How To Earn Money On Instagram – 4 Easy Ways
With a total of 1.3 billion users in 2020, Instagram is a social media behemoth. India and the US are its biggest markets, with 140 million users each. More than 70% of its users are under 34 and Fashion is the strongest industry on the platform, accounting for 25% of all brand interactions. Is this your industry and demographic? Think you could make it big with your photos and videos? Then here’s how to get started earning money on Instagram.
Working As An Influencer
It’s all about the followers, but if you’re doing well, you could make a living off Instagram. With 10,000 followers, you could make about $88 for a single post. Grow to 100,000 followers and you could earn $200 for a post. Become a star with 1,000,000 followers and you’ll cash in about $670 for a single post. Easy money. But how do get that money?
There are four ways to make money on Instagram. The first one would be to work as an influencer, which means you will be posting sponsored content. Depending on how many followers you have, brands will pay you a set fee to advocate and engage with their message.
Be An Affiliate Marketer
A second way to monetize your posts on Instagram is through affiliate marketing. Affiliate marketers promote products in their posts and earn a percentage on each product sold through one of their affiliate links. To earn money from affiliate marketing, you need to join an affiliate program within your niche. You can find these programs on the websites of brands or via affiliate networks, like Commission Junction. Commissions usually range between 10% and 20% per completed sale.
Learn more about affiliate marketing and how best to go about it.
Get Tips And Advertisements
A third way to monetize your Instagram channel is through tips and ads. You can rely on the generosity of your followers to leave tips in a virtual tip jar like “Buy Me a Coffee” or Patreon. Instagram Live Badges are another form of tipping for live stream creators. Badges cost between $.99 and $4.99 and viewers can purchase up to $250 per live session.
Since 2020, you can monetize your IGTV videos by enabling 15-second ads and get revenue share, just like on YouTube. If long-form video content is your MO on Instagram, this could become a great income stream.
Become A Business Owner
A fourth and last income stream on Instagram would be to sell your own products or services. You could start selling merch or digital products like photo filters. Instagram is developing this monetization area. Until now you would refer to a link in your bio or in the description of your post, but since this year you can use the Instagram Shopping feature from your business profile.
That’s it. But there’s a long path of growth to go through first before you can start monetizing. Our recommendations? Find your niche. Something in which you are an expert and that is already actively part of your life. Then create killer content with high-quality visuals, music, and sound effects. Promote your work on other platforms and channel viewers to your Instagram account. And lastly, it’s important to be relevant in your field, so make sure to stay on top of trends and keep an eye on your competitors.