5 Tips on Making Money on Instagram in 2020
Instagram continues to be a dominating social media network with over 1 billion active users of June 2018, and consumption grows midst a pandemic. Instagram belongs to Facebook and has played a central role in shaping pop culture and creating a new marketing term Influencers. With the social dilemma shining a light on the dark side of Instagram, social influencers need to understand their role as they play a key part in shaping their followers whether they want too or not.
- Launch a Video Streaming Service
- Teach What You Know
- Create Sponsored Content
- Sell your own Products
- Sell Affiliate Products
According to Shopify, IG accounts with 10,000 to 100,000 followers can make around $200 a post by acting as influencers for ideas or interests or by sharing photos and posts about sponsoring products. Accounts with 100,000 to one million followers can make $670 a post.
Monetising Video Content
Expand on your creativity by looking at ways to create valuable videos for people who are already hooked on your IG feed. Instead of posting content every day and flooding your IG page, you can create funnels for other platforms. Allowing you to expand your content but by boosting the quality above the norm as you will be more motivated on ensuring your fans are loved. Design your content you want to monetise by being able to passively earn for your hard work – the best part, you can use snippets of what you do to help promote your paid streams by also providing value for your free streams.
Teach What You Know
The fastest way to ensuring your financial freedom is to monetise your self. Organise your knowledge and skills into a digestible format, commonly e-books, audio, and video courses on Skillshare or Udemy. (We are also launching a platform like this, stay tuned!). Find a common question for your areas of expertise and create post series answering them, and then have a call to action to a platform where they’re able to purchase your skills.
Here are more examples:
- Design: How To Create a Unique Logo With Calligraphy Tools
- Parenting: How To Take Social Media Safe Pictures Of Your Kids
- Wellness: How Music Boosts Our Productivity
- Dance: How To Choreograph An Instagram Reel
- Foreign Language: Common Phrases You Need To Know
They don’t cost much to create and you can sell them in a wide range of prices, from $9.99 all the way up to $1,000
Create Sponsored Content
Generally, there are three types of posts, brands will ask you to do:
The key to making the most is having a high engagement rate as having an account with a huge following with a low engagement rate is not the key to passive income.
Financial freedom in 2020 is revolving around income streams where you are able to monetise the hard work you already have put in. If you spent the last 5 years creating an Instagram account and have become an influencer – it may be time to start considering monetising your account.
Find businesses or brands willing to provide you with a unique URL link or code which you’re able to put into your posts and receive a percentage of every purchase made. Affiliate marketing should be the first step for anyone who has an Instagram account and needs an additional revenue stream.
If you purchase from a small-business frequently, consider reaching out to them if they’re able to provide you with an affiliate code. You can expect to earn a commission percentage ranging from 10% up to 50%.