With over 1 billion active monthly users and over 50 billion photos shared to date, Instagram’s popularity hasn’t stopped growing ever since it began its life in the early 2010. Because of its huge global audience and the possibility to find target groups interested in your niche, now is the perfect time to monetize your Instagram business page.
All you need to do is find the perfect approach, invest some time, and do the work. But wait, it’s not as simple as it sounds.
There are some prerequisites to making money on Instagram, the two most important ones being: a decent amount of followers, and an engaged audience. Without these two factors, monetizing your page is close to impossible. This is exactly why we’re going to start this guide by first going over the most essential steps to reaching at least a few thousand engaged followers, and then put some more focus on how to monetize your Instagram business page.
We recommend that you hit the 10k mark before you move on to the monetization part, so let’s briefly go over the 6 essential steps that will help you to achieve that.
Regularly posting content on Instagram has a big impact on both keeping your current followers engaged and acquiring a new audience, and Tailwind’s study only confirms this. If you can post on a daily basis and keep up with this schedule for at least a few months, if not longer, this is exactly what you should start doing.
For Instagram, posting consistently comes before posting a few posts in bulk every once in a while, just as the quality of your posts comes before their quantity. This is why you should take this seriously, especially if you want to start monetizing that page as soon as possible.
But what happens if you don’t have the time to create and publish posts every single day? We’ve got the solution, and it’s called social media scheduling tools. Amplifr is such a tool where you can schedule posts weeks, months, even a whole year in advance. It will give you the best times to post when most of your followers are online, so that your engagement rates are as high as they can be. So check it out and use your 7-day free trial to see for yourself.
Create Video Content
When it first came into existence, Instagram was the go-to platform for posting and viewing photos. As time went by, this visual platform slowly shifted its focus on videos, and the high engagement rates videos get as well as the launch of the IGTV in 2018 are all the proof you need.
You know that in order to monetize your Instagram business page you first need to improve your engagement rates, and videos are perfect for doing that. On average, videos get twice more comments compared to images, and even though this type of content is less common on the platform, they get around 40% more engagement than still images like drawings and photographs.
Knowing this, you can create your own IGTV channel and post how-to videos, Q & A videos, educational videos about your products or services, and so on, by creating your own video series. If, however, you’re not ready for IGTV and long-form content, creating short videos that you’ll post on your business page’s feed at least once a week is something you should at least try doing.
Involve Your Followers in Your Content
Encouraging and motivating your fans to create and share photos is one of the best ways to generate original content on your Instagram page. Not only that, but you’ll also get a good boost in your engagement rates and attract new followers fast.
To achieve this, all you need to do is create a post where you’ll explain the rules of the game. For example, you can encourage your audience to post photos and videos where they’re using your products or services or ask them to include an element of your brand in some creative post they’ll come up with. Afterward, they’ll need to either tag you or add your branded hashtag in the caption, and in return, you’ll share the best ones and maybe even reward the ones you like the most.
The reward can simply be a shout-out to the original creator of the post, but you can also include a discount code to reward your most creative fans so that others are motivated to get involved.
Sign up to Amplifr and connect your Instagram profiles to schedule your posts and receive best posting time predictions
Create Contests and Giveaways
Besides involving your followers in your content, why not go a step further and announce a contest or a giveaway? This will give you an additional boost in exposure and your followers and potential followers will be even more motivated to join in.
One of the first things you need to do is think about the nature of your contest and whether you’ll reward the most liked posts, those with the most comments or will you or your team decide the winners based on some criteria like humor, creativity, etc.
Make sure that the reward is clearly stated in your announcement post so that it attracts attention immediately. If you’re running a giveaway, you can choose the winners at random so that everyone has the same chance of winning, which will in turn spark even more interest.
Build Relationship with Other Content Creators
Working with other content creators, especially those in your field or industry, can be of enormous benefit for both sides.
By building relationships with other creators on Instagram, you can attract new quality followers that are actually interested in your brand and will engage with your posts.
What you need to do is a simple search on Instagram via hashtags to find the content creators in your niche that you can later contact to make a collaboration offer. You can offer to be a guest on their podcast/vlog/show, do some challenges together, or simply promote your accounts by sharing each other’s posts in your Stories.
This might be one of the most effective ways to grow your audience since the other creator’s followers who are genuinely interested in your content will follow your account and vice versa.
Share Testimonials from Customers
To monetize your Instagram business page quickly and successfully, you need to be reliable, dependable and responsible. Although your business may possess all these qualities already, your fans and followers on Instagram don’t know that.
So, how to tell your audience that your customers and clients are satisfied with your products or services? By encouraging your existing or future customers to leave a feedback, review or a testimonial, of course.
You can then create a separate post on your Instagram page where you’ll share your customers’ positive reviews and testimonials and turn prospects into customers as well as potential followers into an engaged audience.
If you want to know more about how to acquire an engaged audience, check out our how to get more Instagram followers guide.
How to Monetize Your Instagram Business Page
Now that you know the essential steps to growing and engaging your audience, you’ll reach that 10k mark in a few months tops. Once you’re there, here are the 5 best ways to monetize your Instagram business page.
Advertise Your Products
This one is pretty obvious, but we’ll briefly go over it nevertheless. If you have your own brand and sell your own products, Instagram is the perfect place to promote them, especially after you reach that 10k mark. If what you sell resonates with your already established audience, then the only way to go is up.
If you want to reach more Instagram users, there’s Instagram advertising at your disposal. Being a powerful marketing tool, investing in Instagram ads will enable you to reach a wider audience that will most probably be interested in what you sell due to the targeting option. If you’re interested in doing this and you want to do it right, check out our guide to Instagram ads so you get your money’s worth fast.
Sell Your Merchandise
Whether you sell products or not, if you have an engaged audience of at least 10k followers, selling merchandise can be one of the ways in which you can monetize your Instagram business page. If you already have your own merch, great. All you have to do now is promote the heck out of it in both your posts and Stories, but do it tastefully without making your followers sick of your posts. You can also partner up with other Instagram creators from your industry and offer them a collaboration by sharing each other’s posts, so both sides reach a wider audience already interested in that niche.
If you don’t have your own merchandise but you like this idea, it’s never too late to create and sell custom merch. Whether you’re an influencer, a musician, an artist, a YouTube creator, or whatever else, all you need is an audience who enjoys your content and engages with it on a regular basis and the will to put some work into designing and selling products.
Promote Products / Brands
It’s 2019 and brands are aware that consumers trust influencers and micro-influencers more than their ads. Their customers are social media users who turn to these platforms for reference and shopping inspiration, meaning you target audience is the target audience to many brands out there. So why not promote the products you believe in to your followers and make some money out of it? After all, this is how most Instagram creators monetize their Instagram business page, and you can do it as well.
With so many businesses looking for influencers, especially micro influencers, if you have at least a few thousand followers you can start making money as of today. Of course, the more followers and engagement you have on your page, the more money you can make, but a few thousand is a good start although we recommend at least 10k followers so you can see good profits. You can actually make $100 per post if you hit the 10k mark, so it’s worth to wait until you get there.
If you use hashtags you might already have some offers given that this is how brands are able to find the influencers they want to collaborate with. But you can also find the brands you want to work with yourself via platforms like AspireIQ and Cohley.
And last but not least, affiliate marketing might be one of the easiest ways for you to monetize your Instagram business page, even with a few thousand followers. Similarly to sharing sponsored posts, you promote products that you like and believe in.
Discount codes usually go along with affiliate marketing, which is how you earn a certain percentage with every product sold.
The process of finding products to promote is pretty simple, given that most projects have a self-enrollment process of just signing up and receiving the product links you want to promote. So most often than not, you don’t even communicate with the brand directly.
Sign up to Amplifr and connect your Instagram profiles for analytical insights and posting time suggestions
To start monetizing your Instagram business page, you fist need to grow your audience to at least a few thousand if not 10k followers and improve your engagement rates. Once you do that, you can earn money in a few different ways. Just decide on one or more methods that work best for you, and get down to work. Just be consistent and have patience, and it’ll all be worth it.