5 Steps to Monetizing Your Instagram Account
Making thousands of dollars each week just by posting images on social media is no longer an unachievable task. Over the past years, many influencers all over the world have been making a living using their Instagram accounts and paving the way for a new career path. While it certainly requires lots of determination and organization, with the right strategy in place, it’s completely possible to achieve a regular cash flow by monetizing your Instagram account.
There are currently over 800 million active Instagram users, and a growing number of these social media-savvy individuals know that Instagram can be used for not only sharing posts with friends and family but making money with active and engaging accounts. Turning your Instagram account into profit is achievable and won’t happen overnight, but it’s important to set realistic goals when starting out.
1. Build Connections
While it is possible to make money from posting on social media, those who go overboard with product placement and blatant advertising will often be ignored. Instead, you want to draw users to your account with insightful and engaging content. It’s all about building connections.
It’s equally important to develop trust with your followers and page visitors. Remember that people visit Instagram for the images and the messages, so it’s important not to seem like you’re trying to get your users to do or buy something. If visitors see your page filled with sale items and product call-to-actions, they will be turned off. For example, Coca-Cola and Nike aim to entertain instead of always having a call-to-action for their users
2. Post Your Passions
To actively engage followers, you want to post and share content that will inspire others, make people laugh, teach someone something, etc. The best way to do that is to share content that you are passionate about.
For example, if you love to travel, create a page that revolves around travel and aims to share the most beautiful travel content. You can also create repost pages and display the gorgeous images of other photographers that you admire (after giving proper credit, of course). By sharing this type of content, you can show your passion and inspire others to explore the world. It also helps to pick a niche that you have extensive knowledge in. People are more likely to pay attention to an expert than a novice who just likes to take pictures. If you are into fitness, for example, you can share your exercise routine and client success stories to quickly grow your following and set yourself up for financial success. Passion plus dedication often result in successful monetization.
3. Learn From Others
The great thing about success on Instagram is that it has been done before and you can take inspiration from the achievements of others to learn how to gain your own social media success.
Famous bloggers and influencers such as Michelle Lewin and Nash Grier are increasing their followers and their opportunities for monetization on a daily basis. Many of these and other influencers can make anything from $10,000 per every four posts to upwards of $100k per campaign.
There are also many Instagram users who have made money with Instagram and are willing to share their stories. These specialists give you their own approaches on how they add subtlety to their product placement, how they organize events and contests, and what steps they take outside of Instagram to keep the money flowing. When you feel comfortable, engage with these potential mentors and ask about their journey to success. You can also do yourself a favor by finding successful Instagram pages in your niche to explore what they are posting and how they are monetizing their pages.
4. Use Tools to Attract Followers
Data analytic tools such as Iconosquare allow you to fully understand which posts are attracting the most attention along with the type of engagement you are receiving. You can use this information to see what works and where you could pull in the most profit.
If your strategy is to share inspiring content from another user in your niche, you can let repost apps do the work for you. Ask any successful Instagram user, and they will all tell you that any chance of monetizing is out the window if you do not post on a regular basis. If you are forgetful, you can use apps such as Buffer or Hootsuite to schedule your posts in advance and at specific times of the day.
5. Know Your Worth
Once you have learned from others, practice trial and error, and partner with brands willing to get your monetization efforts underway. Think about what your time and efforts are worth.
An easy way to judge how much a profile is worth is by factoring in how many followers you have. Near the beginning, you might work with a brand for free, or you might give away free stuff, but once you get up and running, you will want to put a dollar amount on your time and influence.
Most consider a pay-per-engagement system where you get paid based on the engagement your posts receive. This pay rate can increase dramatically, with cost per post being as low as $5 for small-time posters and leading up to $18,000 per post for the most beloved influencers.
Instagram monetization is a goal that can be achieved by any blogger, photographer, business, or potential influencer willing to take the time and effort to make it happen. As long as you understand that there is more to gain by building trust with strong engagement then there is by making blatant attempts at pushing products, then successful monetization is a realistic endgame.