How to Make Money on Instagram: A Guide
How do you make money using Instagram?
There are three key factors that affect the amount of money you can make on Instagram:
- The kind of photos you post
- The people who take the time to interact with your photos
- How committed you are to developing your Instagram account content
An influencer needs the right mix of photos, audience, and engagement. These provide many opportunities to make money from Instagram followers:
- Sponsored posts
- Affiliate marketing
- Selling your own products and services
Although you can use influencer marketing to sell your own and other people’s products. We are going to focus on the most common way to earn money on Instagram. That would be creating sponsored content for brands. Many brands will only offer you free products. But, some companies will pay $10 per 1,000 followers, while others pay over $800 per 1,000 followers. You can maximize the money you make when you publish sponsored photos. Learn how social media campaigns work from a business perspective.
What brands really want…
Influencers don’t need millions of Instagram followers to get paid. There are three things that will determine whether you can make money on Instagram:
- Your niche. And whether that niche ties into the offering of specific brands.
- Follower engagement. Because brands want to promote content on an account that will sell their products.
- How many followers do you need? That depends on how you decide to earn money with the content on your Instagram account.
Engagement is King
Engagement is more important than follower count for influencers. It is especially important because companies are looking for conversions. They want an influencer that convinces people to buy their products. It’s easy for someone to follow you. The value lies in that person doing the extra work required to like the content you post.
Social media marketing is difficult for a large business. As they reach a certain level of followers, the people responding to their marketing decreases. This is why they work on buying engagement from smaller social media accounts like yours.
The Likes Cliff
- <1,000 followers – 8% engagement rate
- 1,000 – 10,000 – 4%
- 10,000 – 100,000 – 2.4%
- 1M – 10M – 1.7%
The Likes Cliff means that brands with millions of followers must partner with accounts that may only have a few thousand people. But they are only willing to do this if you are influential with your audience.
Stay true to your audience and attractive to brands.
Becoming an influencer doesn’t have to be a full-time job. You still need to find enough time to consistently post high-quality photos. You need to build your social media reputation by posting remarkable things online. This is how you become influential.
Never Get Needy
On your journey to becoming an influencer, it is important to keep your independence. Your most valuable asset is the trust your audience has in you and your content. To protect that trust, you need to make sure that you are not wholly dependent on your Instagram income. This will allow you to be more selective about the brands you choose to work with.
Aim for 10k.
Brands love Instagram. The photos you post are shown to a much larger section of your audience. Especially when compared to Facebook. However, not every post will be seen by 100% of your audience. This is especially true if you do not include a good hashtag with your post. Brands are looking for audiences that are large enough to have an impact on sales. But small enough to guarantee strong engagement. That is why you should aim at least 10k followers before you can start earning good money on Instagram.
Find brands that are looking for influencers.
As your audience grows, your content becomes more attractive to brands. You will eventually have your first business reach out to you. But, remember that staying true to your audience means being selective. You may find a better fit when you seek out business opportunities yourself. This can be a daunting task, but luckily there are many markets for influencers. These markets will help influencers find people that want to sponsor your account.
Fohr Card: This is a membership-based influencer network. Fohr Card connects influencers like you with brands looking to boost their marketing. It is specifically designed for Instagram. They can provide unique insights into the demographics of your audience.
They will also score your audience using their unique Follower Health Score. This helps prove you have a high-quality audience. You get a simple to understand score from -8 (mostly bots) to +8 (100% real, engaged audience). Proving your account doesn’t suffer from follower fraud will help you get paid better on Instagram.
Grapevine: This is a great network to use once you get over 5,000 followers. This barrier allows them to offer excellent sponsorship opportunities. The area where they really stand out is in customer service. They have a dedicated team for working with influencers. This team is proactive about making sure you are happy and earning what you deserve. This is a network that attracts a lot of early-stage startups. So you may have the opportunity to promote cutting-edge, exclusive products.
Shoutcart: This is a marketplace you can use to monetize your Instagram audience. Brands can buy a shoutout from you just as easily as buying an item from an eCommerce store. You simply publish a profile and let people know what you have to offer. It also gives you a great way to build your reputation. Potential sponsors judge you based on a transparent scoring system. This way, the hard work you put into building engagement is verified. This feature increases the fees you can charge. And allows you to earn more money with your Instagram followers.
Conclusion: Do you need a lot of followers to make money on Instagram?
If you are creative with your account and respectful of your followers, then you can earn money on Instagram. The easiest way to do this is by selling your services as an influencer. In the end, the amount of money you can earn depends on your niche. If you are posting photos about cooking on your account, you will earn less for sponsored posts than someone who is promoting a jet-setting luxury lifestyle. However, regardless of your niche, if you keep growing your audience while working hard to maintain great engagement, then you will always be an attractive partner for brands.
One way to see where the limits are for your niche would be to look at the content of other successful Instagrammers in your category. Look at the kind of companies that they promote. Ask yourself whether these are the type of brands you would want for your Instagram page. From there you need to focus on your photography, storytelling, and marketing. Grow your following as much as you can, create a culture of engagement with your audience. And when the time comes, don’t be afraid to negotiate for what all that hard work is worth.
All this definitely takes time, it’s not going to happen in a few weeks. That’s why it is so important that you choose a subject for your Instagram that truly inspires you. Some people choose a niche just because they think it’ll be profitable to sponsors down the line. Their profiles lack the passion and authenticity necessary to be a real success.
How Crowdbabble Can Help You Make More Money on Instagram
Crowdbabble can help you with our Instagram Analytics, which lets you see how your audience is engaging with your content, with proven metrics that help you grow your followers and make more money in the process.