It’s no secret that Instagram is one of the most popular social media platforms. In fact, over one billion users are active on the app every month. For this reason, the network is favored by marketers looking to promote their products and services. After all, 90% of accounts follow a business on Instagram. This is probably why you want to know how to monetize Instagram.
But the app’s domination doesn’t stop there. Namely, users spend an average of 53 minutes on the app every day. In comparison, they spend around 38 minutes on Facebook per day. So, it’s no surprise that Instagram has recently exploded among marketers.
Just think about it. People spend almost one hour scrolling down their feeds, exploring different accounts, and interacting with businesses, friends, and family. Instagram obviously has a marketing potential for your brand because users can’t imagine their day without this platform. It also gives you a chance to earn money and gain traction.
Because both veteran and novice marketers are wondering how to monetize Instagram, we’ll address this question in the article. You’ll discover the most effective ways to earn money on Instagram for your brand and more.
Let’s start!
Instagram: A Social Media Platform Your Brand Needs
You can either love or hate social media, but you can’t deny one thing — it is useful for businesses. These platforms help you connect with your consumers, create communities, get noticed, and more. Instagram, in particular, has proven to be a powerful ally for brands.
“Social media is the ultimate equalizer. It gives a voice and a platform to anyone willing to engage.“
Amy Jo Martin
Over the years, it has evolved from just being that platform you visit to post your selfies. Now, Instagram is more than that. It is a network brimming with features that engage and captivate the audience. Instagram Stories, used by 500 million accounts every day, allows businesses to post disappearing content and enhance it with filters and stickers.
Boomerang, on the other hand, is aimed at those who love publishing short and fun videos. But there’s something for fans of live streaming as well. Instagram IGTV allows your brand to connect and interact with followers in real time.
With that being said, it’s high time you learn how to monetize Instagram and earn money.
How to Monetize Instagram: The Prerequisites
First things first, do you need a huge follower count to monetize your Instagram profile? The answer is, no. Even if you had 100 or 1,000 followers, you could start making a profit on this app provided that these followers are organic.
Want to learn which Instagram mistakes to avoid? Find out here!
However, many experts recommend having at least 10,000 followers before starting your monetization journey on Instagram. And the reason for this is quite obvious. The figure is a magic number on the platform. For instance, when you reach the 10,000 mark, you can add that cherished swipe-up link to your Instagram Stories.
If you’re yet to attract 10,000 followers, we suggest that you focus on building your brand’s presence on the app first. Trust us, it will pay off in the long run. When you establish your brand as a thought leader in the field, people will rush to click on the “Follow” button.
In addition to that, if you want to know how to monetize Instagram properly, think about how you can engage and attract users! The more engaged followers are, the more your business account will be worth. In return, you’ll have more chances to earn money from Instagram.
In case people are rarely commenting, liking, or sharing your posts, then you’re doing something wrong. Your visuals and content aren’t striking a chord with the Instagram universe. But, even if you have 1,000 engaged followers, there’s a potential for you to make money.
So, two prerequisite for Instagram monetization are:
- A devoted follower base
- A high engagement rate
However, if you already have enough followers, discover how to monetize Instagram below.
How to Monetize Instagram: Three Ways to Start Making Money
Instagram is a force of nature. It has become one of the best social media platforms in just a matter of years. This just goes to show that Internet users love seeing visual-driven content above anything else. And we highly doubt that Instagram’s popularity will decline anytime soon.
That’s why your brand needs to have an active presence on this app (and social media in general). In fact, 64% of consumers will make a purchase after watching branded videos on social media. Therefore, not having a business account on these networks can hurt your brand. Do you want to miss out on making a sale or reaching new consumers? Yeah, we thought so!
For those of you who are already sharing engaging content and interacting with followers, here’s how to monetize Instagram!
Create Sponsored Posts
Sponsored posts are organic posts that you pay to promote across the Instagram app. When you do this, you aren’t creating new content but you’re boosting an existing post in order to reach more users. Once customers come across sponsored posts, they’ll be redirected to your business account where they can like, comment, or share your content.
Create sponsored posts that feature products or services. As we said, Instagram has over one billion users, and if even a small portion of them discover your brand, this could lead to an increase in sales.
So, set aside a budget for Instagram that will cover sponsored posts as well. Don’t forget to make eye-catching visuals because this is the only way to get users to swipe up or visit your account.
If you’re still wondering how to monetize Instagram, here is another option.
Sell Branded Products or Services
This year Instagram went one step further to make its platform as business-friendly as possible. In light of the COVID-19 crisis, the app introduced shops to help brands sell their products/services and make it easy for people to buy the things they love.
Instagram describes shops as “an immersive full screen storefront,” that is useful for brands that want to build their story and drive product discovery. It is native advertising at its best. Users can make a purchase from the comfort of the app which makes for a great shopping experience.
The feature is visible on a business’ account, but it can appear on Feed and Stories as well. Once followers access your shop, they can browse products, explore collections, and buy things.
As shops provide a seamless customer experience, we suggest that you jump on the bandwagon and add it to your profile. Here are three ways to sell on Instagram:
- Showcase your products/services in Stories
- Post stunning visuals of your products/services and share them in Instagram shoppable posts
- Use the power of video! Publish behind-the-scenes content and show your followers how you make a product by way of video.
Launching a shop on Instagram is free and simple and you shouldn’t disregard it!
Let’s have a look at our final tip on how to monetize Instagram.
Launch a Video Streaming Service
We’re living in the age of streaming services. Indeed, 80% of U.S. consumers subscribe to a paid streaming video service today. So, creating a video subscription service is one of the most lucrative ways to monetize your Instagram account. After all, your followers already visit your IG feed, why not give them more valuable and relevant content?
Your brand can focus on educating, inspiring, and/or entertaining Instagram users, thus establishing authority. Plus, you’ll also earn money. Namely, if your audience wants to watch full videos and not just teasers, they need to pay a monthly subscription fee.
Set the price yourself and make sure you’re giving something valuable to your viewers in return!
Final Thoughts
These three tips on how to monetize Instagram serve as ideas to help you jumpstart your creativity and earn a steady profit. We hope we’ve inspired you to develop a new strategy that focuses on Instagram monetization.
Have you tried any of these methods? Tell us, we’d love to hear from you!
