The name itself spells magic for content creators, entrepreneurs, and marketers.
With 500 million+ daily active users, the penetration and reach of the platform are unrivaled. When the user base is this large, you can safely assume that there is a niche audience out there for you. If you play your cards right, you can monetize your Instagram account in more ways than one.
Need more evidence?
Then, check out these shopping stats from Instagram’s official site:
It’s evident that Instagram has graduated from a photo-sharing app to a valuable monetisation platform.
Sceptics might still argue that Instagram lacks the structured monetisation models of YouTube.
To them, I’ll say this:
If you are enterprising and strategic with your marketing, there’s no reason why you can’t earn a fortune on Instagram.
To help you get started, I’ve explained four proven monetisation tactics in this post.
You need to create an Instagram Business/Creator account, build a follower count of 1000+, and maintain a decent posting frequency.
With that sorted, you’re ready to do some serious business.
Let’s get you started…
4 Methods to Monetize Your Instagram Account
Whenever you embark on a new marketing/sales endeavour, it’s wise to create a data-driven strategy. This way, you define your goals, metrics, and KPIs (key performance indicators), all of which helps keep you on track.
Plan & schedule social media ahead of time.
Video, gallery, image & text only posts
Calendar, feed & grid preview
Instagram, Facebook & Twitter START PLANNING YOUR POSTS NOW
Once you’re done with goal setting, follow the steps below and watch your Instagram ROI soar.
1. Create Sponsored Posts
Brands on Instagram are always looking for influencers to spread the word about their offerings. In return, they pay handsomely, to the tune of $75 – $3000 per sponsored post.
But you need to do some groundwork before leveraging this tactic.
To achieve the “influencer” status, you need to work on your brand.
Build a sizable following by joining relevant groups and communities. Engage with your followers meaningfully, without vested interests.
Establish your thought leadership by sharing authoritative content. Network with other influencers in your niche and interact with their posts to grab the attention of their fans.
Create a media kit with your portfolio and rate card.
Once you qualify as an influencer, reach out to relevant brands with collaboration proposals. During your outreach, opt for brands whose vision aligns with your personal values.
Take a leaf from Gabi’s book here:
The plus-sized Instagrammer partners with brands like Premme because she’s a convincing role model for the brand’s target audience.
Premme gets insider access to Gabi’s follower community, who are, in all likelihood, prospective customers. And, Gabi gets paid to create sponsored posts promoting their clothing. She also adds an A-list brand to her bio, which can do wonders for her saleability.
2. Promote Affiliate Products
One of the simplest ways to monetise your Instagram account is by affiliate marketing.
How does that work?
- You become an affiliate (sort of brand ambassador) of a company.
- You are given a custom link from the company to promote their products/services on your feeds, blogs, emails, and wherever you can.
- When people click through to the company’s site and buy from them, you earn a commission on the revenue generated.
Check out how Instagrammer, Cassie Andrews, encourages her followers to purchase from her affiliate, The Bada Boom Room.
The post is a compelling example of affiliate marketing since it contains all the necessary elements:
- A high-definition image with a catchy caption to deliver maximum visual impact
- An exclusive discount code to enable easy attribution
- A time-sensitive clause to drive urgency
Though affiliate marketing seems pretty straightforward, you need to be careful about whom you endorse. Try to stick to products you have personally vetted and liked.
Also, don’t be tempted to partner with brands out of your niche just because they offer high commissions. An unnatural association can do more harm than good to your personal brand, ruining your future business prospects.
Promote your partner brands aggressively on all of your social profiles, not only Instagram.
Keeping track of engagement on multiple platforms can be tedious if done manually. It’s better to use tools to track your social media campaigns. Remember, the more you promote, the higher your earnings will be.
Explore the data behind your Instagram account.
Find the best time to post on Instagram
Track your follower growth overtime
Understand your post engagement TRY INSTAGRAM ANALYTICS NOW
3. Sell Your Products
If you own a store, digital or concrete, you could always advertise your products on Instagram and multiply your revenue. The only condition is that you should have an ardent fan following whose purchase decisions you can sway.
The best part?
You have the liberty to promote your products as you wish. In essence, you are your own boss. You don’t have to part with the revenue generated or stifle your creativity to meet client guidelines.
If that’s not enough to inspire you, take a look at how professional doodler, Nekoma, has made a fortune for herself by monetising Instagram this way.
She started an online store and leveraged her popularity on Instagram to promote her wares. The store is now in its second year and boasts a loyal fanbase.
4. Build an Integrated Store
You can set up a store on Instagram to sell directly from the platform. By doing so, you get access to their shopping tags, shopping stickers, and the “Shop Now” feature.
To set up your Instagram store, follow these steps:
- Check your eligibility
- Is your business in one of Instagram’s supported markets?
- Is your product eligible to be sold on the platform?
- Does your business comply with their merchant policies?
- Do you have a registered domain to sell your products?
- Convert your regular account into a Business or Creator account
- Connect your account to a Facebook page
- Upload your product catalogue by either of these two ways:
- Use the Catalogue Manager on Facebook
- Use Instagram’s certified ecommerce partners like Shopify
- Submit your account to Instagram for review and approval
- Turn on Shopping features once your account is approved