These days we’re all looking for ways to make a little extra cash. While making money out of social media and Instagram in particular is no new thing, there’s never been a better time to monetise your following and have fun in the process.
Many of us are addicted to the thrill of getting those likes and seeing who viewed our stories, but there is much more money-making potential beyond all of that. If you have a decent following, then monetising your Instagram is the next logical step.
In this post, we will be taking you through different ways of monetising your Instagram following, but first, let’s take a look at how many followers you need to have before this becomes a a realistic option.
Before you consider monetising your following, you need to be considered a micro-influencer, with at least 10,000 followers.
Even though your follower count is not as important as your influencer “status” when monetising, you still need a large following to be able to reach more people, sell to more people, earn more and generate higher ROI. Essentially, the major factor here is the number of engaged followers you have.
If you don’t have up to 10000 followers yet, it’s best to focus on building your following first. That way, if/when you decide to monetise, you will have a better chance of getting the result you want.
Now, if you DO have around 10,000 followers or more, well done! Let’s get started with how you can turn your followers, likes, and comments to cash.
#1 – Sell Products
The introduction of the Instagram shop feature has made buying and selling on Instagram very easy. If you have a large following, you can take advantage of this and sell both physical and digital products. About 92% of Instagrammers have made a purchase after coming across the brand on Instagram. Even if you don’t have a website or a physical store, you can still sell your products on Instagram.
Digital products are easier to sell. If you have physical products you can create an e-commerce store with Shopify or Amazon, this will help speed things up. But if you decide not to, you can still make sales from your home, but you will need to get a logistics company to help you with the deliveries.
If you already have an e-commerce store or a website, ensure you insert the link to the website in your bio so your clients can easily visit your website and make a purchase.
#2 – Sell Affiliate Products
If you don’t have products of your own to sell, you can join an affiliate marketing program and earn from selling affiliate products. About 35% of affiliate marketers earn over $20,000 yearly.
When you sign up for an affiliate program, you are given a unique link or code. If customers make a purchase with the link you will earn a commission. The commission is usually a percentage of the total cost of the item.
Signing up for an affiliate program is simple, straightforward, and takes just a few minutes. You can add the affiliate link to your bio, and add a call to action in the caption of your posts asking your followers to “click the link in your bio“.
The good thing about affiliate marketing is that you can market many products at once. In fact, most affiliates choose to market about 1 to 10 products. This means that you can generate more money. You can join an affiliate marketplace like ClickBank or Amazon if you do not know how to find a suitable merchant offer to promote.
#3 – Do Video Product Placements
Video product placement is also known as ’embedded marketing’ which entails subtly featuring a brand’s product in your videos. This is a very good way of making money on Instagram especially if your videos have thousands of views. Video is the most expensive content form in influencer marketing, with marketers paying between $114 and $3136 per post.
This is not the same as creating a promotional video. With product placement, the product is placed in a subtle but noticeable way. Be careful though, if it looks like an ad or a promotional post, your target audience may be turned off. You can also have links or codes for the products in case your followers contact you on how to purchase the item.
The easiest way to find brands to do video placements is to conduct a manual search and pitch your idea to them. You can show them a sample video you have already made, this increases your chances of getting hired.
#4 – Create Sponsored Posts
Having over 10,000 followers on Instagram makes you a micro-influencer and as an influencer, you can make a lot of money by creating sponsored content for brands. This process is known as influencer marketing. Data shows that 73% of marketers have a budget for influencer marketing, with some marketers spending about $25,000 to $50,000 on influencers per year.
Influencer marketing entails making video and photo content to promote the products, campaigns, and services of brands. Unlike affiliate marketing where you have to wait for a sale to be made before getting paid, with sponsored posts, you get paid a fixed amount by the brand for every post or series of posts you make promoting their product. To maximise the potentials of creating sponsored posts, ensure you focus on brands that are in your niche.