Instagram is one of the fastest-growing social platforms with more than one billion users.
Over the years, it has quickly evolved from a photo-sharing application to a potent marketing tool used by businesses and influencers.
Similar to Facebook and Google, Instagram has become a place where consumers hang out every day. According to Instagram Business, 200 million people check out a business profile on Instagram every day, more than 80% of them follow at least one business, and 60% of people claim to use the platform to discover new products.
If you want to turn Instagram into a revenue channel, there are more ways than one. But where do you begin? In this post, we are discussing the top 5 ways to earn money on Instagram.
1. Promote Affiliate Links
When done right, affiliate links can make you lots of money. In order to earn from affiliate marketing, you’ll have to join affiliate programs (preferably high-paying ones) so that you can promote affiliate links to your profile and earn a commission on every sale you generate. Consider joining affiliate networks such as Clickbank, Shareasale, Impact, and Awin.
You can add a link in your bio or use captions in your posts to tell your Instagram followers about affiliate marketing and grab their attention. However, bear in mind that links in posts are non-clickable, so it’s better to create a CTA inviting your followers to go to the link in your bio.
2. Earn from Your Content
If you are a content creator who has gained a large number of Instagram followers by producing valuable or entertaining content, there’s a number of ways you can make money on Instagram. The primary options include IGTV and Live Badges.
In 2020, Instagram started sharing revenue on ads played on IGTV videos, which is very similar to YouTube’s approach.
Instagram Live Badges are a feature that allows viewers to show support to content creators. When a fan buys a badge during a live video, a heart icon will appear next to their username in the comments. Badges cost from $.99 to $4.99.
3. Publish Sponsored Posts
In the last couple of years, influencer marketing has really skyrocketed. Research has found that more than 80% of customers want to get referrals from friends and family before making a purchasing decision and over 75% of people are more likely to trust the content that is shared by regular people rather than brands. In other words, people rely on recommendations, so it comes as no surprise that companies partner with influencers to promote their brands.
The best thing about influencer marketing is that you don’t need to have a huge following in order to start earning with sponsored posts. When selecting an influencer, most companies will check out your engagement rates rather than the number of followers, which is why it is not unusual to see big corporations collaborate with micro and even nano-influencers.
4. Sell with Instagram Shopping
At the moment, almost 11% of Instagram users in the States shop on Instagram. Selling on the platform can be very profitable, depending on how niche your products are, what strategies you’re using to sell them, and, of course, how engaged your audience is.
If you decide to join the bandwagon and start selling on IG, make sure to follow these three best practices:
- Take amazing pictures of your products from different angles and share them in a Shoppable post;
- Showcase your product in your IG Stories;
- Show how you make your products in a behind-the-scenes Instagram video.
5. Become a Brand Ambassador
Although occasional sponsored posts work quite well, most brands want to build long-term relationships with influencers on Instagram. Once you become a brand ambassador, you are the face and the voice of the brand you’re promoting.
It should be noted that becoming a brand ambassador is not the easiest task, but it is definitely not impossible. A popular IG account with a solid number of engaged followers has a great deal of potential. Brand ambassadors can earn from $20,000 to $58,000 a year.
Instagram is one of the fastest-growing social platforms with the highest engagement, which makes it a perfect revenue channel. From earning commissions on sales by diving into affiliate marketing to representing a brand by becoming their ambassador, there are a number of ways you can make money on Instagram and the ones outlined in this article should serve as a good starting point.