Instagram is not just a platform for passing the time; it can also be a source of passive income. From selling merchandise to becoming an influencer, there are many ways to make money on Instagram. This guide will not only show you how to make money on Instagram but also how to scale your online presence. Here are 10 successful brands making money on Instagram to give you an idea of the opportunities available.
To optimize your Instagram marketing strategy, create a website and link to it in your bio for eCommerce, influencer, and traffic opportunities. This will also help you to strengthen your off-platform Instagram marketing efforts.
Can Instagram be a source of income?
Yes, it is possible to make money on Instagram. According to CBInsights, Instagram is one of the top platforms for influencers and creators to monetize their content and attract more followers. The platform also provides tools to help creators monetize their influence. In 2021, Mark Zuckerberg, CEO of Meta (the parent company of Facebook and Instagram) announced plans to make paid online events, fan subscriptions, badges, and upcoming independent news products available to creators for free until 2023.
Instagram has also released a feature called Instagram Payouts, which helps educators better understand their payouts from the platform.
How many followers are required for Instagram monetization?
The number of followers you have plays a role in determining how much money you can make on Instagram. For example, you will need at least 1,000 followers to begin earning money through Facebook's Brand Collabs Manager. However, if you want to open an Instagram Shop, your follower count is not as critical to earning potential.
Another important factor to consider is social media engagement. To calculate your engagement rate, take the number of likes and comments per post and divide it by your number of followers. Ideally, you should aim for a 3% engagement rate to attract brands for sponsorship. Companies prefer an active audience over a large following that is either stale or inactive, so focus on building an engaged community. Engaging with your audience and posting high-quality content is key to growing your Instagram followers over time.
- Link up with a brand: Collaborate with a brand that aligns with your niche and promote its products or services to your followers.
- Instagram will pay you for your creations: Instagram has a Creator Fund that pays eligible creators for their content.
- Open a store on Instagram: Use Instagram’s built-in shopping feature to sell products directly from your account.
- Become a partner: Partner with companies and promote their products, earning a commission for each sale made through your unique link.
- Bring more people to your website: Utilize Instagram to drive traffic to your website where you can offer e-commerce, services, or membership.
- Create a feature account on Instagram: Create a themed account and grow a large following, monetizing it through sponsored posts or brand partnerships.
1. Link up with a brand
Instagram is more than just a platform for scrolling through your feed; it can also be a source of income. One way to make money on Instagram is by partnering with a brand as an influencer, micro-influencer, or nano-influencer. Influencers are compensated with gifts or money in exchange for creating and sharing engaging content that promotes a brand or business.
Typically, influencers are paid per post, with the amount depending on their follower count and engagement rate. Nano Influencers, who have 500 to 10,000 followers, typically get paid between $10 - $100 per post. Micro-influencers, who tend to have 10,000 to 50,000 followers, earn about $100 - $500 per post.
To find brands to work with, you can join various Influencer Marketplaces, tag the brands you love, or email them directly with an influencer media kit. A media kit is a digital showcase of your work and insights into your audience demographics, follower count, engagement rates, and unique value proposition. You can create a media kit using a portfolio website template or make a PDF with Canva and Etsy.
2. Instagram will pay you for your creations
A program from Instagram that allows you to monetize your content. This includes monetizing through IGTV Ads, Instagram Live Badges, and Bonuses.
IGTV Ads: IGTV, or Instagram TV, is a great place to earn revenue from advertisements shown on your videos. You receive 55% of the ad revenue generated per IGTV view, but the videos need to be two minutes or more to qualify for IGTV Ads.
Instagram Live Badges: Live Badges is a feature that allows fans to support their favorite creators during a Livestream. It works like a digital "tip" that can be bought in packages that range from $0.99 - $4.99.
Bonuses: Creators can earn bonuses by reaching certain milestones on Instagram. These milestones include a certain number of lives, signing up for IGTV Ads, or creating a required amount of Instagram Reels. Currently, Bonus Programs are invite-only, but stay tuned for updates on eligibility.
With the right content and engagement, anyone can use these methods to make money on Instagram.
Instagram Live Rewards & Badges
Creating content on Instagram is not just about the content itself but also about building a strong relationship with your followers. By giving them the content they want, you can increase your earning potential. One way to do this is by using Instagram's Live Badges feature.
Live Badges allow fans to show their support for their favorite creators during a Livestream. They work like a digital "tip" that can be bought in packages that range from $0.99 to $4.99. To enable this feature, you can go to your profile, click on the professional dashboard, tap "Grow Your Business," and select "Badges." Once you go live, you can click on the badges icon on the left side of your screen and turn them on.
Another way to make money on Instagram is through Bonuses, which are financial rewards for reaching certain milestones as a creator. These milestones include reaching a certain number of lives, signing up for IGTV Ads, or creating a required amount of Instagram Reels. However, it's important to note that Bonus Programs are currently invite-only, so be sure to stay updated on eligibility requirements.
By using both Live Badges and Bonuses, you can increase your earning potential on Instagram by building a strong relationship with your followers and reaching certain milestones.
Open an Instagram Shop"
Another way to make money on Instagram is by creating an Instagram Shop. An Instagram Shop is similar to running an online store, but it's all done within the app. To create your shop, you need to upload images, descriptions, and prices of your merchandise. Users can then discover your items and check out without ever leaving Instagram.
For example, Wix user Palm & Wild created an Instagram Shop for their elegant art prints. By selling beyond their website, they were able to reach new users and make money on Instagram. They also kept their website URL in their Instagram bio to help potential customers learn more about the other products and drive traffic to their website.
3. Open a store on Instagram
- Here are the five steps you need to follow:
- Convert to a business account
- Connect your Facebook Page
- Upload a product catalog
- Complete account review
- Turn on Shopping
4. Become a partner
Becoming an affiliate is another way to make money on Instagram. Unlike becoming an influencer where you get paid per post, as an affiliate, you get paid on commission. The average commission rate for an affiliate is between 5% and 30%. Sales are often tracked using a unique promo code or UTM link. On Instagram, affiliate programs are often referred to as "Brand Ambassador" programs.
Brands look for affiliates that align with their audience and product, so the number of followers you have is not always a deciding factor. However, keep in mind that Instagram has limitations on where you can add product links. The only places to add product links are in your Instagram bio or your story if you have over 10,000 followers. To overcome this limitation, you can also consider creating a blog and writing SEO-optimized blog posts about the products with trackable links.
To become an affiliate, you can either apply to become one on a company's website or be approached by the brand directly. By becoming an affiliate, you can connect your audience with products and services they may be interested in and earn money through commission-based sales.
5. Bring more people to your website
Driving traffic to your website can be a powerful way to make money on Instagram. A survey conducted showed that 80% of people surveyed said Instagram helps them discover and buy new products or services. Therefore, the more people who see your brand on Instagram, the more likely they will be to purchase from your website.
One way to drive traffic to your website is by promoting it on your Instagram profile. You can do this by adding a link to your website in your Instagram bio, or by including a call-to-action (CTA) in your Instagram posts. The CTA should be something that encourages your followers to visit your website, such as "Visit our website for more information" or "Shop our products now at (website URL)."
You can also use Instagram features like Instagram Stories and Instagram Live to drive traffic to your website. For example, you can use Instagram Stories to show behind the scenes of your business or products and include a swipe-up link to your website in the story. Or, you can use Instagram Live to show your products or services and encourage people to visit your website to learn more.
By driving traffic to your website, you can boost sales, grow your email marketing list, and expand your loyal community of customers. This can be an effective way to make money on Instagram and build your online business.
6. Create a feature account on Instagram
Creating an Instagram feature account is another way to make money on Instagram. Feature accounts act as hubs to showcase photos from several different creators within a niche. For example, a travel page might showcase images from top travel bloggers and tag them for credit.
Once you've grown your account to a favorable size, you can offer paid spots to users who want to get featured on your account's feed or Instagram Stories. Many users are willing to pay for such prime real estate and exposure. On average, paid spotlight slots can range from $15 to $30 per post. Additionally, some Instagram hubs manage follower loops and engagement groups and offer VIP paid memberships for as high as $20 to $30 per month.
Keep in mind that this method of making money on Instagram does not require you to buy or sell any physical products. However, it does require you to invest a considerable amount of time engaging with accounts, messaging potential customers, and continually growing your followers.
Instagram feature accounts can be an effective way to make money on the platform if you are able to build a large following and engagement within a specific niche.
Success Strategies for Instagram
Choose a niche: To succeed on Instagram, it's important to choose a niche to focus on and be an expert in. When you have a clear and specific target audience from the start, it will be much easier to gain followers and brand partnerships. For example, instead of being a general food influencer, you could focus on a niche such as vegan or gluten-free cuisine.
Regularly engage with others: Building a strong community is important on Instagram. This can be done by regularly liking, commenting, messaging, and sharing other people's content. This will help people get to know you better and see you as a real person who is interested in their content.
Add tags: Adding hashtags, geotags, and tagging brands in your posts is a great way to get discovered by new followers and potential brand partners.
Use a multi-channel approach: In addition to Instagram, be active on other social media platforms such as YouTube and TikTok, start a blog and newsletter, and cross-promote your accounts. This will help you attract relevant people from all angles and inform them of more places to keep up with your content.
Be proactive and resilient: To make money on Instagram, it's important to take action and proactively message brands about partnership deals, apply for ambassador programs, and collaborate with others. Remember, the key to success is to keep trying and not give up easily.
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