Do you want to guess how much money some Instagrammers make?
Did you guess?
I heard as high as $75,000 for one Instagram post.
$75,000 for a few seconds’ worth of work?!
Guest author Bobby Jami is here to explain how you, too, can earn money by monetizing Instagram.
Consider this an update to my popular post 10 Creative Ways To Earn Money On Instagram.
Clearly, interest is high in how monetizing Instagram works.
This interest is not surprising considering recent statistics report there are over 800 million monthly Instagram users.
Apparently, the number rises by 200 million per month.
Brands pay Instagrammers to promote them to their followers.
Bobby’s tips may not help you make $75,000, but they should make monetizing Instagram much easier.
Things You Need to Know for Monetizing Instagram
by Bobby Jami
Over time, news has flown concerning people making money on Instagram. Instagrammers now have huge cash-ins based on the pictures they share every day. This has sent many people searching and yearning to get into this as it’s a profitable venture.
They are similar to YouTubers, bloggers and anyone who has that skill to assemble an audience for what they produce. Instagrammers have the influence and the outreach to the people, which is a major asset required by companies to amass their markets. These two points together offer a cutting edge for Instagrammers to explore diverse and multiple streams of potential avenues for revenue.
Facebook launching this photo app in 2010 caused a lot of eyebrow-raising. Second to Facebook in size, Instagram has over 800 million users; of course, Snapchat and Twitter don’t compete with this. Will this amount of users, the app became an open multination virtual market, a tool many businesses need in meeting their targets.
How Many Followers are Needed?
Now, a common question that arises is What is the expected number of followers? This is very simple as you do not need many followers. Moreover, there are some marketplaces for those users who want to buy and sell Instagram accounts. However, buying an Instagram account with a decent number of followers is not the end of the story. Posting quality and engaging content is the key to grabbing the brand’s attention. Your competitive edge will depend on the following factors:
- The engagement of your followers. This will determine how many engaged customers you will have. Take note: Having hundreds of fake followers won’t give you a market.
- The niche you explore as there are many different niches. Some include; beauty, fashion, food, app development, and fitness. These are the most popular and have more hashtags.
The paradox is, while those with millions of posts are sharing photos, those with hundreds and having a purpose are making a profit.
How to Earn via Instagram
According to new marketing researchers, there are 50 small business ideas that you can start on Instagram in order to monetize your Instagram blog. Based on your unique market content on Instagram, your commitment and your sort of audience, these are some tips on making money.
- Do commission selling, thus selling different brand products
- Become an affiliate
- Selling and creating digital and or physical products.
- Offer a paid service
- Do sponsored posts for brands you know will attract your audience
- Sell photography
If you’ve noticed, you can chase different and many income streams without affecting another so long as you are devoted and able to manage.
I am going to itemise the most common approach which is doing influencer partnering with brands.
Working for Brands with Sponsored Posts
Anyone referred to as an influencer is someone who has built an online reputation for sharing and doing many interesting things online. Such people usually have a lot of influence and to people, they tend to be trendsetters, trusted experts and tastemakers of which their opinions on their online brand specialty are respected. Many brands find it difficult to compete in the market thus they tend to hire influencers to send out sponsored post with their products and services. Keep in mind they don’t want just the size of your account but to gain trust from your audience.
Getting a balance of your revenue and integrity as the creator and the influencer is somehow challenging. One who does not depend on income from Instagram to stay adrift will have the freedom to be selective of brands to work with, likewise, the brands being selective of those to work with.
How Much to Charge as an Influencer
Influencer deals involve the creation of content, which typically includes the permission to use a brand in an ad. These deals tend to be negotiable and can include a campaign for either a free product, fee, gift, service or a promise of exposure. Have in mind when negotiating, you are offering access to your audience. A survey of over 5000 people in the business indicates that about 42% will charge between $200 and $400 per post.
Finding Brands to Work With
For those who are already established, the brands will probably find you. Nevertheless, you can still look for brands to work with on a similar level like you. That is in terms of values and personality. This is important so as your audience doesn’t think low of you. These are some methods you could use;
- Famebit; by connecting your blog, YouTube channel and Instagram page and other social platforms to create influencer cards. This lets you reach out to many brands and meeting their desires.
- Hashtag paid; this is good for influencers with over thousands of users. They could list themselves on Tribe marketplace to get an opportunity to work with choice brands.
- Hey Influencers; The perfect marketplace for Instagram bloggers who love to create content for big brands. It’s one of the well-paid platforms of the creative influencers. UPDATE December 2019: The Hey Influencers link isn’t working leading me to believe the site has folded. Fortunately, there are many other ways of monetizing Instagram listed here.
- Tribe; It’s one of the most well-known influencer marketing tools for brands and influencers. You can find many influencers among different types of niches and social media platforms like Facebook, Instagram, and Twitter.
- Influence.co At Influence.co, you can search for digital marketing influencers to work with. For a price, these influencers will give you exposure. Find people in your niche to extend your reach here. Influence.co is an influencer marketplace. Their metrics, such as percent of engagement, is available here. When you find an influencer you want to work with, create a job. Influencers apply to work with you! Then, organize lists to keep them organized.
Becoming an Affiliate
An affiliate gives you the advantage of making invested sales. With Instagram making plans to make links to Instagram stories, this will spur new opportunities for influencers. As of now, you can just focus on an affiliate link at a time.
Reasons for Influencer Marketing
With influencer marketing rapidly sprouting, many had in mind it was a fad that will suddenly vanish, rather, the reverse is true. At its current growth, influencer marketing isn’t showing any signs of closing. Below are important points for influencer marketing.
- It is a quicker and to an extent a good means used by companies to quickly target their audience.
- Very efficient in getting to the target market.
- Provides an alternative to paid ads, plus its efficient.
- Better brand positioning strategy and brand image development
- Offers high return on investment due to targeted exposure.
- Safe to market products and services especially with the use of trusted individuals in the industry.
The Future of Influencer Marketing
With the current growth rate of influencer marketing, we know it is going to stay. Staying implies it will definitely have an impact. There are many examples of celebrities making use of brands and putting up pictures of them. Try to forecast the future of this marketing strategy
- We will see the development of influencer agencies rather than personal influencers.
- Will be easy to connect with influencers as the power of Tier 2 influencers will grow.
- A tremendous rise in the amount of social media channels.
- Better platforms to get authentic influencers and
- Professional marketers with educational qualification getting into the field of influencing.
The coming of influencer marketing is just the perfect strategy to get its maximum target by getting extremely close to its customers and practice the most effective type of marketing, personal selling in a stylish, effective and efficient manner.
Readers, please share so other Instagram users learn Bobby’s tips for monetizing Instagram.
I look forward to your views in the comment section: Are you already monetizing using Instagram? Do you have any tips you can add for monetizing Instagram?
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