The internet is now part of our everyday life. We are used to doing a lot of things on social media that it has part of our daily routine. While so many use social media for the fun of it, others use it as a means of generating passive income or even a full-time job. In this article, we will be writing about the best ways to make money on Instagram.
With this guide, you will not only learn the best ways to make money on Instagram but also how to significantly scale your online presence, too. You can surf through this article if you want to know the best ways to make money on Instagram.
The Best Ways to Make Money on Instagram
Below are the best ways to make money on Instagram:
- Partner with a brand: One of the most promising ways to make money on Instagram is by becoming a brand influencer. As a brand influencer, you will be compensated with gifts or money in exchange for creating and sharing engaging content around a brand or business.
Typically, you’ll get paid per post, with your follower count and engagement rate setting the price. Influencers with over 500 to 10,000 followers, get paid between $10 – $100 per post while influencers, who have 10,000 to 50,000 followers earn about $100 – $500 per post.
Here is the full price published by the Influencer Marketing Hub, showing how much money you can make on Instagram as an influencer depending on your scale of audience. If there’s difficulty in finding brands to work with, you can join varying Influencer Marketplaces, tag the brands you love, or email them directly with an influencer media kit.
- Work as an Instagram creator: Facebook is set to invest over $1 billion by the end of 2022 in programs that will allow creators to earn money for the content they create. One of the ways to make money from this program is through creators’ funds. Creators funds allow you to monetize your content through IGTV Ads, Instagram Live Badges, and Bonuses.
IGTV, or Instagram TV, is an excellent place for you to earn revenue from advertisements shown on your videos. You get 55% of the ad revenue generated per IGTV view
. However, videos need to be two minutes or more to qualify for IGTV Ads. Keep in mind that the more views you get, the more ad revenue you’ll earn, so make your content entertaining, educational or inspirational. To enable IGTV Ads, you need to go to your “Account Settings,” tap “Creator,” then “IGTV Ads.” After that, click on “Get Started” and toggle to “Allow Monetization” on your existing IGTV videos.
Instagram Live Badges
Instagram live badges are like a digital tip. It is a feature that allows fans to show their support to their favorite content creators. creators can receive money from people during live streams. It comes in form of a heart and can be bought as a package that sells between $0.99 – $4.99.
To add this feature to your account, go to your “Profile,” click “Professional Dashboard,” tap “Grow Your Business,” and select “Badges.”Once you go Live, click on the “badges” icon on the left side of your screen and turn them on.
This is a financial reward you get after hitting a certain milestone on Instagram as a creator. If you meet a number of Lives, sign up for IGTV Ads or create a required amount of Instagram Reels, then you’ve reached some of the Bonus Programs’
milestones to collect your reward. But before jumping in, you should know that the Bonus Programs are currently invite-only.
- An Instagram Shop: This is just like running an online store but on Instagram. You just create your business account and upload images of your products, descriptions, and prices of the products. Users can discover the items and patronize you. The whole transaction will be done on Instagram.
Here are Five Steps to Follow While Creating a Shop on Instagram:
Convert to a business account.
Connect your Facebook Page.
Upload a product catalog.
Complete account review.
Turn on Shopping.
- Affiliate Marketer: Unlike influencers who are paid per post, you will be paid on commission as an affiliate marketer. An average commission rate to expect as an affiliate marketer is 5% – 30%. Your sales will most often get tracked with a unique promo code or UTM link. Most affiliate marketers always go by the name Brand Ambassadors. You can either apply to become one on a company’s website or be approached by the brand.
The number of followers you have is not a deciding factor for brands looking to hire affiliates, rather they want to see that you’re a fitting person who connects with their audience.
In advance, you should know that you can only add product links on the app in your Instagram bio or your Story (if you have over 10,000 followers).
- Drive Traffic to Your Website: Marketers can use Instagram indirectly to drive to their website. All you have to do is to always sample your products on Instagram. With the help of traffic from Instagram, you can boost sales, grow your email marketing list and expand your customers.
- Offer Instagram Marketing Services: You can take on an Instagram freelancing gig if you are skilled in Instagram marketing, caption writing, or content creation. By consulting other companies on improving their Instagram marketing techniques, you can make a nice profit, charging service fees between $20 – $50 per hour and even $100 for writing captions. Book more freelance customers and spread the word about your services in your Instagram bio.
- Sell Photos, Illustrations, or Digital Files: Instagram is a storefront window for your website if you have a photography website. You can also cash out on your talent if you are a photographer or a designer by selling your photos or designs to interested companies on Instagram.
- Marketing an Online Course: Instagram is a nice platform to market and earns money from your online course if you create an online course. An average individual course can start at about $100, while longer, more intense courses can cost thousands of dollars.
- Instagram Feature Account: You can earn from an Instagram feature account. Instagram feature accounts act as hubs to showcase photos from several different creators within a niche. For instance, a travel page shows images of various top travel bloggers and tags them for credit. Once you’ve grown your account to a favorable size, you can offer paid spots to users who wish to get featured on your accounts’ feeds or Instagram Stories. On average, paid spotlight slots can range from $15 to $30 per post. Other Instagram hubs manage follower loops and “like for like” engagement groups and offer VIP paid memberships in them for as high as $20 – $30 per month.
If you are interested in making money on Instagram, you can take up any of the programs as it offers you the best ways to make money on Instagram.