Instagram offers a goldmine of opportunities for content creators, influencers, and marketers. Most people know Instagram as a great channel to boost brand awareness, build a community of followers, and interact with audiences. Not many people know that Instagram can generate tangible monetary returns as well.
Don’t believe me?
Check out these five smart ways to monetize Instagram:
1. Affiliate Marketing
You can share discount codes and exclusive promotional offers with your followers. Whenever a follower uses the code or offer, you receive a commission on the revenue the user generates for the promoted company.
You will need a robust affiliate marketing platform like InviteReferrals to track the code usage.
2. Sponsored Posts and Shoutouts
If you have a substantial reach and influence on Instagram, brands in your niche might collaborate with you to promote their brand. You will need to create exclusive content for them. In return, you can charge them a fixed retainer or a fixed amount per post. You can create the best hashtags to use in your posts with the best hashtags generator tools. As we know right hashtags improve your post engagement.
Make sure to partner with brands that match your niche and values. By doing so, your content will retain its natural and authentic flavor.
3. Product Placement Videos
You can create a video of you using or reviewing a product or a brand. If your influence and reach are substantial, chances are that the brand you feature in your video will purchase the video rights from you.
Here again, the key is to be authentic. Endorse products that you are confident about and that match your personality and domain.
If you have a strong personal brand, you can create your own products and market them on Instagram. In this way, you can eliminate the middlemen and pocket all the sales revenue.
The key to making the most of this tactic is to pick products that align with your niche and audience demographics.
5. Earn by Educating Audiences
If you have strong domain knowledge, you can create educational videos and charge per view. You can repurpose the video content into ebooks and guides and sell them as bundles. Once you earn a solid reputation as an Instagram guru, you can set up an online academy on YouTube or create online courses on Udemy or Coursera.
Seems easy, doesn’t it?
It is if you know the prerequisites and common pitfalls of monetizing Instagram. If you’ve noticed, all the above tactics are based on the assumption that your Instagram account has a large enough reach and strong engagement.
But is that really true?
You can use analytics platforms for Instagram to learn about your account’s potential to monetize. These tools will gauge your past campaign/content performance. Using these findings, you can shape your future strategy.
To learn more about monetizing Instagram, check below infographic