It is no secret that today it is possible to earn money on Instagram. Some Instagrammers earn some extra cash, while some influencers make a sizable income through this platform. All you need is a sizable audience and influence or reach.
You can even explore multiple sources of income. There are three major ways people earn on this photo-sharing platform.
- Become an affiliate marketer and promote others products.
- Sell your products or services.
- Become an influencer and do sponsored content for brands.
Did you know? One billion people use Instagram every month out of which 75% of the people are under the age of 35. It only makes sense to tap into this wonderful platform and earn cash from it.
How many followers do you need?
Contrary to what most people think, one does not need millions of followers to make it happen. However, this is a valid question to ask. While it is true that influencers with millions of followers make a lot of money from their sponsored posts, even micro-influencers with thousands of followers have the potential to do the same.
There are also other factors, which influence your money-making prospects. Make sure your followers are not fake and engage a lot with your content. Second, some popular niches can easily be tied up with products such as makeup, fitness, beauty, etc.
How to become an affiliate marketer?
Affiliate marketers promote other people’s products on their page and earn a small commission in exchange. You can find out businesses that partner with affiliates, or you can check out popular marketplaces like Amazon Affiliate Program, Reward Style, and Clickbank.
Unlike sponsored content, you make money only when someone buys the product. This means that you are not just spreading awareness about the product but are more focused on making sales. To achieve that, you’ll need a solid marketing strategy.
One method is to create quality content, and for that, you’ll need the right tools. Check out Video Creek, which is a free online tool that can help you make video intros, reels, insert fun captions, etc. They have 3500+ templates to choose from and tons of Instagram Templates.
How to earn from sponsored content?
Brands work with influencers to generate awareness about their products. But it isn’t just a numbers game. Brands look at the engagement on your posts and whether or not your audience trusts you. They will want to partner with you only when they know that your audience engages with your content and trusts you.
Remember that when you work with brands, it is important that you strike a balance between an influencer and being a creator. You have the choice to be selective and work only with businesses you trust.
Now how much should you charge? The business you are creating content for may ask you to create a post, story, or reel. They may ask you to create a single post or a series of posts, in exchange for a free product, service, fee or a combination of all of these.
It is a good idea to look at surveys and reports published on how much influencers earn to understand how much others are charging and the average rate in the market. This will help ensure that the price you are quoting is not too high or too low. An important skill you must learn is negotiation.
Sell your products or services online
Set up your online store on Instagram and sell your products or services instead of promoting other people’s products. You must have seen many e-commerce stores on Instagram. From thrift shops, beauty lines to independent creators and sellers. It is not so difficult as you may think if done the right way.
First, decide what you wish to sell. It does not have to be something over-the-top like a clothing line. It can be something as simple as stationery, DIY bookmarks, bakery, etc. Or you could sell your services as a marketer, consultant, graphic designer, etc.
Make sure that you have a business account because it has a lot of useful features such as shoppable stories, Instagram Checkout, product tags, shoppable posts, etc. You can even run a few ads to generate more awareness and create a separate website or landing page.
Create content around the products in the form of stories, posts, reels, IGTV. You can even create behind-the-scenes video content of your product.
Bonus Tips
- Respond to queries about your services or products quickly.
- Respond positively even to negative comments on your posts.
- Establish a genuine following. Buying fake followers may seem like a quick-fix, but in the long-run, it will cause more harm than good.
- Use social media scheduling tools to save time. Automate posts, use video editing tools like Video Creek, look at analytics reports to understand your audience better.
- Don’t put all your eggs in the same basket. While Instagram is great as you grow, you should explore other platforms also such as Youtube, blog, etc.
Conclusion
What started out as a glossy place where people shared cute dog pictures, or mouth-watering dishes has now become a viable source of income if tapped the right way. If you have a decent and genuine following, you should definitely try out the strategies outlined above.
Depending on your niche and interest, you can follow any one of three strategies mentioned above but make sure to enjoy the whole process.
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