Instagram, Facebook’s photo-sharing social media platform is currently one of the biggest online platforms in the world. With over a billion active users across the globe, it is a huge marketplace for anyone to reach their target audience. 71% of the population on Instagram is under 35 years of age. This makes it a great place to sell as young people are more open to online purchases, more ambitious, and tech-savvy. It is the second-best social media platform, after Youtube, to earn money from the internet. Millions of celebrities, influencers, and brands are using the selling power of Instagram to boost their business and generate revenue, traction, etc.
Do you feel you have what it takes to successfully run a business on Instagram? You may offer a product, service, or just your thoughts or opinions as an influencer. You need a business model to successfully translate your idea into a concrete profit-making venture. In this article, we share a few strategies that have proven to be successful in earning money from Instagram.
Become an influencer
An influencer is a popular figure on the internet who has the power to influence the will of his/her audience. A person may gain this title by regularly posting relevant content on Instagram and thereby, increasing his/her reach to a great extent. Instagram has over half a million active influencers operating at ranging scales.
Once you reach this highly sought-after status of a social media influencer, you can use your profile to promote products, brands, etc., and earn money for your posts. For this, you need to have a high engagement rate and a fine follower count. The key is to identify your niche, your target audience and post regular and relevant content for them to like you and trust you. This will not be achieved overnight and will require a lot of talent and hard work. You need to build a solid relationship with your followers for them to trust you. You need to know these people; what they do, why they follow you, what are their expectations from you etc.
The biggest advantage of this strategy is that you do not have to worry about the hassles of running an online business. You earn money by merely doing sponsored posts. Each post will help you earn money without having to sell the product.
However, this strategy has its responsibilities. You need to promote responsibly as any wrong move can hurt your credibility in a flash. It is suggested that you promote products that you genuinely believe in, rather than promoting just for the sake of earning money.
Become an affiliate marketer
An affiliate marketer is someone who partners with brands to sell their products on his/her social media page. Affiliate marketing is a commission-based profession and you earn a proportion of the sales that you help make. An affiliate provides a unique link or a promo code to his/her audience. This helps keep a track of the sales he/she is helping make.
This route is similar to being an influencer, yet quite different. It is similar as you are not running your own business of providing products or services to consumers. Your job is to push the offerings of other businesses. However, it differs in the purpose of doing things. An influencer aims to create awareness, whereas, an affiliate’s job is to push the sales of the product.
A con of this strategy is that you need to plan your promotions. The audience tends to get annoyed with too many promotions and product placements. Promote ethically and strategically to make the most out of this route, and you can earn sufficient profits.
Sell products or services
The third strategy is to run your own business on Instagram. It is a great platform with an extremely wide reach. You can choose to sell anything under the sun. This would run similar to any other e-commerce business; you identify a market gap, provide a solution at a reasonable rate and you have customers lining up.
As you are selling on a social media platform, try and personalize the services for each customer. You should be willing to make it a memorable experience for your customer. In most cases, great services will lead to repeat sales, rather than an excellent product. You need to position yourself as someone who cares for their customer; hear them out and connect with them on a deeper level, especially if you are a small business at the moment.
Even if you do not wish to sell directly on Instagram, you can simply create a profile to showcase your offerings to the world. It helps people visualize your product/service and encourages purchases. With the right marketing strategy, you can increase your sales exponentially.
Become a Freelancer
There are many influencers, brands, etc. who need to perform various tasks for their Instagram profiles but do not have the resources. You can become a freelance social media expert and provide a host of services to professionals operating on Instagram. There is a wide range of services you can offer based on your experience and expertise. From caption services to photography; the list goes on and on.
Your job here is to work behind the scenes to boost another business. They need help with a host of activities. If you manage your time and clients well, you may bag numerous part-time roles in the long run which provide you with a regular stream of income.
This is a great starting point who wishes to ease their way into making money from Instagram. If you do not like the attention, but you know you have what it takes to earn successfully, help someone else run an Instagram profile, this route might prove to be extremely fruitful for you.
Earn ‘Tips’ through Live Badges
Similar to TikTok’s feature, Instagram has introduced the latest feature ‘Live badges’ that enables the followers to give a tip to the creators during live streams. With this, the audience can buy a badge during a Live video which will make them stand out in the comments and will unlock some additional features.
The badges are still in Beta, however, the early details suggest that the badges will be available at 3 different levels on the basis of the number of hearts that are available to purchase. The details suggest that initially 100% of the revenue from the Instagram Live badges sales will be given to the creators. Creators can see the badge holders list and the number of hearts in the chat section of the live will help make the supporters distinct. Know more about it here.
How To Make Money on Instagram in 2021
Instagram is an open platform that has space for everyone. From students wanting to make pocket money to CEOs building a brand, Instagram has its doors open for everyone.
Making money is not too difficult but having a good loyal number of increasing followers on Instagram is. Maintaining consistency and ensuring to grow in a competitive and ever-changing space is a crucial task. An engaged audience can definitely help you make a good living out of Instagram.
While above mentioned are some ways to make money, there is no guarantee for everyone. The platform continues to support eCommerce and creators with updating and getting new features. However, it is your hard work and dedication that are going to determine your success.
Start today to turn your followers into customers by exploring one or more of the mentioned ways.
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