If you’ve built a following on Instagram and want to monetize your platform, take note. There are many ways to make money on Instagram.
Although there are several factors that will determine how much money you’ll make—including your niche, the number of followers, and their engagement rate, even nano-influencers can earn some income with the right approach.
Here are five methods to launch your income on Instagram.
Become an affiliate
You can work with a brand as an affiliate to earn commission from the sales you inspire. If a consumer uses the unique promo code that you shared or makes a purchase that originated from your Instagram post, you earn commission.
There are countless online merchants offering affiliate programs for influencers, or you can go through a marketplace like Amazon Associates or ClickBank.
More than 200K fashion and lifestyle influencers in 100+ countries have seen success with LTK, an invitation-only affiliate network offering 20% commissions.
Create sponsored posts for brands
Even nano influencers can earn free products and compensation by creating sponsored posts for brands on Instagram. That’s because many brands are less concerned about the quantity of followers than they are the niche of the target market.
Aren’t sure how to start working with brands? Read How to Approach a Brand You Want to Work with as an Influencer for specific outreach tips.
Encourage viewers to buy badges
When influencers create live videos on Instagram, their fans can purchase Badges in $0.99, $1.99 and $4.99 increments. This new feature allows content creators to earn “tips” from their followers while simultaneously building engagement when the influencer thanks them for their support.
To get started, just go to your Professional Dashboard and click on the Badges tab. Then set up your preferred way to accept payments, either via PayPal or your bank, before going live.
Offer subscriptions to exclusive content
Influencers’ most loyal followers are sometimes willing to pay for subscriptions to exclusive content that’s not accessible to everyone. Fans can subscribe to exclusive content for a monthly fee, which helps you generate income.
You’ll control the content and the price point for the subscription. Subscribers get a badge next to their name so you’ll be able to clearly identify them in comments and direct messages.
On Instagram, any exclusive content is highlighted with a purple ring. It’s vital that you create a regular schedule so subscribers know what to expect and when. To make your most loyal fans feel valued and continue their subscription, ask for feedback, invite them to join you in a live room, or offer them value-added services like consultations.
To get started, check your eligibility for the invite-only service by ensuring your account complies with the Partner Monetization Policies.
Set up an Instagram shop
Plenty of influencers now sell merch through their websites, but Instagram makes it easy to sell your wares. How? You can tag products in Reels, add shopping stickers to your stories, or host a live shopping event where you can tag a collection or up to 30 products.
When plus-size-fashion influencer Katie Sturino tagged her Instagram photos with links to store accounts, including her Amazon Fashion line, it allowed her followers to simply click on the product name to make a purchase.
To get started setting up an Instagram shop, simply follow these steps:
- Confirm that your profile is a creator account or business.
- Go to Settings in your app and tap “Business” then “Set up Instagram Shopping.”
- Follow the directions to connect your website or a shopping catalog.
- Add products to your Instagram shop and publish it.
Use any or all of these ideas to start earning money from your Instagram account today.