account is big and thriving enough, brands find you. You can also look for brands to work with that echo the spirit of your account, otherwise followers won’t feel like you have vested interests.
Several influencer marketplaces that increase your chances getting a brand
- Shoutcart: Sell a “shout out” to your audience on behalf of a brand, regardless of how large your following is.
- Fohr Card: Connect your Instagram, blog, YouTube channel, and other social platforms to create an influencer ‘card’ that shows your different profiles and total outreach. You also get an access to a list of brands and their requirements and can approach them directly if you want to.
- Grape Vine: If you have 5000 or more followers, you can list yourself in the Grape Vine marketplace for the opportunity to work with likeminded brands.
- Crowd Tap: Small content creation tasks to earn rewards. Particularly for smaller audiences. Available in U.S. only.
- indaHash: Brands put up campaigns that you can participate in. Post photos with specified hashtags on Instagram and get paid. You need 700 engaged followers to be eligible.
It’s always best to add a #sponsored hashtag to differentiate sponsored posts from actual feed content. About 70% of influencers in one report said in a survey, that being transparent about sponsorships didn’t affect how consumers see their recommendation.
Become an Affiliate
An affiliate is more invested in making sales for the partner brand in exchange for a commission.
This is done with a trackable link or promo code to ensure clicks actually translate into sales. Since Instagram does not allow links outside your biography, you can usually only focus on one product at a time.
Explore online merchants or popular marketplaces like:
- ClickBank: An affiliate platform with a tier based commission that is open to everyone.
- RewardStyle: An invitation only fashion and lifestyle influencer network that offer 20% commissions.
- Amazon’s Affiliate Program: A popular option that pays out a 10% commission for clicked links you can manage on your blog or website (or IG account).
Also, keep in mind that affiliate links can be long so URL shorteners are a must. You don’t want half of your content to be an undecipherable mixture of numbers and letter when you can make the link short and neat.
Become an Entrepreneur
The previous two ways are great for making money on Instagram, but it doesn’t always have to be influencing or getting into an affiliate program. By selling your own products or services, you don’t need to worry about adding messages from other brands into your posting strategy. You can work on promoting yourself as hard as you want, and with time, you WILL see a profit.
Here’s a few examples of becoming an entrepreneur on Instagram:
- You can use a print-on-demand service to print and ship your own t-shirts, pillows, coffee mugs, wall art, photos etc.
- You can sell services, such as photography or consulting.
- You can sell digital products, such as courses, e-books, or design templates.
- You can even choose to integrate your Shopify store, therefore making your Instagram account into a legitimate online retail store.
Instagram is still a photo-sharing app at heart so it can become goldmine for photographers that know how to harness its power. Photos can be licensed, printed, and sold in a variety of ways. Companies like Printful and Teelaunch can let you put your photos on posters, phone cases, pillows etc. so taking a look at them is definitely worthwhile.
Sell your successful Instagram Account
Then there is another option worth mentioning – selling your successful Instagram account. In the today’s world, a following in the thousands is invaluable. If your Instagram account has a large number of followers and you no longer wish to manage it, you can make a fair amount of money by selling it. Portals like ViralAccounts and FameSwap help with such sales.
Harnessing the power of Instagram
Instagram started out as a casual way to chronicle all the mindless fun in your life, which it still is. But it can also be turned into some serious business if you are motivated enough and have the correct knowledge. Instagram has opened the entrepreneurial doors to everyone with a cell-phone or tablet, even allowing for grade-schoolers to monetize from the latest trendy hashtags. You just have to know how to go about it! #redfoxpros #ShamlessSelfPromo
Use your influence, your abilities, and your creativity. Mix it with all your newly harnessed photography, business, and marketing skills. And get ahead with your IG account to start making money on Instagram.