Earning from digital platforms has become a new profession of this era. Have a large audience on your blog or YouTube channel then make money from monetization.
Making money from YouTube has become a cliche idea; however most the content creator does not realize the potential of Instagram to make money.
Those who do realize its potential are still curious to know how to make money on Instagram.
The truth is that Instagram has much more ways to make money than any other digital platforms. It was started as a photo-sharing app, but now it has become a business platform.
According to Statista, Instagram is the 3rd leading money-making platform for content creators.
How to Make Money on Instagram in 2020
There are best five proven ways that can help you to make money on Instagram in 2020 that are,
- Flipping Instagram Account
- Affiliate Marketing
- Product Promotion
- Sell Product on Instagram
- Selling Shoutouts
However, most of the methods required you to become an Instagram influencer to make money. But do not worry, later in this post, I have mentioned an easy hack to become an Instagram influencer in no time with engaging followers.
But first, let’s start with the methods to earn money from Instagram.
1. Flipping Instagram Accounts
You can make money on Instagram without even have any following. You can do it by start flipping Instagram accounts.
What is Flipping Instagram Account?
Buy Instagram account for a lower price, do some optimization, and sell it for a higher price.
You can quickly earn money from flipping Instagram account. However, you must have some prior knowledge about the niche of the account you are buying, so you can differentiate between good and bad deal. It will help you to understand how much profit you can earn from reselling an account
It is better to go for the account you have excellent knowledge.
But, there are a couple of things you should know of flipping account.
- Always buy an account that you know can sell whenever you want. It means you should be familiar with the market.
- Do not sell it immediately buy an account and try to optimize it for a couple of months and then resell it with added value.
There are many scammers present in this business as well, so try to conduct a transaction with some financial service like Flipmass or whatever service you prefer.
2. Affiliate Marketing
If you do not know what affiliate marketing is, here is a brief definition for you.
You sell the products of other people and receive a commission on every sale that is referred from your channels.
Many people make money on Instagram from affiliate marketing, all you need is the right audience that influence brands to contact you for an affiliate program.
To earn from this method, you need to have a product to promote on your Instagram story or post. Brands are very cool to promote their product in the affiliate program, as it is the win-win situation for both parties. If you want to promote any particular brand, then go ahead and contact them. You can also explore some affiliate marketplace network from where you can quickly get your affiliate link. Some of them I am mentioning below.
Amazon offer its affiliate program that is easy and free to join. You can easily find a product of your niche and get an affiliate link to advertise on your Instagram profile and earn 10% in sales commission.
Similar to Amazon, Aliexpress also offers its affiliate program and offers 8.5% on sales.
It is an open platform for everyone looking for a product to promote in affiliate marketing. It offers a large variety of products from multiple categories. You can select the category and choose the product that you want to promote and earn commissions on it.
It is a platform founded by an influencer for the influencer. It has a network of 4500+ fashion and lifestyle retailer that offers a 20% commission to promote their products in an affiliate program.
Affiliate marketing creates a win-win situation for the brand as well as you. However, having a large audience does not guarantee success in the affiliate marketing program. You need to pick the product to promote in your niche that is relevant to your audience. Otherwise, you would be labeled as ‘sell out.’
3. Sell Products on Instagram
Now, you can sell directly on Instagram.
First try to create a unique name for your account that should be related to your niche. Start listing the products on your account.
With Instagram new checkout feature, you can sell product via Instagram stories and post. You can drive your follower from the post to the product page, and the customer can purchase the product on Instagram by tapping the Checkout button.
You have many bright chances to sell your product quickly on Instagram than any other platforms as 72% Intagrammer instantly purchase the product they saw on this App.
130 million Instagrammers tap the shopping posts to see the product tags in shopping posts each month.
If you do not want to sell directly on Instagram, you can also use it to drive traffic to your store as Instagram is the largest source of referral traffic to other websites.
If you own an e-commerce business or a blogging website, then this is the platform from where you can get the maximum referral traffic to your site.
By promoting your product in the right niche on Instagram, you can quickly sell your dropshipping products to the relevant audience.
4. Become an Influencer and Promote Branded Products
I know this is one of the most cliche things to hear, but you cannot ignore this when you are talking about making money on Instagram.
It is the most conventional way of earning money from Instagram. However, it is one of the most profitable ways to make money on Instagram.
Even a micro-influencer with 10k – 50k followers charges few thousands of dollars for a single post.
The influencer with around 1 million followers can get up to $10k for a single post.
According to Captiv8, the influencer with over 7 million followers can earn up to $150,000 per post.
How to Become an Instagram Influencer?
To become an Influencer, you have to create a persona around a particular specific niche.
Select a profitable niche, post consistently, strategically, and use relevant hashtags to gather the audience.
You need to post quality and valuable content for your audience and use the right hashtags that connect with your brand’s audience.
How many followers do you need to become an Influencer?
Well, as I said earlier that even a micro-influencer could make a few thousand dollars. So, you do not need to touch 100,000 or 1m mark to start earning from a sponsored post. All you need is a decent following; even 5000 followers is enough if you have an active audience.
Remember, 100,000 will not get you any brand if the audience is not engaged with your post.
Even the influencer with 1000 following is good-to-go to start making money from Instagram.
Hack to Become an Instagram Influencer
You can become an influencer by just giving a solution to the problem you are having.
For example, if you have acne and you found a treatment from homemade remedies. You can tell the audience who are having the same issue and make an influence.
First, search the impact of your niche by just searching #(your niche) to see the search volume.
Like here, I take “Acne.”
More than 4 million posts have used this hashtag.
You can start making videos or provide a before and after images of your treatment. You can quickly gather the right audience from all over the world as the majority of girls have this issue.
Once you get the engaging audience, you can quickly get brands to collaborate with you, or you can also get an affiliate-marketing link of the product.
Here I found this account Instagram for reference with just 178 posts it has almost generate 14k follower and it is just a year old account.
Once you get the engaging followers, you can easily get brands to come to you for collaboration.
There are thousands of niches on Instagram in which you can penetrate. Like if you are a Football fan and do freestyle football, you become an Influencer by posting freestyling videos and teach the audience how to freestyle.
All you need is the right niche, consistency, valuable & high-quality content for your audience.
How to find Brands for Collaboration
Since there may be numbers of influencers in your niche, there is a possibility that you get overshadowed by big names. Do not worry; you can look into the marketplace to receive collaboration with the brands.
Just register yourself in these marketplaces, you will find many brands to collaborate.
5. Selling Shoutouts
Now you know how to build your audience and become an Instagram influencer now can earn money on Instagram from one of the easiest ways.
Once you grow to initial 10k – 30k audience, then you can fall into the eligible category for shoutouts. You can earn money by allowing small accounts to grow from your audience or even by giving shoutouts to some event and promotion related to your niche.
However, you have to be very careful in selling shoutouts that it should not damage the integrity of your Instagram profile.
I hope that this post would help you in getting the ideas to earn from one of the largest social media channels right now.
However, it takes time and patient to grow on this platform and make your profile credible, but once you do that there is no stopping of earning.
To see some quick result, I would recommend running multiple accounts at a time that is built around some persona. So you could have a collective following along with multiple opportunities to earn from different sectors.
If you have any idea of earning money on Instagram, feel free to share them in the comments below.