Making money on Instagram has always been a challenge unless you’re a well-established creator. But since Facebook acquired the platform in 2014, the social media giant has been trying hard to help creators make money on Instagram. As such, Instagram has been testing different ways that it could help its creators make money.
If you have a well-established Instagram account and wish to make some cash on the side, it’s possible. Currently, there are different ways to make money on Instagram.
The first and seemingly obvious way is by partnering with brands. That has been more of a legacy method to make money on Instagram, Facebook, Twitter, Snapchat, and other social media networks. But on Instagram, you certainly have more options now.
Different ways to make money on Instagram
1. Partner with Brands
The first way you can monetize your Instagram account is by signing contracts with different brands to promote their products or services to your audience. If you’re well established in your industry or niche, brands will have a hard time rejecting your pitches. Here payment ranges depending on how much you want to value your services.
How much do Instagram influencers make?
How much an Instagram influencer earns depends on different things. In general, Instagram influencers fall into three categories: micro, mid-tier, and top-tier influencers. A brand will pay these different influencers varied amounts for a campaign.
Micro-influencers are those with less than 10,000 followers and make about $88 per post. Middle-tier (10k-100k followers) make an average of $200 per post, while the top-tier ones with over 100,000 followers take home $670 per post on average.
From 100,000, the sky is the limit. Some companies are willing to pay up to up to $500,000 to well-known icons like the Kardashians. However, on average Instagram influencers earn $10 per 1000 followers.
Additionally, rates vary widely across these tiers depending on the followers, engagement metrics, type and quality of content, name recognition, audience location, and more.
How to Find potential brand partners as an Instagram Influencer
Finding brand partners can be a daunting task if you’re just starting your journey. Luckily there are dozens of platforms specialized to help influencers find brand partners within their area.
Besides partnering with brands to promote their products or services for awareness, you can also become an affiliate. Being an affiliate means you promote specific products to sell and make a commission from the sales.
For instance, you can promote a particular product on Amazon, and when a user uses that link to buy, you’ll get a cut from the sale.
Since Instagram isn’t link-friendly, you may be forced to promote a single product or create a Link tree account that helps you use one link but advertise a couple of other URLs. You can add links to your bio and even in your stories.
Reputable affiliate programs include Amazon Associate, Clickbank, Shareasale, eBay, and more.
3. Through Instagram Partner Program
Instagram’s long-form video section, IGTV, is also soon to become a significant way to make money on the platform. Announced in May this year, some Instagram influencers are already monetizing their videos under the Instagram Partner Program.
If you’re eligible to monetize your IGTV videos, Instagram will show up to 15-second long ads when a user clicks to watch a video from the preview feed. Like how the YouTube partner program works, Instagram will also directly share part of its advertising revenue with influencers.
Another way that influencers can make money on Instagram is by selling badges in their live sessions. This is still a pretty new way to monetize an Instagram account.
How it works
Instagram will allow influencers to sell badges to their fans during live sessions. To purchase a badge, a user will get a heart badge near their name during the session in the comments sections.
It will also give them access to special features like a special heart emoji that they can use to chat in the comment section. One heart badge costs $0.99, two cost $1.99, and four cost $4.99. This is one of the easier ways to make money by receiving “donations” from your fans.
5. Selling Products and Services
Instagram already provides a simple way to list your merchandise on your account. With Facebook Shop, creators, brands, and influencers can list their product once and have them showcase on your Instagram and Facebook accounts. Instagram is also making it easier for users to purchase these products by letting them buy directly without leaving the platform.
And with Live Shopping, creators and influencers can “tag products from their Facebook Shop or catalog before going live and those products will be shown at the bottom of the video,” according to Facebook. Live Shopping will provide an easy way for influencers to showcase their products to their followers.
6. Selling Instagram Accounts
Yes, you can make money by building Instagram accounts with the sole purpose of later selling them. If that’s tiring, you can buy an Instagram account with a considerable following, grow it a little bit further to increase the resale value, and flip it.
Where to Buy and Sell Instagram Accounts
There are many platforms online where you can buy or sell an Instagram account. Some example platforms include TooFame, Fameswap, Socialtradia, and others. Remember to do your due diligence before deciding to transact online.