How to monetize on Instagram?
Instagram is no longer a platform to stay in touch with friends and families. People on Instagram began to make money on the platform and had turned it into a passive source of income. The research we have done so far led us to conclude that between %2 to %5 of your followers can be converted on Instagram. If you are keen on the idea, stick around since we want to talk about monetizing Instagram.
Can You Monetize Instagram?
Everyone can monetize Instagram, so do you. No matter how you think it is rare to have an IG account for your niche or how ever-saturated the Instagram marketing is for your niche, there is an audience for you always. But, of course, it is not an easy task. To monetize on Instagram, you should build an engaging and real audience alongside Instagram’s monetization strategy.
|Type Of Influencer||Number Of Followers||Average Payment Per Post|
|Nano||1K-10K||$10 – $100|
|Micro||10K-50K||$100 – $500|
|Mid-Tier||50K- 500K||$500 – $5000|
|Macro||500K-1M||$5000 – $10000|
The average payment fluctuates because other variables also play a part in the amount of money you can earn on Instagram. The most important one is the engagement rate. You’d be surprised to know that it is even more influential than the number of followers. Other variables are the niche, location, etc. To sum up, under this situation, you can monetize Instagram.
You may like to read; How to increase Instagram engagement rate?
How To Monetize Instagram?
Setting up an Instagram monetization strategy is one thing; the possible ways are another. So the rest of the article mainly focuses on how you can turn Instagram into a source of income. Then stay tuned!
Run An Instagram Shop
The first way to monetize an Instagram account that would occur to anyone is “Selling a product.” It is all effortless.
First brands used Instagram to promote their products. Later, through Instagram story swipe ups and the link in the bio, brands directed users to purchase pages on their website.
It has been reported that self-branding on Instagram converts %5 of followers. It is necessary to lead potential customers properly. For this reason, we suggest you take full advantage of Instagram carousels.
Also read: How to upload multiple photos on Instagram.
2. Sell Your Service
Other than items, you can market your service on Instagram. For instance, realtors use Instagram to try to promote their job. It is not as if they can monetize Instagram followers directly. They use Instagram to collect leads and sell their service later.
3. Teach What You Know
Is there any issue you can fix? Can you alleviate pain? Or can you teach something you can improve one aspect of life? Because people would pay for it!
This is what many users try to monetize Instagram. Information products are low-cost products with high prices! Mathew Hussey is one of the social media influencers that help people overcome their problems regarding dating. It is how he usually goes about it.
4. Do Affiliate Marketing
One of the most favorite ways to make passive income on Instagram is through affiliate marketing. Affiliate marketers are some influencers in a specific niche that become ambassadors of brands and share their pleasant experiences. Since followers know them to be experts, they intend to pay for that service/item.
There you set up a link on the Instagram bio, and when your followers tap the link to buy, you earn a certain percentage per sale. Depending upon the niche and product and the number of Instagram followers you have, these percentages fluctuate between %10 to %20 of the profit margin.
5. Monetize IGTV
Instagram enabled monetizing IGTV for content creators with over 10K followers. First, you should Open your Instagram account:
- Go to “Setting”
- When the message “Earn Money On IGTV” appeared, tap on “Get Started”
- Enter your “Country” and the “Type Of Your Business,” then “Your Info,” and finally Your Payout Method
- At last, Turn On Ads
For the second step, you should earn at least 30,000 one-minute views in the past two months. Now you are qualified to monetize Instagram followers of yours. Then you get to benefit from %55 of the revenue.
Schedule Your IGTV
If you mean to make money on IGTV, you should invest more time and effort in it. We recommend you come up with a routine and stick to it. For that, you are gonna need an IGTV scheduler.
Not many Instagram schedulers are capable of scheduling IGTV, but AiSchedul does.
- To schedule your IGTV, after you signed up for free, you hit the “Manage Account” button on your dashboard.
2. Later, on the Scheduling tab, click “Schedule” and select “IGTV”.
3. Now, upload your IGTV and enter the title and description. Don’t forget to hit the preview.
4. At last, you can choose the date or time to schedule your IGTV or publish it right after uploading the video.
6. Create Sponsored Content
Are you an influencer? Then you should know that many brands out there are doing their best to sponsor your feeds on Instagram in exchange for promoting their feed. This happens mostly to Instagram creators.
Sponsored content differs from affiliate or product placement content. In affiliate marketing, you get a percentage of the sale, but you get a certain amount of money for sponsored posts, regardless. Creating sponsored posts on Instagram can be quite lucrative;
- $10 – $100 for 1000 to 10,000 followers
- $250 – $750 per 1000 engagements
You should note that the engagement rate plays a more important role in the amount of money you can monetize Instagram followers.
7. Create Product Placement Ads On Instagram
Product placement itself has been around for a very long time, even on Instagram! But now, Instagram enables users to fill out a form to become partners with brands on Instagram. It functions probably the same, you would assume! A brand reaches out to you, so you promote its product. In return, you generate some cash!
Product placement ads are done through 2 formats on Instagram:
- Photo product placement
- Video product placement
Photoproduct placement is like when an influencer shot a photo in which the product is placed. It can either be referred to directly or indirectly. Let’s see some examples.
The other format of product placement is the video that is divided into 5 kinds;
- Instagram reels
- Instagram Story
- Instagram Post
- Instagram Live
Although there are 5 kinds and convey different sentiments, they all function the same. Let’s see more examples.
8. Lauche A Video Streaming Service
Video streaming service is for sure the best way of Instagram monetization. You can offer a paid membership access to exclusive high-quality video content about education, inspiration, entertainment, etc.
Like all services, users are entitled to benefit from free trials. You can use Instagram for this purpose. Note that your IG video must be good enough to let them want to subscribe to your video streaming service.
BFunk is a great example. This account uses Instagram as a free trial of what the paid membership would look like.
Before You Go
To monetize Instagram, you should first invest in your Instagram account to build up the kind of followers and engagement you need for Instagram monetization. AiSchedul is a free Instagram scheduler that lets you schedule Instagram posts, stories, IGTV, etc., so that you get to invest in your IG without spending a penny. Then, once you are qualified as an influencer, enjoy monetizing Instagram. And here’s a freebie to help you start generating good-looking visual content download these metal textures now!