WAYS TO MAKE MONEY ON INSTAGRAM
There are a few ways to monetize your Instagram account. In this section, I will go through the most common ways to monetize your Instagram account. I am in no way an expert at monetization of Instagram accounts since I have not looked at Instagram as an opportunity for business. Well, until now.
I have done extensive research on how to make money by using your Instagram account, and in this section of the book, I will be sharing my findings with you. Monetization channels go as follows:
- – Get paid to do shoutouts.
- – Get paid through affiliate links.
- – Make your own products or merchandise and use Instagram to sell them.
- – Get sponsorships and “rent” space in your Instagram bio. If you have a business account and are over 10K followers, you are given the opportunity to add links to your Instagram stories. You know when you are going through stories and at the bottom of some stories you see “See More” with an arrow pointing up? That’s the option that you get after passing 10K follower mark. This neat little function can make a huge difference because it makes it convenient for your audience to only swipe up instead of going through a bunch of hoops. If you are posting links that are shown to public, you should consider using either google link shortener or bit.ly softwares to help you shorten the links. Bit.ly is very cool option because it lets you track the traffic that goes through your link when it gets clicked. Get paid for shoutouts If you grow large enough, you can start getting paid for shoutouts. You could do either story shoutout or a post shoutout. Usually post shoutouts don’t stay up for more than 4 hours simply because there is not much value after 4 hours have gone by. If you have around 50K followers, you can start getting paid $20 dollars and more per shoutout. 100K followers and up $50-100. If you get to 1 million followers and your engagement is great, you could charge $1000 per post or more!
If you are wondering why anyone would pay for a shoutout, think about this. Why would a brand try to waste the money and time trying to figure out their targeted audience and optimize for it, when they can ask someone who has built trust with its audience, to put the product in front of it? People trust influencers that they follow, so they are more likely to purchase a product that is recommended by an influencer. They are much less likely to buy a product that randomly pops up on their feed by a company that they are not familiar with.
Even though shoutouts seem to cost quite a bit of money, companies save money by paying influencers to post on their behalf.
Other accounts that want to grow fast are paying bigger accounts to get shoutouts as well. It is very common to see that happen. If you choose to do business with other smaller accounts and do paid posts, you need to make sure that the account reflects what you stand for. Don’t garnish your own brand by doing business with shady accounts.
Some of the influencer marketplaces that I came across are as follows:
- – Shoutcart.com
- – Rep app
- – hypefactory.com
- – Grapevinelogic.com
- – Fohrcard.com
- – Indahash.com I am not affiliated with any one of these marketplaces and do not have much experience with either one of them. Please use your own caution, do your research and use it at your own discretion. Last thing I would want to do is to get any one of you guys and girls to get screwed by a shady company.