Instagram now has around 1 billion users. And if you plan on using the platform to earn some cash, it is quite possible. Also, Instagram attracts the younger demographic. 59% of Instagram users in the US are under 30 years old.
Also, what makes Instagram special is the fact that 38% of adult internet users earning below $30,000 use Instagram. Also, 31% of those who make over $75,000 yearly also love the platform. This only shows that you have a pool of users that actually have deep pockets.
You also have to account for the fact that users under 25 years old are spending more than 32 minutes of their day on Instagram. On the other hand, those who are over 25 years of age spend an average of around 24 minutes a day.
These statistics prove that Instagram is quite popular today. It’s a social media platform that has active members. Instagram users “like” around 4.2 billion posts every day. And this number was during the time when Instagram only had around 500 million users. So how do you make Instagram work for you?
How To Make Money with Instagram?
Looking to make some money with Instagram? If you haven’t figured things out, then here are some things that you can try. These are tried and tested methods used even by some of the most popular Instagram influencers today.
- Building Your Audience
There are two things that you need to figure out if you wish to make money with Instagram—reach and influence. Once you have figured out how to increase your reach and your influence in your niche, then, opportunities open up for you organically.
There are also some things that you have to address such as does the number of followers really matter? In a way, it does matter simply because the more people following you, the better your reach is. However, you have to also understand that it isn’t as many as you think.
It depends on a number of things. You have to know what niche you are going to be part of. For instance, if you cater to the local market, then you definitely don’t need 100K followers from other parts of the world. And definitely, engagement also matters. What an influencer should be focused on is the fact that the followers engage with his or her posts.
As rule of thumb, engagement does matter the most. It should come hand in hand while building your audience organically. Though the top Instagram influencers can make serious money per post, it is still possible to squeeze some money out of smaller but engaged followers.
- Building Your Own Brand on the Platform
Building your own brand is crucial in order to attract brands to sponsor posts via your account. This requires a level of commitment especially now that a lot of celebrities on Instagram are actually planning what to post and when to post. Often times, you need to have a calendar when it comes to your posts. Also, the right use of hashtags can attract the right people. You can also mark the location where the photo was taken considering that people also check photos based on the place.
Aside from the photos, you also need to have the right voice in your Instagram. You can create content that tells a story. With proper storytelling, it encourages the audience to engage with your posts.
- Becoming an Affiliate Marketer
One strategy that you can follow in order to earn some money using Instagram as a platform is by becoming an affiliate marketer. You could be selling a paid service or a physical product from a particular company or person. For every purchase coming from your Instagram, you get a portion of that sale. But of course, don’t really expect much from affiliate marketing. Also, it isn’t really suggested that you do this often since directly selling items every now and then on your feed can easily alienate your followers.
- Selling your own product or service
If you happen to have your own company or small business, you can make use of Instagram in order to sell your product or your service.
There are some occupations wherein it becomes easier for the professional to get new clients through their Instagram account. There are a great number of photographers that make use of the platform in order to get more clients. Also, these photographers can also sell their photographs.
- Working with brands for promotion
Instagram works best if you can mention brands in a subtle way. The term “influencer” is getting thrown a lot these days. Basically, an influencer can be a trendsetter and those who can help consumers to decide and buy a particular product.
Often times, brands prefer to find influencers over having a celebrity. What makes Instagram influencers more effective is the fact that they can be relatable to a particular market. In some instances, influencers can convert more than the usual celebrities.
- Sponsored posts
Well established Instagram users can also get paid per post. Though it can be quite expensive, a lot of brands pay to have a particular post published on Instagram. It is typically used by brands looking to enter a new market segment.
How Much Should You Charge?
So how much should you be charging when working with companies? There is no general rule that you can follow. However, as rule of thumb, the size of your audience plus your clout within the industry will dictate how much you are going to get. There are those influencers who simply get a free product in exchange for exposure.
However, in a survey made on 5,000 influencers, 42% charge $200 to $400 per post. Here, you will have an idea just how much brands are willing to pay.
Becoming an influencer and earning money on Instagram can mean serious work. Often times, you have to understand that some brands actually don’t pay. Instead, they can only offer freebies. If you are looking to earn from Instagram, these are just some things that you might want to consider carefully. Also, these are just some of the most common ways how you can earn from the platform. In fact, you can be creative with how you do things.