All You Need to Know about Instagram Monetization
Ever since it launched in 2010, Instagram has undergone several changes and has added many new features that have resulted in the growth of the platform. Businesses have started to use it as a marketing platform and have even started to earn from it. There are plenty of ways that you can monetize your brand’s Instagram account and benefit from it, but it’s not going to be a piece of cake. With Instagram’s growing popularity, a lot of brands are looking to cash in, so there’s already competition on the platform. In order to benefit from monetization, you’re going to have to grow the number of Instagram followers you have so that you can get more Instagram likes, attract more real Instagram followers, and make money using the platform. Apart from that, you’ll also need to have a solid monetization strategy for your business so that you can benefit.
First things first: Instagram followers
Hitting the 10,000 mark for Instagram followers is a good idea before you start with the monetization of your Instagram account. While the number of Instagram followers is definitely essential, engagement rate is the true driving force of your account popularity. When you have more engaged Instagram followers, your feed is going to be worth a lot more.
With 10,000 Instagram followers, you’ll be able to:
- Reach many more people and sell to them
- Benefit from greater ROI
- Receive feedback from your real Instagram followers about products/services you should showcase
- Utilize functions such as link sharing in Stories – a feature that isn’t available for accounts with less than 10,000 Instagram followers
If you’re already at the 10,000 Instagram followers mark, get ready to start monetizing. Still, if you aren’t, you’ll be better off growing your following and building your brand so that it’s easier for you to monetize your Instagram.
Here are some quick pointers as to how you can build a following that’s worth monetizing.
Build a following that’s worth monetizing
- Fill out your profile fully and professionally
- Focus on a niche
- Post consistently
- Post high-quality videos
- Get people to engage with your content
- Watermark your content
- Use the right hashtags
- Cross-promote on your other social media platforms
- Tag other accounts
While Instagram’s algorithm works on your posts by monitoring interest, frequency/timeliness of posts, usage, following, and relationship with your Instagram followers, engagement is the biggest contributor that can help you to see a growth in your follower count organically by making your content optimized for search engines. So, work on growing your following if you haven’t already, and once you have, you can monetize your Instagram for your business by using some of the methods described below.
Methods for Instagram monetization
Monetization Platforms on Instagram & Instagram Shopping
On Instagram, you don’t have the option of adding links to captions on your feed posts and have to manually change the link in the bio each time you put up a post. This can work well for current posts but think about it. What are your Instagram followers supposed to do if they’re looking for content that was featured in an old post? Where do they go to find the link?
Monetization platforms such as Like2Buy and Have2Have.It help to solve this problem. With these, a special link is generated that maintains a shoppable model of your feed posts so that users can easily browse the products in your posts. You can use such platforms to link to content as well as landing pages. In this way, your Instagram followers will be able to shop easily on your profile and growth in conversions means you end up making more money.
With Instagram Shopping made possible through feed posts, carousel posts, and Stories, you can create a virtual shopfront for your audience, drive higher engagement rates, and ease the shopping experience for your Instagram followers. Product tags, shoppable stories, shopping in the explore tab, as well as setting up an Instagram Shop tab can help you to earn more money when you use the platform for your marketing efforts.
In order to utilize this for the growth of your business, keep a close watch on your profile, and pay attention to what your Instagram followers want. Optimize your posts and include CTAs that can direct your followers to what they’re looking for.
With Instagram ads, you can easily make money from your target audience by reaching relevant groups in terms of demographic details, habits, and more. Instagram ads can help you direct your Instagram followers to where you want, including:
These work best when used for product launches or when customers need more details before they decide to buy your product. Detailing the benefits of using your product and getting email addresses through forms can help you with email marketing campaigns later.
Ads can be a great way to give audiences a preview of what’s in store and get them excited about it.
You can also use Instagram ads to directly send your Instagram followers to your product page through targeted marketing efforts.
Before making use of Instagram ads, here’s what you should keep in mind:
- Make sure you’re clear about your goals
- Don’t make it too promotional
- Choose the right format for your ad – photo/video / carousel, depending on what will work best with your brand
- Make sure the imagery is excellent
- Make sure the image & caption are clear
- Carefully select your target audience
- Test your Instagram ads through many variations so that you know what works best with your Instagram followers
- Track your ROI
If you do it right, the amount you’ll be spending on Instagram ads will be nothing compared to how much money you can make from them.
- Contests & promotions
- Hashtag contests
With contests such a hashtag contests, your brand will benefit from a growth in engagement rates as well as follower count and greater product sales. Winners of such contests can become brand advocates and even secondary winners can contribute to a greater number of conversions, helping you make more money. You also benefit from lots of user-generated content.
To do this right, select a unique hashtag, work on extending your reach by requiring your Instagram followers to tag others. Give relevant prizes away to winners, but try to ensure that everyone who participates benefits in some way – either via a sticker/discount code.
Coupons / discounts
Offering your Instagram followers discounts or coupons can give them a little extra nudge needed to buy your brand’s products. To do this,
- You can come up with a discount code to feature in your posts either as part of the caption or the photo.
- You can also distribute coupons via DM to gain more Instagram followers.
- You can also direct audiences to a landing page through links and give coupons to gain their email address.
Such incentives can help you stay in touch with your audience and encourage them to buy, thereby helping you make more money.
Clearly define the goals you want from your promotional efforts. Contests can help you drive more engagement and gather user-generated content which can help you to see a growth in your sales in the long term, allowing you to make money. With coupons / discounts, you get to benefit from an increase in sales immediately by targeting those who have a high intent to purchase.
Whether it’s sponsored content, product placements in videos, or affiliate marketing, making use of Instagram influencers can be a great way to tap into their engaged Instagram followers which can lead to you making more money for your business. Make sure you choose the right influencers for your brand by keeping up to date with the latest industry trends. Reach out personally to the influencer chosen after evaluating existing partnerships as well as brand fit. Influencer marketing is a great way to monetize your Instagram account to help boost your business. There are many ways to benefit from influencer marketing:
In such posts, influencers publish content on their profiles endorsing your brand and since they already have an engaged audience that people look up to, you can benefit from a growth in sales when an influencer features your products.
Discount / affiliate codes
When you manage to get an influencer to promote your products using a discount/affiliate code, their Instagram followers are likely to get more excited about it, especially if a sense of urgency accompanies such posts. This translates into more sales for your business as their Instagram followers will be more encouraged to buy your products.
Host a partnered giveaway
Hosting a partnered giveaway with an influencer can help you gain entry into another section of your target market. You can also get access to some lead information in the process and follow up with them to drive future conversions.
Sell prints of Instagram pictures
If you’ve got incredible artwork from your brand and are willing to sell it, you can do so by giving non-exclusive rights to your pictures as stock pictures or even selling your pictures for the purpose of advertising.
With all these different monetization options available, you can start making money from your content on Instagram and experience business growth.