Who’s making all the money these days? From the looks of it, it’s people and businesses on Instagram. Are you getting a piece of the pie? We all spend a lot of time on this platform. It seems like we should start benefiting from it financially. But is it a complete mystery how some people are raking in the dough by merely taking advantage of their social media prowess while the rest of us just keep scrolling? You don’t have to sit on the sidelines and watch others profit from Instagram – you can jump right in and join them! Instead of spending your money on social media, it’s time to learn how to start earning money there. With the right tools, the right information, and a little time, you too can start making money on the ‘gram.
So, when did Instagram become a thing? Its original focus was on photos and images instead of text, which is how it got its name. It’s a play on instant telegram. It launched in October 2010 and has never looked back. With 25,000 users signing up on the very first day, it was a huge success right out of the gate. When first launched, it was the number one app for photography, gaining nearly 100,000 users in its first month and almost 1 million more by the end of its second month. In 2011 it earned the App Store iPhone App of the Year award, with over 14 million users posting nearly 400 million images that year. In April 2012, Facebook acquired Instagram, giving it the ability to evolve and grow right along with its popularity. In the years since, it’s grown to include 25 languages and is used by one billion monthly actives and over 500 million daily stories actives, per the Instagram website.
What are some of the most significant updates on the platform? They’ve incorporated filters, updated formats, increased the number of photos and videos per post, included view counts, added stickers, developed zoom capabilities, added the stories feature, improved security, added tools, and enhanced controls. But that’s just the beginning. If you’re a small business owner, Insta has grown to suit your needs even more. By introducing advertisers, allowing users to create business profiles, allowing for paid partnerships with specific identifying tags, and they’ve made it possible and simple to make purchases directly from the platform. All of these things make it easier to make money, both as an individual user and as a business.
Instagram started without a clear way to make a profit. There were no advertisers and no monetization model. Since its acquisition by Facebook in 2012, their advertising model has become an ad platform for brands, both big and small. Additionally, with the move to mobile optimization for most apps, Instagram is in a great position to be dominant in advertising well into the future, especially with millennials, its key demographic. This is the critical piece of the profitability puzzle for them, evidenced by the 177% increase in advertising spending in 2018. Brands and individuals can use image ads with links in their bios, or carousel ads that allow for swipe-able photos and options for clicking through to a website or making a purchase directly through the app. With a reach of nearly 850 million users, advertisers are taking advantage of access to a global target market, which is why advertising is where Instagram makes its money.
If you’d asked how to make money on Instagram in 2018, you might get a different answer than if you’d asked how to make money on Instagram in 2019. The platform has evolved and grown year over year. Currently, nearly 200 million Instagram users will visit a business profile every day. That’s a lot of access to users and consumers. But it’s not just businesses that can make a killing on the app. Individuals and entrepreneurs can find their niche there too. Who is making money on Instagram? There are four main types of Insta earners:
Do Instagram users get paid? The short answer is yes. But it’s really the influencers who make the big bucks. Instead of allocating a huge chunk of their marketing budget to billboard, radio, TV, and print ads, brands are paying people to reach their target market. Those people are called influencers.
Getting paid as an influencer just for using Instagram is a bit of an art. The most obvious example is Kylie Jenner, who is the highest-paid influencer on social media, including Instagram. She and her sisters have changed the game when it comes to influencer marketing. But let’s be real, they are the exception, not the rule. They rake in upwards of $1 million or more per sponsored post. It’s truly mind boggling. Other celebrities, including supermodels like Bella Hadid and athletes like David Beckham, earn anywhere from $75,000 to nearly $1 million per post, depending on who it is and how many followers they have.
But what about for other influencers, those who have significantly fewer followers than Kylie Jenner’s 153 million? There is plenty of moolah to go around. There are influencers for every market and every demographic. Companies are always looking for ways to spread the word about their products. Smaller companies with smaller budgets often reach out to local or regional influencers to build their brands with the Instagrammers that can impact them immediately and directly. The keys are engagement and number of followers. You can have 20,000 followers, but if your posts don’t generate engagement, your value as an influencer drops. To get the biggest bang for their buck, sponsors want to see that people are paying attention. This shows they’re getting a great ROI. It’s the users that have a significant following that comment, and like the posts, they share that have the most value to sponsors.
How much can influencers make on social media? It depends. There is an estimated scale that looks something like this:
The truth is there is very little standardization when it comes to influencer sponsorship and partnership deals and collaborations. It really depends on demographics, brand, product, engagement, creative authority, production costs, timing, and rights. It’s a wide-open field right now where pretty much anything goes. If you have the followers and you can get what you ask for – do it.
You can get paid for Instagram posts without being a celebrity influencer. One way is through affiliate marketing. What is an affiliate? By definition, it’s a person or organization officially attached to a larger body. In other words, individuals can get paid to become affiliate marketers by helping businesses generate sales. Initially most successful for bloggers, this type of referral advertising has shifted to social media platforms, including Instagram, and is proving to be hugely profitable. And it’s relatively simple. Keep in mind, like influencers, you need to have a substantial follower base for it to be profitable. Unlike influencers, you can do it on your own without sponsors.
How does it work? If you spend some time on social media, you have a pretty good handle on it, you get the ins and outs, and you have a fairly significant following, you can cash-in on that. You can create some passive income by partnering with online businesses. It works when you refer your followers to their site, and they pay you commission for the referral. Here’s what to do:
Photography is not a lost art, contrary to what it might seem. Anyone and everyone with a phone or a digital camera can market themselves as a “photographer.” And with this easy access to photography equipment built into your smartphone, any photographer, be it hobbyist, amateur, or professional, can reach a vastly larger audience.
When it comes to the real deal, went to school for it, lived in the trenches to practice it, traveled the world to capture it, genuine honest to goodness photographers, Instagram is the go-to platform. But can money be made there? The answer is a resounding yes. Instagram is basically a free exhibit space, though instead of reaching a handful of dedicated patrons at a gallery, you have a billion potential followers and customers. Here are a few Instagram earning tricks you can use:
How do you promote your photography as an Instagrammer? There are some essential moves you need to make to get it right.
Everyone can tell the difference between a great smartphone pic and a true fine art photograph. If you’re a photographer and you’re not also an Instagrammer, you’re missing the boat on a potentially significant income source.
Being a Kardashian isn’t the only way to make money on Instagram. Small businesses are finding not only followers but also customers on the social media platform. Kylie Jenner’s cosmetic company is just one example of how you can create a booming business with the right approach. Let’s take a look at some other examples of success stories from the ‘gram, and how you can use their techniques and strategies to market your own small business online.
This small jewelry company, started in San Diego by two college friends, has grown into a global brand, and most of the credit goes to their social media presence and mastery. They currently boast 1.9 million followers, reported 2018 sales of over $68 million, and sold a majority stake in the company to Vera Bradly, the international luggage and handbag company, for a cool $75 million. And they did all of this by selling colorful bracelets that start at just $6. How? By using Instagram to find followers and promote their pure life philosophy. They stayed true to their vision by using images that capture their laid-back lifestyle brand.
A husband and wife team started Letterfolk by creating handmade letter boards that they sold with a full set of characters so people could create custom signs that they could change on a whim. They’ve expanded their business to include custom home goods, office supplies, stamps, stationery, and more. With 315,000 followers, a handful of employees, and an estimated revenue of over $1.2 million, their motto of crafting “meaningful products inspired by simpler times” seems to be working. And their success is undoubtedly due to their simple yet striking images, their sense of humor, and their appeal to their followers’ sense of style via their Instagram feed.
Popeye is an adorable and lovable dog rescued from the streets of Los Angeles who is now living the high life and starring in his own Insta feed. By putting this furry face in front of food, his owner is reaping the rewards. By documenting his gastronomic adventures, they have built a following of nearly 400k and now have a line of Popeye the Foodie merchandise that sells on Amazon, West Elm, Spread Shirt, Chewy, and more. How did this happen? By using Instagram to its fullest potential and posting adorable, relatable, captivating images of a pup that was once a starving stray and is now wearing cute outfits and eating at some of LA’s best eateries. And making his owners a pretty penny in the process.
There are a million ways to market your company, your product, your service, and your brand. But Instagram is one way you can take advantage of a global audience to get the word out. Here are some tips and tricks to get you started:
How does all of this equal a big payday? The most common way for small businesses to make money on Instagram is by selling their products and services through the platform. This can be by way of links in your bio or with a shoppable account. Links in your bio is an easy way to direct customers to your website. They are pulled in by your compelling images or video and have to know more! Make sure you mention in your text that they should check the link in your bio, so they know there’s more to see. You can then sell from your website or another e-commerce platform such as Shopify, 3dcart, BigCommerce, Volusion, and WooCommerce, just to name a few.
Want to have a shoppable account? This type of account allows your followers to click through to purchase directly from your post. You can also use a shoppable account to buy sponsored ad space, so even people who don’t follow you will see your post.
Here’s what you do:
Step 1: Create a product catalog on Facebook with your e-commerce site
Step 2: Set up your account and get approval for Instagram Shopping
Step 3: Turn on Instagram Shopping in the app following this process: Profile>Settings>Business>Shopping>Continue>select a product catalog to connect to your business account>Done
Here’s how to add products to your posts once you have approval for shopping:
Start by tagging multiple items in each post, and make sure they’re tagged correctly, so the tags are attached to the right items. Make sure the shopping experience is consistent by ensuring the images accurately show what the items look like. Make sure you only use high-quality images and use descriptive hashtags, so there’s no guessing what you’re promoting.
You can still promote and sell your brand through Instagram, even if you don’t have a physical product to sell. It’s similar in that you need to engage your audience and inspire them. Tell your story and showcase your company, your people, and your service. Make sure you’re utilizing links as much as possible so that you can take advantage of a shoppable account, just be sure your catalog reflects what you’re offering, and that your tags are appropriate. That way, there’s no confusion on what you can provide to your followers.
You don’t have to be an influencer, an affiliate marketer, a photographer, or a small business to make money on Instagram. There are other ways to find your fortune, or at least an additional income stream, on the platform. Take a look.
With a decent following, you can make money from paid partnerships even if you aren’t Influencer status. If you have anywhere from 10k followers and up, brands will want to leverage you to promote their products. When you have a lot of followers, and you have trackable engagement, sponsors will often reach out to you. You can also pitch ideas to brands you like for products you use anyway. That way, you get paid to use what you’re already using.
When you get started down the partnership path, be sure to stay true to your content and your style. It will lead to the greatest success with any promotion and will ensure consistency and reliability for your followers. If you’ve built your base around lifestyle shots in urban areas, you can’t do a beachside promo and expect people to get it. If it doesn’t fit, either see if they’ll work with your branding or pass. Be confident in what you’re promoting. If you don’t believe in the brand, don’t post it on your feed. It should be genuine to maintain trust with your people.
What the heck is Clickbank, and how can you make money from it? Let’s take a look. First of all, it’s an affiliate marketing program. They have more than six-million clients globally, and they’re in the top 100 internet retailers in North America. So, what does that mean for you?
You make money when you share affiliate links on your Insta feed, which can create some passive income if you have enough followers who will click the links and make a purchase. The key is traffic. If your feed only sees a few dozen visitors per day, you’re not likely to be a good Clickbank affiliate candidate. But with a sizeable following, you can monetize your account and take advantage of the revenue you’ll generate by offering free advertising to this mega online retailer. All you have to do is sign up. Then pick products that fit with your image and within your niche. Finally, promote them in your feed.
Becoming an influencer in any capacity takes time, attention, a certain level of social media savvy, and an excellent strategy. This is undoubtedly true if you want to make money on Instagram fitness posts. And it’s about more than being beautiful. Here’s how to get there if you’re a fitness fanatic or are passionate about exercise and health, and you want to share it with the world. And make some money in the process.
You can’t make money on Instagram without any followers, but you can make money before you reach the 10,000-follower milestone. If you’re an individual trying to earn money on social media, one of the best ways is by attracting brands who want you to promote their products and services. While 10k is a magic number, you can still appeal to companies with fewer followers. How? By appealing to their target market. The key is building relationships with your followers that leads to increased engagement. Compelling images and captivating content while highlighting a product will catch the attention of the company that makes that product. Make sure the brands you’re promoting fit your niche.
If you own your own business, you start making money by promoting your goods and services and building your following in the process. Showcasing the product is just the beginning. You have to have great content to succeed. Use Instagram Shopping, create searchable hashtags, have flash sales, offer coupons, post polls, and feature customer stories and insider information. As you build relationships, those followers are going to share your information. That is what will build your following and your brand.
Reaching 10,000 followers is a turning point on Instagram. It opens doors to sponsorships, partnerships, influencer status, and the ability to make more money. First and foremost, you can take advantage of the swipe up link on your stories. This gives viewers instant access to a direct link to your blog, your website, an email or newsletter signup page, or an e-commerce site. It creates an immediate impact on your site traffic by eliminating steps required by users to get there. Reports indicate a conversion rate of 15-25% per story.
There’s a term for bought and paid for followers – fake. First of all, you risk removal from Instagram. Second, you won’t reach the coveted verified status on Instagram, meaning you won’t earn that beautiful blue checkmark on your profile. And finally, only high-quality followers with genuine engagement will entice businesses to give you their business.
While the number of followers is the most hyped metric on Instagram, the most crucial metric is actually engagement. What exactly is engagement? And how can it be measured? Engagement amounts to how people interact with your page. This can be visible in likes and comments, but it’s more than that. A simple formula you can use to measure engagement is to divide the number of comments by your number of followers and multiply times 100. This percentage is your engagement rate for any individual post.
Great, now that you know how to figure out your engagement rate, how do you bump it up a notch? Here are a few ways to do just that:
Everyone likes to have things quantified, so let’s take a look at some of the Instagram stats that matter to everyone trying to make money on this social media platform.
o Age 18-29: 67%
o Age 30-49: 47%
o Age 50-64: 23%
o Age 65 and up: 8%
Everyone wants to know how to get paid to like Instagram photos. Oh, if only it were that easy! The good news is, though it’s not as easy as merely liking posts, there are a lot of ways you can make money on Instagram. From working toward influencer status to becoming an affiliate marketer, from banking on your photographic talent to promoting your small business, there is money to be made for all kinds of people like you and businesses like yours. Use the platform to build a brand you could sell for a small fortune – or that you love so much you never want to stop. Either way, get out there and create the kind of change YOU want in your life.
Here’s a little something to light your fire and help you control your financial future for life.