In the past few years, Instagram has become one of the most popular social media platforms where people can promote their business and grow revenue. It has evolved rapidly from a photo-sharing app to a powerful marketing tool for businesses and influencers.
Besides being a popular platform for hanging out, chatting, and sharing photos and videos, Instagram has also become a place where consumers can look for and purchase various products and services.
According to Instagram Business, 200 million people visit a business account on Instagram every day. More than 90% of these people follow at least one business and 60% use the platform for discovering new products.
So, if you are considering turning Instagram into a revenue channel, read below to learn about the top five ways you can earn money on this social media platform.
Make money from your content
If you are a content creator who has increased the number of Instagram followers through producing quality and entertaining content, there are many ways you can make money out of it. The two most commonly preferred options by businesses include Instagram Videos or Live Badges.
Instagram started sharing revenue from video ads played on IGTV in 2020, which is very similar to how YouTube has been going about this. However, with Instagram changing IGTV with Instagram Videos, it also changed its ads to In-Stream video ads. Keep in mind that businesses that want to take advantage of these ads need to make sure that their videos are no longer than 60 seconds.
Instagram Live Badges, on the other hand, allow viewers to show their support for content creators. A heart icon will be added to the comment section of a user who purchases a badge during live videos. Badges are available in a range of prices, from $.99 to $4.99.
Promote affiliate links
If done correctly, affiliate links can bring you a lot of money. All you need to do is join affiliate programs, preferably high-paying ones, which will allow you to promote affiliate links on your profile and earn commissions for every sale you make. Some popular affiliate networks you should consider joining include Clickbank, Shareasale, and Impact.
To inform your Instagram followers about affiliate marketing, you can use captions or add a link to your bio. However, keep in mind that links in posts cannot be clicked, so it is better to include a CTA, encouraging your followers to visit the link in your bio.
Publish sponsored posts
Influencer marketing has seen a massive increase in popularity over the past few years. Research shows that over 80% of customers would like to be referred by friends and family before purchasing. Furthermore, 75% of people trust content shared by regular people more than brands. That’s why many companies partner with influencers to help promote their brands.
The best part about influencer marketing is the fact that you don’t have to have a large following to earn sponsored posts. Companies will look at your engagement rates when choosing an influencer. This is why it is common for large corporations to collaborate with micro and nano-influencers.
Become a brand ambassador
Sponsored posts are great, but most brands want to establish long-term relationships with influencers on their Instagram. You can easily do this by becoming a brand ambassador which will make you the face and voice of the brand you are promoting.
Although it’s not an easy task to become a brand ambassador, it is still possible. An IG account that is popular and has a large number of followers can have a lot of potential. Typically, brand ambassadors can make between $20,000 and $58,000 per year.
Sell with Instagram shopping
Nearly 130 million users shop on Instagram every month. Depending on your product niche, the strategies you use to sell them, and how engaged your audience is, selling on Instagram can be extremely profitable.
In case you want to jump on the bandwagon of Instagram sellers, here are a few practices you should follow:
- Make amazing photos of your products from all angles and share them on Shoppable.
- Feature your products or services on IG Stories.
- Show your followers how your products are made in a behind-the-scenes Instagram video.
Instagram is one of the fastest-growing social media platforms and has the highest engagement. This makes it an ideal revenue channel for those that want to grow their business and boost their social media presence.
From promoting affiliate marketing to becoming a brand ambassador, there are many ways you can earn money with Instagram. Just follow the tips from our post and become a profitable business on the most popular social media platform.