About 1 billion people use Instagram every month and spend (on average) 28 minutes per day on the app. This social media platform, designed for sharing pictures, has been growing at an unprecedented rate and the trend is set to continue in 2020. The sheer size and the global audience make it a perfect place for anyone to find their niche and start earning money by creating quality content.
From the sidelines, making money from Instagram may seem simple, but this couldn’t be further from the truth. As in every other profession, Instagram earnings require a lot of hard work, patience, and the right strategy to achieve results.
Let’s have a look at what’s needed to be able to monetize your content to succeed as an influencer on Instagram.
Target an Audience to Build Influence
As brands tap Instagram influencers to reach their audience and sell their products, you should have a loyal fanbase in a particular niche to attract advertisers. When you start your Instagram account, your audience size is small; however, it will grow in size once you begin producing engaging content for them. You will need to increase the number of followers to at least a few thousand to be able to have an impact and start getting brand offers.
Attract Loyal Followers with Impactful Content
To succeed as an Influencer, you should learn to create content that solves the needs of your followers. A broad audience is useless if it does not engage with your content. The engagement rates are measured by the number of people liking, commenting on, and sharing your posts. Brands are more willing to have partnerships with influencers who have engaged communities.
Use the Right Hashtags
Hashtags can help people find your content, making it more visible. Instagram allows using a maximum of 30 hashtags; however, it is recommended to limit the number to 10-15 for the best effect. However, hashtags you use should be relevant to the content of your post and creative as well to drive views to your posts.
Update your Bio
A profile bio is a valuable tool that can set you apart and attract first-time visitors. That’s where you can let your creativity run wild to make it simple, bright, and witty at the same time. Here is a guide showing how to use custom fonts for Instagram bios.
To build a stable relationship with your audience, you will need to interact with them regularly. Set up a fixed posting time schedule and try to align it with the times your followers are most likely to be online.
According to recent research, engagement rates depend on the frequency of posting. Moreover, the more content you post, the faster you will grow your fanbase.
Also, do not forget to answer comments under your posts. Direct communication will take your engagement rates to a whole new level.
Prioritize Content Quality
Content quality is one of the most critical factors for success as an influencer. Remember that Instagram is a highly competitive place. Thousands of content creators fight for the attention of your target audience, which means you will have to make every effort to stay on top.
Post only high-quality pictures and try to reflect your actual experiences in the captions to make them genuine and more engaging.
Also, do not overlook the potential of video content in the form of Stories and IGTV.
Collaborate with Other Content Creators
Cooperation with other content creators from your niche will give a boost to your fanbase. Collaboration is an essential tool for attracting new followers and thus increasing your influence.
Get in touch with other Instagramers and ask if they are interested in creating content together or in different ways, for a mutually beneficial relationship.
Sponsored Posts and Shoutouts
Once you’ve grown your follower base and established thought-leadership in your niche, it is time to use the power of your influence to advertise brands and products. This is the way to monetize your Instagram account and influence.
Brands often approach influencers to post sponsored content as they seek exposure and want to spread the word about their goods and services. Such posts usually contain a description of the product and a short review with the personal experience of an influencer. Such posts should not sound too promotional and blend naturally with other content.
Use Affiliate Marketing
Affiliate marketing is one of the easiest ways to earn money on Instagram. Basically, you become a brand ambassador for products you use and love.
If your followers buy a product using your custom link, you will get a percentage of their purchase. Also, it is useful to share discount codes and links for the products you promote.
Affiliate marketing is an easy way to start monetizing your Instagram. There aren’t any barriers to entry, as in most cases, all you need to do is sign up with the brand and obtain a custom link that can be shared in your posts.
However, it is crucial to have a compelling story and high-quality photos to convince users to give a try to the product you are marketing.
Advertise your Own Products
Using Instagram to sell your goods and services is another way to monetize your account. If you have a strong personal brand and a very loyal fan-following, design and sell your own merchandise, clothing, books, cosmetics – you name it. However, make sure that the items you offer resonate with the audience in your niche.
Share your Knowledge
Creating information products always pays off on Instagram. If people follow you and love your content, they would be happy to learn from you. Share your knowledge.
Once you succeed as an Instagram Influencer, you can become a marketing expert and help novice creators improve their capabilities. If you are good at something, why not become a consultant, write and sell ebooks on the topic and monetize them on Instagram?
Create Product Placement Videos
Product placements are another way to earn on Instagram. The idea is simple. You create a video where you are using a product and make some money for promoting it.
You can make DIY videos, explainers, or reviews and post them as Instagram Stories, or create video content on IGTV.
This wraps up our list of ways to monetize influence and content on Instagram, but you can explore more opportunities by mixing things up and using various methods together.