When you’ve grown your account to a certain amount you can start making money with your Instagram account. There are many different paths you can take to monetize your Instagram account. Instagram has become one of the top social platforms for business owners and today in this article we’ll discuss some tactics that business owners use to earn extra income off Instagram and how you can use these methods to monetize your Instagram Account.
How to Monetize your Instagram Account.
Instagram has become the perfect place to sell products that can be photographed easily. If your product looks good in photographs you’ll be able to seamlessly integrate them into your Instagram feed and sell them. Here are proven business models that are proven to work on Instagram and how you can start using them to make money now on Instagram:
Before we start however you have to find the one thing that you will build your content on for to make money on Instagram.
You want to find the one thing that drives you, the thing you have a passion to do and would spend the entire day working on without any pay. This is the one thing that you love and, genuinely excites you. These passions are the only way you can start monetizing because at first you will not get paid well.
Next you want to look at your talents, which is what you’re good at, this is something you can teach someone and have a lot of experience in.
The final piece of the puzzle is market demand. The most important part is what people are willing to pay for this thing.
Streams of Income on Instagram
- Making sponsored posts for brands that are in your niche.
- Selling physical or digital products on Instagram
- Selling photography
- Becoming an affiliate and selling products on commission
There are multiple revenue streams you can try to implement into your Instagram account. It all depends on your brand of Instagram content, your audience, and your commitment.
We have all heard of the Instagram “influencers” that share their lives online. Many brands partner with influencers for sponsored posts to promote their products.
A lot of the times businesses will offer free products or coupons for the exposure. You would want to negotiate for access to your audience. Use your Instagram Analytics report to help negotiate for an amount brands are willing to pay. In a survey of 5,000 influencers, around 42% said they charged $200 to $400 per post.
There are many marketplaces where you can list your services and choose which brands you want to work with.
- Shoutcart: Sell shoutouts to your audience for any brand
- Fohr Card: You also get access to a list of brands and their wants, so you can take the initiative to reach to them and try to promote their products.
- Grapevine: Grape Vine uses its platform to connect social media influencers directly to companies for influencer marketing.
- Crowd Tap: Share your opinions on crowdtap to get free products and rewards.
- indaHash: Join social media campaigns and get paid to promote specific #hashtags and @tags
Selling Products and Affiliate Sales
By selling products on Instagram you use your brand and audience to sell products. There are two different routes to selling products on Instagram. One is starting your own store and the other is selling someone else’s products on commission, which is called affiliate marketing.
Starting a Store
When you sell your own products you can get your own brand out by selling merchandise.
Fans show their devotion to you and your Instagram by buying products that you make. Here are somethings that you can provide to your fans
- Use Print-on-demand to create t-shirts, mugs, pillows, you name it and you can probably sell it!
- Sell services such as fan art or photography
- Sell digital products such as courses and ebooks
You can easily set this all up on Shopify and we can write a tutorial on how to set up your first Shopify store on the next blog post!
Unlike starting a store, an affiliate partners with another brand to sell their products instead of creating their own products. This has a lower profit margin but is less risky because it is usually fulfilled by another party and requires a much lower investment.
Many companies provide coupon codes to the affiliate selling their products to track the sales of the products. Here is a list of some of the most reputable affiliate sites that you can partner with:
- ClickBank: A top 100 retailer with millions of customers. ClickBank sells digital products created by entrepreneurs and uses affiliate marketing to get sales.
- RewardStyle: RewardStyle uses helps influencers monetize their content and provides data, strategies, and technology to help influencers make their first affiliate sale.
- Amazon’s Affiliate Program: Allows you to sell any product on amazon for a small profit. Up to 10% for advertising and selling a product.
We all started Instagram as a hobby or as another social media platform, but now Instagram has grown into one of the largest platforms for business and its your chance to start making money with your unique content.