Unemployment is at an all-time high with the spread of COVID-19, and as a result, more and more people are desperately searching for creative ways to make money. Some are turning to the gig economy and doing freelance work while others are monetizing their artistic hobbies. The internet is vital when it comes to making money in today’s world, and social media, particularly Instagram, can be a great tool if you learn how to utilize it the right way. Read on to learn seven ways to make money on Instagram.
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An influencer is a term that gets used quite often nowadays, but few people truly understand the meaning. An influencer has the power to affect the purchasing decisions of a specific audience based on their activity on social media or other online platforms. Influencers tend to have massive followings in particular niches, and people look to them as an authority figure because they have built up a reputation of knowledge and expertise on a specific topic. Brands want to capitalize off of these influencers and will often pay them to make posts about their products to help increase awareness and ultimately, sales. It’s difficult to determine the exact number of Instagram followers you need to attract brands to pay you for sponsored posts as it depends on your niche. Some niches, such as fashion or food-related accounts, typically have a lot of competition, so you will need a significant amount of followers in these industries to stand out. It also depends on the engagement of your followers. If you have 100K followers, but most of them are bots or fake accounts, you won’t be too attractive to big brands. However, if you have 50K real individuals who actively engage with your posts, big brands will see the advantage of working with you.
Become a Brand Ambassador
Some big brands want a dedicated influencer to make frequent posts regularly, promoting their brand in a positive light. Brand ambassadors often get free products to try and promote, so there is a bonus for becoming an ambassador! While influencers tend to be paid per post, brand ambassadors typically get paid in a lump sum. These professional relationships generally are more long term and involve a contract that requires an influencer to post on a set schedule, following strict guidelines.
Sell Products Online Using Instagram
If you have a product, you own or make you feel there is a demand for, consider creating an online store and promote it through Instagram. You can make posts about what you are selling and have a link in your bio to your e-commerce shop where people can purchase your product. Instagram has also launched a “shopping on Instagram” feature that allows users to add product tags and stickers to their Instagram story to market their business further. With this update, people can purchase the specific product they are seeing by clicking a tag rather than navigating to the online store and trying to find the item they saw on your page.
Sell Services Online
You can promote and sell your services on Instagram if you have a service that is in high demand, such as photography, cooking lessons, modeling, etc. Photography is an excellent service to promote on Instagram as you can display your talent directly on your profile. Your profile is your portfolio, so it’s easy for an individual to decide whether they like your style. Selling classes is an ideal way to make money using Instagram, as you can upload short clips or videos demonstrating the level of instruction you provide.
Sell Photos Online
Instagram is, at its core, a photo-sharing app. Therefore, it’s primary purpose is to connect with others through visuals. If you have a professional-grade camera and can take high-quality pictures, you can sell them on Instagram. You can then use your profile to promote your business with relevant hashtags. Because digital photos don’t have shipping costs, as long as you calculate your overhead expenses, it is relatively easy to make money selling digital products.
Dropshipping is a business model that allows individuals to sell products without ever holding any inventory. A user will promote products on their Instagram page, and once they make a sale, the supplier will ship the product directly to the customer. Shopify’s e-commerce platform integrates with the Dropship business model and allows you to experiment with your Instagram account to find the most profitable niche. Starting a dropshipping business provides an easy way to make money, and promoting your products with quality photographs posted on Instagram is a great way to take advantage of free advertising.
Affiliate Marketing Using Instagram
Many brands choose to sell their products through an affiliate program to save money on marketing. As an affiliate marketer, you work for a brand selling its products on your page and receive a cut for every sale you make. While an influencer’s goal is to increase awareness, an affiliate marketer doesn’t make money unless they make a sale. Therefore, they are more motivated to get people to buy. With this kind of marketing, your posts should target a specific audience, and your marketing strategy should be aggressive. What started as a way to share photos with friends and family has quickly turned into a money-making machine. Used the right way, Instagram can be a great way to make money online when times are so uncertain. The above ways to make money on Instagram are examples many people have used, but there are numerous creative ways to use Instagram to help grow your online business.