How to make money from Instagram is a popular search query. Instagram started out as an image-sharing app. Today it has evolved into something more. Search Engine Journal calls Instagram the fastest growing social network out there. Little wonder businesses, both big and small are increasing their Instagram advertising spend.
Perhaps, you’re asking :
- I’m not a business, so can I make money from Instagram?
- If yes, how can I make money from Instagram?
In this post we will touch on both, but first we go back to the first question
Can You Really Make Money from Instagram?
The answer is a resounding yes. There are several Instagrammers who are making it big from the photos and content they share. There are two factors that affect how much money you can make from Instagram; reach and influence.
Some have one or both, but have no clue how to turn that into Insta cash. Before we go any further, here are
Some Interesting Instagram Statistics
- There are more than one billion people who use Instagram every month
- More than 60% of users log in daily, thereby making it the second most engaged social media platform behind Facebook
- It was estimated in 2017 that Instagram revenue would reach nearly $4bn. By 2019, the platform ad revenue could reach over $10bn.
- Since its creation, more than 40 billion photos have been shared on the platform
- According to 2016 statistics, 95 million posts are made every day on the platform
- There are more than 25 million brands on Instagram with 80% of followers following at least one.
- More than 60% of users discover new products on the platform
- Users are ten times more likely to engage with brands on Instagram than on Facebook and 54 times higher than Pinterest.
- Instagram users are 70% more likely to use their mobile to purchase a product online than non-users.
- There are 2 million monthly advertisers on Instagram
Steps to Prep for Instagram Income
- Optimize your Instagram profile
- Build a following or increase the number of your Instagram followers
- Increase engagement
- Collaborate with influencers and learn from successful accounts
10 Ways People like You are Making Money from Instagram
- Affiliate Marketing
This involves promoting other people’s products for a commission of sales. This is popular with blogs and has also found love on Instagram. You can post photos of affiliate products on your page and drive sales via embedded affiliate links provided by the product/service owner or provider.
Some affiliate companies you can work with include
Arielle Charnas, 30, was able to make a fortune selling and promoting products off her Instagram account.
- Create Sponsored Posts
Another way to earn extra income via Instagram is by creating original sponsored content for brands. Sponsored content refers to a video or photo that highlights a brand or product. These posts usually come with branded hashtags or mentions.
Rachel Mansfield makes $100,000 a year from sponsored posts.
- Sell Photos
This is one of the most obvious ways to earn an income on Instagram. As a photographer, amateur or professional, you can advertise and sell photos to agencies or even individuals. However, for this to work you must have an active presence on the platform and ensure that the right types of accounts follow you.
Adam Senatori is a pilot who loves to take photographs of places he has been to.
- Promote your Business, Product, or Service
Instagram can be used as a platform to promote your business, product, or service. You can use it to share photos of your products, behind the scenes of your business place or activities, or user-generated photos relating to your business.
25 year old designer Danielle Bernstein became popular for her blog We Wore That. She is one of the most famous fashion models on Instagram earning $15,000 per post.
Drop shipping is another business model that can be run with your Instagram account. Drop shipping allows you to run an ecommerce store without buying stock or holding inventory. Here’s how dropshipping works:
- You obtain product images from vetted suppliers and market/display in your ecommerce store
- When customers buy from you, you remove profit and forward cost price plus customer order details to your supplier
- Your supplier packs and ships orders to your customers anywhere in the world
Hokage_Store uses the Social Rabbit plugin to promote its dropshipping business on Instagram.
- Sell your Account
And if you’ve had enough of Instagram and wish to move on, you can sell your Instagram account (Think of it like Shopify Exchange. There are a couple of sites that can assist you with this, if you choose to go this route. They include Fame Swap and Viral accounts.
ChrisRPhotography makes a living buying and reselling Instagram accounts.
- YouTube Videos
YouTube is not only the biggest video platform out there, it also doubles as the second largest search engine after Google. YouTube videos can be monetized, and you can use Instagram to drive traffic and awareness about your YouTube videos.
Prankster Jack Vale has mastered this skill and uses it to great gains.
- Organize Contests or Events
An indirect way to earn an income via Instagram is to organize contests, discounts or events. You can do this by offering exclusive deals for a short time. This kind of urgency can move followers to make more purchases increasing AOV (average order value).
Valdo organizes contest where it ask its customers to take photos of their original cocktails
- Leverage an Influencer
An influencer in your niche can help promote your business in a way you may not because they have a huge and active following. You can ask them to share your product on their page market it and tag you. MadeWell was able to leverage Instagram influencer marketing to promote the anniversary of their tote bag.
- Drive Traffic to your Website
If you have a business website, you can use Instagram to drive traffic to your website, where sales and conversion can take place. In Birchbox’s Instagram bio, there is a link that directs followers to a customer appreciation day promotion on the company’s website.
Not only can you use Instagram to share precious moments, you can use it to earn precious income. This may take time, but with consistency and creativity, you too can start making money from Instagram.
Olu Bunmi is a freelance writer who loves to write business, ecommerce, entrepreneurship and social media content.