Although working hard and making good money feels great, if you ask us, not working that hard and making excellent money sounds even better. The latter is indeed possible, especially for influencers on Instagram.
But how, you might be wondering? How can you make a more-than-decent salary just by doing something as easy as posting on Instagram? Well, we’re here to tell you.
Without further ado, here are the best ways to make money on this popular platform in 2023.
Is Making Money on Instagram Possible?
Yes, definitely! With over 1.2 billion monthly users, Instagram gives you access to one of the largest audience pools online. Plus, the CEO of Meta, Mark Zuckerberg, points out that supporting creators is one of the company’s main goals.
While you can indeed make a lot of money by being active on Instagram, your profits will depend on your following count. Fortunately, you don’t need that many followers to make a decent living from your content. In fact, even 1,000 followers can be enough if they’re active and engage with your posts.
As for the actual profits — that’s where things get somewhat murky. Namely, neither content creators nor brands want to reveal just how much money they can make through different partnerships and ventures on Instagram.
All you can do is make educated guesses based on their following, the brands they’re working with, and engagement. Of course, it is important to mention one other factor that also contributes to social media success: luck.
According to estimates that take all of these factors into account, an influencer on Instagram can make anywhere from $900 to $1.6 million per single post. Naturally, these numbers are all averages, so the actual earnings vary a lot from person to person.
In case these numbers sound good to you, keep reading. Below, we’ll share some of the best tips for making money on Instagram, both as a brand and a creator.
Making Money on Instagram: A Guide for Creators
If you’re a content creator on Instagram, here are all the tricks you can use to make some decent money.
Find Brands to Partner With
In the Instagram world, partnering up with brands is the most popular way of earning money. You simply find a brand that offers products you love — and whose values align with your own — and ask for a partnership.
These collaborations can take various forms. For example, a brand could pay you to make a post featuring its product. Alternatively, you might get a bunch of free products from a company in return for promo posts, reels, or stories.
Of course, just reaching out to brands, no matter how big or small, might not be enough at first. Therefore, it‘s smart to start off by making a few posts of your own. Are you into makeup or good food? Whatever your niche, take some memorable pics, videos, or reels, and then send them to relevant brands as an example.
In addition, it is a good idea to see what type of posts your target brands usually endorse. By emulating them but still staying your unique self, you can easily show companies you’d be a perfect fit for them.
And finally, a word of caution. If you do get a partnership, make sure that all your paid posts are clearly marked as such. Use hashtags, label the posts as sponsored, and write captions that will let your followers know what the partnership is about. That way, you will respect all of Instagram’s branding guidelines.
In case you live in the US and have more than 10k followers, you can make money directly off Instagram by going live. As its name suggests, this feature allows you to record yourself in real time and share your experiences with your followers.
Now, using a feature called Live Badges, your audience can send you tips that range from $0.99 to $4.99. They simply choose a badge to buy, and the money goes directly to you.
Of course, these badges won’t work unless your audience feels like it is getting something in return as well. So, try to come up with a strategy that’ll ensure everyone’s happy by the time your live session is over.
One example could be to have a live Q&A. In it, you can answer any questions people ask you after buying a badge. Alternatively, you could play games, host giveaways, or do anything else you think would entice your audience to join and pitch in.
Although this type of partnership is similar to the one we discussed at the beginning of the section, it differs in one significant way. Namely, if you join an affiliate program, you get money when your audience buys something from a brand using a code or link you provided.
You’ve surely seen influencer posts that say something along the lines of “use this link to get 20% off your next purchase”. Such a post means that the influencer has joined a brand’s affiliate group. As a result, your purchase would bring them a profit as well.
If you do opt for affiliate programs, make sure you find brands that really fit your image, values, and audience. That way, you’ll stay transparent and true to yourself, and your audience will actually be interested in the brands you choose.
Sell Personalized Merch
Similarly to businesses, influencers can also set up Instagram shops. And if you’ve cultivated your name and brand enough to have your own merch, such a shop is the best way to advertise and sell it.
By selling merch, you can make a profit in the short and long run. For one, you will get money as soon as a fan buys something. In addition, you’ll also get long-term promo whenever fans wear your merch, sporting your logo for everyone to see.
Offer Your Followers Paid Content
If you choose this option, your followers will be paying you directly for a service you provide. For example, you can offer them paid tutorials, masterclasses, or any other similar learning opportunities.
Let’s say you’re into makeup. You can do tutorials for certain looks and have your audience pay a fee to access that material. Moreover, you could also do the same for nail art, fitness exercises, cooking lessons, and so on.
You can also post shorter videos to your page and provide longer and more detailed versions to those who pay. Game streamers and music reaction channels do something similar via platforms such as Patreon, for example.
No matter what you opt for, it’s essential not to forget your non-paying audience, either. Thus, try to post relevant content that everyone can access while still saving something special for those who pay.
Making Money on Instagram: A Guide for Companies
As a business owner, the best way to make a profit on Instagram is through everyday activity, partnerships, and staying on top of all the current industry trends.
Set Up an Instagram Shop
Most people love online shopping because of its efficiency. They click on what they want to buy and check out in a breeze.
But on Instagram, this process can drag on a bit. Namely, someone can find a product they love on the app, but buying it actually entails visiting a whole other site. And sometimes, the link they follow doesn’t take them directly to that product but to the brand’s homepage.
In such moments, many buyers can get annoyed and give up on the search altogether. After all, what is the purpose of online shopping if it isn’t quick and easy? Luckily, there is an effortless way to avoid this and make your money directly off of Instagram — you can open an Instagram store for your business!
Thankfully, setting up a shop is pretty easy, and there are many guides on YouTube and Instagram itself that explain it quite well. To recognize a post connected to a shop, you simply have to look for the little shopping bag sign in the upper right corner of a story or post.
Once you open the store, your followers will be able to access shoppable products directly through your posts. The products act as regular posts, so they can easily appear on your audience’s feed.
Furthermore, users can make a purchase with just a few clicks. Namely, they never have to leave the app to buy what they want, making the shopping process extra convenient. Even better, people can DM you or comment directly on the post, driving your engagement up with every interaction.
Partner With Influencers
Influencer partnerships are a win-win for both parties because they allow them to appeal to brand-new audiences. However, for a partnership to be that successful, it has to be well-planned.
For one, you have to look for influencers that are linked to the industry you belong to. Think about it — it makes little sense to work with a book influencer (a bookstagrammer) if you’re selling makeup. Your audiences won’t match up that well, and neither party will profit enough to call the venture successful.
However, since a lot of book fans adore items such as scented candles and handmade mugs, it makes a lot of sense to partner with a bookstagrammer if that’s what you sell. Following this train of thought, you can find good influencer matches for just about anything you might be selling.
Also, it’s important to find influencers who would like your products anyway (without any partnership). That way, the promo will be more genuine, as the influencer will be able to talk about your products in detail and leave a stronger impression on their audience. As a result, your chances of higher profits can increase as well.
Partner With Other Brands
Besides partnering with individuals, you can also earn great money by combining your strength with other businesses. To achieve that, you will need to find a brand in a related niche.
Together, you can organize giveaways and ask people to follow both of your accounts to participate. It is the best way to increase your engagement and interactions and gain direct access to new followers you can convert to customers.
Aside from giveaways, you can also make special offers that give buyers discounts for certain purchases. For example, if they buy products from one brand, they can get a coupon or discount for the other’s store and vice versa. The possibilities are endless; you just have to be creative and find a partner who has a similar vision.
Make Sure Your Special Offers Reach Your Audience
When scrolling through Instagram — either through stories or feeds — most users are constantly bombarded by sponsored posts. However, the majority of these posts don’t really pique anyone’s interest. They usually advertise random products or brands, and they get repetitive pretty quickly.
However, if a user sees a special offer (an ad for a sale or giveaway) from a brand they love in a sponsored post, they will be a lot more likely to click on it. From there, if the offer is appealing, the chances of the user making a purchase are quite high.
Thus, you should make sure to sponsor or invest money into the posts that will surely bring you engagement and profit. If you’re having a sale or have any other type of special offer, make sure your audience gets the memo as soon as they log into the app.
Trust us — your profit statements will thank you for it.
Advertise, Advertise, Advertise
Last but not least, you can make money by using Instagram to promote your business in every way imaginable. Set up countdowns to new product launches, organize giveaways, and, most importantly, interact with your audience.
The last part is essential, as it will help you form meaningful relationships with the people who purchase your products or services. You can boost your audience interactions in a variety of ways, from asking them questions to making polls on stories.
Either way, it’s essential to show them that you care about their opinion, especially when you aren’t asking them to purchase something. By connecting with your audience, you’ll easily convert casual fans into buying customers. That will, in turn, bring you even more hype and profit in the long run.
Making Money on Instagram Is Just a Great Strategy Away
And there you have it! If you play your cards right and strategize well, you can earn thousands of dollars just by posting pics, videos, and reels on Instagram. From forming partnerships to joining affiliate programs, there is something for everyone, no matter how big or small.
So, don’t wait any longer. Start brainstorming, and come up with a plan that both your bank account and your audience will love!