You may have heard of the Instagrammers who are making money from the photos they take and share every day. You might have even looked at your own Instagram profile and thought “maybe I can do this too!”
Just like YouTubers and bloggers, Instagrammers have influence and reach figured out. These are the two things many brands are struggling with.
Together, these two factors give you the opportunity to experience a high stream of potential revenue, whether you want to build a big one or need some extra cash to buy a book!
How many followers should you have to make money?
If you are wondering how many followers you need to do it, the short answer is “not as many as you think dear.”
The long answer depends on many things:
- How engaged your Instagram followers are (100k fake followers can’t do anything for you)
- What industry and niche you are in and how quickly you can get into a product category (beauty, fashion, food, and fitness are the popular ones)
- Which revenue channel you want to explore?
The more engaged followers you have, the more money you can make. While top influencers make thousands per post on Instagram, even those with a less but engaged following have the potential to make some cash.
How to make money from Instagram?
Depending on your type of content, your level of commitment and your audience, you can make money on Instagram in these ways:
- Selling your photography or artworks.
- Doing sponsored posts for businesses and brands that want to get exposed and get in front of your audience.
- Creating and selling a digital or physical product, or offering a service.
- Becoming an affiliate for some brands and making a commission from selling their products.
The good thing here is that by choosing one revenue stream wouldn’t rule out other ones. So let’s start with the most popular way of making money on Instagram: being an influencer for brands.
Work with brands as an influencer
The phrase “influencer” is being heard a lot these days. An influencer is technically someone who has built an online reputation for themselves by creating and sharing interesting things online. To their followers, they are trendsetters, tastemakers and trusted experts whose opinions are respected.
Many brands who can’t compete with that become partners with influencers instead of sponsored posts and get them to talk about their products. But it’s not the reach and size of Instagram accounts that businesses want. It’s their audience’s trust and engagement with their content.
It can be hard at first to balance your revenue as an influencer and honesty as a creator. But If you are not relying on your Instagram income a lot, you can be selective about the companies you work with, just as they will be selective about you.
How much money should I get as an influencer?
Basically, the influencer agreements involve the creation of content or an Instagram post, story or video and can sometimes require permission for the brand to use it in an ad or on their website.
Most of these arrangements are negotiable and can include a single Instagram or an entire campaign in exchange for a payment, a free service, product or gift or a combination of all.
Remember when negotiating that you are not just offering content, but also the access to your audience, usage rights and a potentially broad reach on Instagram.
In a survey of 1,000 Instagram influencers, around 45% said they charged between $250 to $400 per post, just to give you an example on how much some brands are willing to pay based on the cards you are holding.
Finally, it is essential for you as an influencer to know your audience. Also, you can dig up your engagement numbers to find out the taste of your audience. You can get these numbers by using the Instagram analytics report.
How to find brands to work with
If you have enough follower base, the chances are good that brands will find you. But you can also search for brands to work with that are on the same level of values and personality as you so your followers won’t feel like you’re “selling out.” You can contact them directly to try to work out a deal, but you can also list your account on one of the many influencer marketplaces to expand your chances of being found.
Become an affiliate
Unlike influencers, affiliates are more invested in making sales for their partner brand in exchange for a fee or a commission.
This is usually done with a unique promo code or a trackable link to make sure clicks actually lead to sales. Since Instagram doesn’t allow links anywhere outside of the bio, you can only concentrate on one product at a time for affiliating, or you can use some apps to convert multiple links into one general link.
Open your own online shop
You can easily create some products like handicrafts or digital services to sell on Instagram. With the new shoppable posts feature and Instagram online stores, you can sit back and enjoy the process of making money.
There is a world full of opportunities out there on Instagram for you, all you need to do is getting to a reasonable level of followers and engagements and build a strong relationship with your audience, to make some extra cash. There is always some room left for your creativity, change your perception of online marketing and find something new to make money from on Instagram.
What is your creative way of making money online?