Whether you have a personal account or a growing e-commerce website, Instagram has the potential to bring in more people into your world to build a brand following, increase engagement, and boost your chances for a sale.
Like any social media platform, Instagram has proven how strong it is when it comes to building a following and establishing brand awareness. It is also a great platform in terms of monetization.
Does Instagram really pay you for followers?
However, there is a common misconception that Instagram pays you for followers.
In short, the answer is a resounding NO – Instagram does not pay you for having followers alone. In fact, Instagram does not pay you for anything. Businesses and brands do.
And if you have a lot of people following you on this platform, you are actually a powerhouse for promoting and marketing purposes. You can leverage this to start earning money. Following are three primary ways to monetize Instagram:
Sponsored posts and stories
Influencer marketing is one of the most popular ways to make money on Instagram. If you are an expert in your niche, your chances of success here are high.
Brands are constantly looking to collaborate with Instagrammers to deliver their targeted messages to potential consumers.
A sponsored post can take many forms, e.g. a testimonial, a product review, or a simple brand mention.
When setting your rate, keep in mind that you are not just offering your content to brands, you are giving them access to your usage rights and followers as well.
Affiliate marketing
If you have got a sizeable following, then affiliate marketing can also prove to be a good revenue stream for you.
Basically, affiliate marketing involves partnering with a brand to generate visibility and awareness, in addition to sales in exchange for a commission. This is generally achieved through a unique promo code or trackable URL that the influencer includes in their posts.
You generally earn about 5-15% commission for the number of people who use your link to buy the product. Since Instagram doesn’t allow adding links outside user bio, you can only focus on one product at a time.
But if you have more than 10,000 followers, you can plant links on your stories, i.e. by users swiping up! That’s why that 10,000 follower mark is really crucial.
Selling your own products or services
Instagram is also a great platform for selling your own products or services.
You can include a link to your e-commerce landing page in your profile bio. You can even take advantage of the Shop Now advertising button for this purpose.
You could use print-on-demand services to print and ship merchandise, e.g. wall art, coffee, mugs, t-shirts, etc.
Furthermore, you can utilize this platform to showcase your unique talents, e.g. fashion, writing, art, etc. and find potential clients that are interested in hiring you.
The bottom line
Instagram is no doubt one of the fastest-growing social media platforms today. While it does not pay you for followers, it is easy to make money on this platform if you use it the right way.
There are lots of opportunities for an Instagram user to leverage this platform and earn money. The above listed are three primary ways to monetize your followers. However, not all of them may be the right choice for you. So, choose the one that best suits you.
Any thoughts about how you can make money on Instagram? Leave a comment below!