Instagram is an application that most people use on a daily basis. However, while we are scrolling through selfies, there are entrepreneurs monetizing their social presence to the fullest extent. In this article, Lion Sourced will provide a step by step guide for how to make money on Instagram, covering the 3 most popular methods.
1. Make Money Through Selling Products
This method of making money on Instagram has become popular, particularly with jewellery and dropshipping businesses, due to the fairly new ‘Shop’ tab. Business accounts can now create a shop within Instagram, with the ability to link products in your posts. If you can take some aesthetic pictures of the items you sell, you can gain an influx of engaged leads in just a couple taps.
- Create an Instagram profile, or convert your existing Instagram into a business account.
- Check that your business complies with the Shopping Guidelines.
- Add a catalogue of your products.
- You can then start featuring these products in posts, tagging them when possible.
When a user taps on the item in question, they will be brought to a page with a gallery and the option to purchase on your website.
For optimal results, the ‘View On Website’ button should link directly to the product page, so that users don’t have to search around. If the potential buyer cannot find their desired item within a minute, it’s likely that they will leave empty handed.
2. Make Money Through Sponsored Instagram Posts
Perhaps the most well known way of making money in Instagram is through sponsored posts. If you’ve ever seen your favourite artist, athlete or Youtuber share a post with ‘#ad‘, then they’ve been paid by a company to promote one of their products.
The good news however, is that you don’t need to be a celebrity in order to earn through sponsored posts. Here’s how you can do it yourself:
- Create an Instagram account in a niche you know about, such as Dogs, Football or Gaming.
- Build up your following and post regular content.
- When the page has 10,000+ followers (Or a high engagement rate), sign up to influencer sites such as Shoutcart.
- Wait for brands to approach you regarding sponsored posts.
In addition to charging a set amount per post or story, you may also receive offers for free products to review, sent directly to your address.
3. Make Money Through Affiliate Sales
Affiliate sales are when you sell a product on behalf of someone else, then keep a percentage of the profits. The typical amount you will receive is 5-30% of the product price. While this monetization method is mostly effective on larger accounts, you can start whenever you have built an engaged audience.
- Sign up to an affiliate program, such as Amazon Affiliates.
- Pick products that you think will sell, post them on Instagram with a link in your bio.
- Push these posts as much as possible.
- Wait for sales and your cut of the profits!
If you really want to drive your earnings through the roof, look at products that have a high price tag. Selling just one large ticket item every few days will earn you a nice amount of cash.
Tips For Making Money On Instagram
For making even more profit, check out some of our insider tips!
Be Active – Interacting with other accounts is a great way to bring attention to your posts. Return likes and comments are common on Instagram. If you can get a top or pinned comment on a top post, chances are you’ll receive some exposure as a result.
Update Your Bio – If you are accepting sponsored posts, for example, tell people. You could also look at adding a button that directs people towards sending you an email regarding their campaign.
Spread The Word – Encourage your real life friends and family to follow your account and share your posts.
Consistency – Remember that with Instagram and other social media platforms, consistency is key. Keep your content new and refreshing for maximum revenue.