In addition to being a great communication tool, social platforms can also be used to earn money. As a matter of fact, there are thousands of people who have made a career out of social platforms. You can also earn through social channels as a part time or a side job. One of the popular social platforms to make money is Instagram. There are several ways you can make money on Instagram. Some of these are described below.
Tips and ads – If you have something useful to share with the audience, you can make decent money through Instagram. For example, you could be an engineer, software professional, physicist, astrologer, doctor, handyman, etc. You could share your expertise and experience with the audience. Instagram allows creators to receive tips from the audience. The tips are referred to as heart badges, which can range from $0.99 to $4.99. Creators can also earn via ads placed in their IGTV videos. This is something similar to YouTube.
Sell your own stuff – Have your own homemade stuff or small business? You can sell your items directly to interested folks on Instagram. You can start small and continue to grow your business on Instagram. What you sell will be based on your expertise. For example, it could be clothes, jewelry, artifacts, recycled / upcycled stuff, artwork, wedding items, craft supplies, accessories, etc. It is expected that Instagram will continue to launch new tools that will allow creators to sell their products in a better manner.
Affiliate links – If you have adequate followers, you can start making money on Instagram through affiliate marketing. You can embed traceable affiliate links or promo codes in your Instagram posts. Commission is usually in the range of 10-20%. It will depend on the type of agreement you have with the affiliate. The most common ones are cost per acquisition model and pay per click. For better coverage, you can become a member of popular affiliate networks.
Brand endorsement – If you have adequate followers, you can directly partner with a brand. The brand you choose could relate to the type of content that you share on Instagram. It can also be something totally new, something that you tried recently and want your followers to experience it too. You can use specialized monetization tools that will help you connect with relevant brands. When you are associated with a brand, it ensures a regular income stream.
To improve your chances of making money on Instagram, you have to be unique and authentic. You need to be transparent in terms of things you may be selling or promoting on your Insta channel. To increase viewership, you also need to promote your work on other social platforms such as Twitter, Facebook, YouTube, etc.