How To Monetise My Instagram In 2024
According to InfluencerDB there are more than 500,000 influencers on Instagram. These influencers come in all shapes and sizes from reports Dwayne Johnson is paid around $1 million for a single post on Instagram all the way down to individuals selling homemade products. The goal of any successful influencer is to turn your followers into buyers and there have never been more ways to do it.
Brands have loved the opportunity to sell their product or service through influencers, so now is the best time to earn extra cash through Instagram. A good place to start and ensure a good engagement is to understand your followers. Understanding the demographic of your followers will also streamline the process of working with future brands. The first step is to set up your Instagram business profile. Once your business profile is set up you can simply go to Insight and then Audience. Here you will see the most important statistics: age, location, and gender. Finally, you need to understand what type of influencer you are. It is not only the Kylie Jenner’s of the world that are wanted and needed by these brands.
Types of influencers
Mega Influencer – Now this is the Kylie and Kendal Jenner’s of the world. Any influencer with over 1 million followers. These influencers are often the targets of global brands, such as McDonald’s, Nike, and L’Oreal, where reach is key.
Macro Influencer – Similar to mega influencers, the main difference being macro influencers usually rise to fame through the web or often emerge from reality TV. These often have a follower of 100K+
Micro Influencer – Now we’re hitting the sweet spot. Micro-influencers have an engaging and loyal following of anywhere from 10K- 100K. More brands have started to move down the scale as they meet both reach and engagement.
Nano Influencer– Similar to “Micro Influencer’s” The rising demand for influencers has pushed brands to seek new types of social media influencers. This has contributed to the rise of nano-influencers. The Nano influencer is your average Jo, with followers between 500 – 10K follows.
Now you have figured out who your followers are and what influencer category you fall into, it’s time to pick the method which is best to monetize your Instagram. Below are the most effective yet simplest methods to monetize your Instagram in 2024.
The 3 Methods of Monetizing Instagram in 2024.
1) Sponsored Posts
This is simply where a brand would pay to get in front of your audience with the aim of generating awareness and engagement in a product or service. The primary beneficiaries of this type of monetization method are “Mega” and “Macro” influencers. The reason is because the majority of larger brands are simply looking for reach. As a rough guide, you can expect to get between $6-$10 per 1,000 followers.
You may think this avenue is for the already established influences but what brands are often looking for is an influencer with an engaging and trusted following. Therefore it is possible to get the ball rolling with only a few thousand followers. A good starting point for Nano and Micro is to reach out to the brands they would like to work with through “Tags”. Blogfoster give a great step by step guide on how to gain sponsorship on Instagram. Additionally, there are sites such as ttagz that offer incentives to influencers willing to promote businesses on their social media.
2) Affiliate Marketing
Affiliate marketing is when you advertise other companies’ services or products and earn a percentage of the sale if people end up buying thanks to your promotion. Affiliate marketing is one of the oldest and most used methods to monetize your Instagram.
As it is a performance based the affiliate is rewarded once a customer has purchased the product or service through the “affiliate link” and is then paid a commission of the sale.
Many affiliate programs use a CPA model but other measurements may be used such as CPC (Cost per click) or CPL (Cost per lead), others such as fashion affiliate programs, often work on revenue share model.
What attracts many influencers to affiliate marketing is that you can do it at scale. A typical salesperson only sells products from one company. As an affiliate marketer, you can promote products from many different companies and earn commissions from all of them.
One of the most difficult steps in getting your affiliate campaign up and running is finding the best affiliate program for your audience. This is where TheAffiliateMonkey can help by allowing you to see hundreds of affiliate programs across different industries and networks all in one place. Here’s how it works:
- Use theaffiliatemonkey to find the best affiliate program for you.
- Sign up as an affiliate.
- Use the provided unique URL link or code in your Instagram post(s)
- You receive a commission of the sale.
3) Sell your own products
A bit more work but potentially more profitable, selling your own product is a great way to engage your followers and monetize you’re Instagram. This is often for the more creative individual. Unlike the other two methods, you are leveraging your own follower not for a third party but for your own products. Business Instagram have put together 9 tips on how to get started with selling your product on Instagram.
4) Be a brandambassador
Instagram’s sponsored posts work well, but most companies prefer establishing long-term relationships with influencers. Also, now is a great time not to be a celebrity influencer as brands are looking to engage with influencers with less reach and more engagement.
Therefore, they seek ambassadors for their brands who can promote them regularly. As Instagram is the most popular platform for influencer marketing, users can easily find programs for brand ambassadors on it. When you have a good following, you can promote the products of top companies. Furthermore, large brands often provide free products to influencers for their reviews and promotion.
For better results, brands choose influencers with a following representing their target audience. A brand will often hire micro-influencers in a particular niche because their audiences are more engaged than the audiences of major celebrities.
5) Sell online courses
Another great way to monetize your Instagram is to sell online courses. If you have a loyal Instagram audience that loves your educational content, you can easily monetize it by creating a supercharged online course. In fact, many creators create online courses after receiving requests from their audiences.
You should nurture your audience before you launch your course if you are already planning to do so. You should make your clients feel like you are a leader in your field. Afterward, it will become much easier for you to direct them to the course sales page because they will be interested in it themselves.
6) Creating a Video Streaming Service
This is a lucrative method of monetization for influencers who already have an engaged and active following. You can start a premium video streaming service on your Instagram feed and make it exclusive for those willing to pay a subscription fee which can be renewed monthly. Research has shown that up to 5% of followers on Instagram are converted into paying subscribers to certain video streaming services.
A good example is BFUNK. They’re a dance group with over 338k followers on IG. They usually rake in at least tens of thousands of engagements on their videos.
They post sneak peeks of their choreography and dance tutorials on their profile feed to get their audience salivating for the exclusive content. Followers who pay for the premium videos are referred to the dance group’s video streaming platform.
Video Product Placements
Product placements as a monetization technique on Instagram became a trend with the emergence of video as media content. Certain brands pay you to advertise their products in your video. It’s also referred to as embedded marketing.
Product placements can be subtle (the influencer can be seen using the product or service without saying anything). It can be in your face (the influencer talks about the product or service and the benefits to be enjoyed from using them).
There are four kinds of videos on Instagram used for product placements.
- IG Reels: This is a short video on Instagram that doesn’t last longer than 15 seconds.
- IG Stories: This is a temporary video post that doesn’t last longer than 24 hours. It can be a live or recorded video.
- IGTV: Video posts that last up to 15 minutes.
- IG Live: This is strictly for live videos. They’re interactive, and they can be saved later on your profile.f
For more tips, visit our homepage and compare hundreds of affiliate programs and see which affiliate program fits you best.