8 Tips on How to Make Money on Instagram

 

Instagram's huge popularity and climbing ad revenue have many creators and businesses eager to make money. But how?

Fortunately, there are several ways to monetize your content on Instagram. Here are some of the most popular strategies:

 Advertise on Instagram. This includes photo ads and the Instagram tip feature (available to business and creator accounts). Affiliate links are another option.

1. Become an Influencer

Becoming an influencer on Instagram is a way to earn money through sponsorships. Influencers are trendsetters and trusted experts in a particular niche. They create content that resonates with their followers and drives engagement, which in turn can lead to sales for brands.

To become an influencer on Instagram, you must first build a strong following and establish credibility. To do this, you must interact with your audience and respond to their comments on your posts. It is also important to post regularly and be consistent.

Ultimately, it all comes down to the niche you choose. You want to pick a niche that is not overly competitive. This will ensure that you have a steady stream of potential viewers for your content.

For example, if you're an influencer in the travel space, focusing on food and/or adventure may be best. Similarly, it may be best to focus on a specific type of photography (e.g., landscape or portrait). Also, consider creating a separate business account for yourself on Instagram, as this will open up more opportunities for you.

2. Join Affiliate Programs

Many Instagrammers make money by promoting products and services for commission. To do this, sign up for an affiliate network that aligns with your interests and audience and create engaging posts to promote them. Including a link in your bio and tagging businesses in posts can help generate sales, but be careful not to come across as too pushy.

Another way to generate sales on Instagram is by running IGTV videos. For example, Instagram creator @gypsea_lust gives a tour of her rented Marrakech Riad in an IGTV video, which helps her followers understand how the product or service works.

With new Instagram features such as shoppable posts, analytics and tracking, live shopping, and Instagram checkout, monetizing your account's easier than ever. These features give users a seamless experience when shopping on Instagram, which is great for creating engagement and encouraging conversions. In 2023, Instagram also added subscriptions to Instagram Stories, which lets creators earn recurring revenue from subscribers in exchange for exclusive content.

3. Sell Digital Products

You can create and sell digital products on Instagram if you're a skilled designer or crafter. You can use free tools to determine what types of content your audience enjoys and find new customers. Some popular products include e-books, music downloads, software, and digital images. You can also sell downloadable tutorials and guides.

Many influencers make a good amount of money from selling their knowledge as online courses. Foundr, for example, has a course called "Instagram Domination," which they sell to their audience of over 3.6 million followers. This type of income is not dependent on your number of followers but more on the quality and engagement of your content.

To start selling your products, you'll need to convert to a business account on Instagram. This will allow you to add links to your profile and Stories and track your performance with the Instagram Professional Dashboard.

4. Create Sponsored Posts

Instagram has its built-in ad management platform, allowing users to create paid ads. These ads are shown to a specific audience that advertisers choose through demographics, interests, and location targeting.

Creating sponsored posts is one of the best ways to make money on Instagram as an influencer. Brands are likelier to partner with you if they know you have an engaged and targeted audience interested in your product or service.

Sponsored post content can include a link to a product or service in your bio, a post with a call-to-action button that directs people to a website, or an Instagram story that promotes a special offer or discount. For example, a food creator could create an Instagram story to share a discounted offer on kitchen tools or cookbooks they use and recommend to their followers.

Using Instagram Insights to test different types of posts before promoting them as sponsored content can help you identify what type of content gets the most engagement and results in sales. For instance, you may want to compare the performance of an image post versus a quote or text-based post.

5. Offer Subscriptions

If you have a highly engaged audience, offering subscriptions can be a great way to make money on Instagram. Subscriptions allow your followers to support you every month by giving them access to exclusive content that wouldn't otherwise be available to them. It's also a great way for creators to build a sustainable income, especially for those who don't have full-time jobs or a monthly salary.

To offer subscriptions, you'll need to create a business profile on Instagram and identify yourself as a creator or a brand. You'll also need to have a minimum of 10,000 followers in order to use the subscription feature.

While info products aren't for everyone, they can be a great way to make money online if you have the right audience. For example, if you have a lot of experience in a particular niche (like Instagram marketing), you might be able to create an online course that teaches people how to do the same thing. This type of content is typically high-quality and can be sold for a premium price.

6. Sell Physical Products

As ecommerce sales continue to rise worldwide, Instagram has become an effective selling platform. People spend an average of 28 minutes per day on the app, making it an ideal location for businesses looking to reach a wide audience.

Non-influencers can also make money on Instagram by promoting products through affiliate programs or by creating their own online store. They can also earn money by selling their knowledge through info products, such as a course on social media marketing or an eBook on creating the perfect IG story.

For example, Wix user Sweet Mana uses her Instagram account to promote her handcrafted botanical skincare products, which promote relaxation and mindfulness. She posts bright product photos and tropical nature images that highlight the benefits of her products. This approach appeals to her audience of young women who are looking for a way to de-stress and relax. She also works with other Instagram creators as part of a collaboration series to increase her audience reach and boost sales. As a result, she's earned thousands of dollars in Reels bonuses.

7. Become an Influencer for Other Brands

Using Instagram to grow a loyal audience on niche topics can be a great way to drive traffic to your website or online store. For example, suppose you have a passion for DIY projects like carpentry or truck accessories. In that case, you can use your Instagram account to grow a following and partner with companies to conduct product reviews and influencer marketing campaigns.

You can also use your content to promote other brands' products through Instagram's Reels feature. Reels are short-form videos that can be posted on your Instagram feed and Stories. When viewers tap on the video, they're taken to a company's website to learn more about the product.

Lastly, you can earn money on Instagram through subscriptions, a new feature that allows creators to collect recurring payments from their followers in exchange for exclusive content. To make the most of this feature, create content that showcases your expertise and helps your audience solve their problems. Then, encourage your audience to subscribe through platforms like Patreon and Substack.

8. Create Sponsored Videos

In addition to selling products and services on your Instagram page, you can earn money by promoting other brands and businesses. This is called affiliate marketing, and it's a great way to earn recurring revenue. You can use Instagram's affiliate program to promote any relevant product or service to your audience.

To create sponsored ads, log in to your Instagram account and select the "Create Ads" option from the menu. From there, you can choose to design your own ads or let the Instagram ads manager create them for you. You can also track the performance of your ads using Instagram Insights. Instagram's new Campaign Budget Optimization feature automatically tests ad variations and allocates your budget to the best-performing ones.

While info products like dating advice and weird diets don't tend to sell well, you can still make a good amount of money on Instagram by creating premium informational products. For example, if you're an expert in something, you can create online courses that teach your followers how to do it.