Instagram has many integrated options to monetize creators’ work. You can use Brands Collab’s Manager to partner with brands for a sponsored post, get revenue from Subscriptions, and make money from Instagram Live by converting viewer badges to cash.
Each monetization option has different prerequisites you’ll have to fulfill depending on your engagement rate, your location, and how many followers you have.
Requirements For Instagram Creators
Creators have to be of legal age and have an Instagram Business or Creator account. Not all features are available in every country. Depending on the feature, you need to have from 1,000 to 10,000 followers. Finally, Instagram makes payments via PayPal, so you need an account.
Here are a few ways to make money on this social medium in 2023.
Making money with sponsored content is at the top of the list because most Instagram influencers’ end goal is to collaborate with their favorite brands. Influencer marketing lets people work with brands and promote a service, product, or campaign. Typically, these marketing posts focus on direct product placement through unboxing, giveaways, and tutorials.
Subscriptions For Loyal Fans
Instagram users who have a large, engaged audience on the platform can make money by giving loyal users exclusive access to a content subscription service. If you’re already sharing valuable content on Instagram but want to give your fans exclusive or early access to new products, content, events, or services, this is the perfect way to do it.
Subscriptions, a new feature the platform is rolling out, will offer your fans exclusive, premium content they can’t get anywhere else. You can choose the price you will charge, monthly or once a year. Your payments are made directly through Instagram.
You can start by creating subscriptions for your friends on Instagram. The question is: is someone on Instagram? How can you find out? Go to the person’s DMs. If you see “Active Now” below their username, that will let you know. Both of you need to have enabled “Activity Status” on your profiles.
Sell Affiliate Products
Affiliate marketing has always been a popular way to make money, and it will remain one in 2023. Most products you’re using have affiliate programs, making this one of the easiest ways to get started.
To make money, you promote a brand or business’s products or services and get a share of the revenue. Simply register as an affiliate and use the product or service’s code or URL link in your posts. You’ll get a share of every purchase made.
The barrier to entering affiliate marketing is low. Many great brands have set up self-enrollment.
You may want to use these tips on how to use sociotraffic on Instagram and twitter as well.
Video Product Placements
A brand pays you to showcase its product in your video, and you make money for advertising it. Product placement can be as subtle or as blatant as you make it. There are four types of videos you can use to place products: stories, live videos, reels, and long-form videos.
Stories feature products in short, unedited videos from everyday life. To get engagement in real-time, you can make live videos.
Product placements with Reels can include snack reviews, makeup tutorials, styling, and everything in between. For longer reviews or tutorials, you can use IGTV (long-form video).
You can embed IGTV Ads, the social medium’s new monetization feature if you want to generate a second revenue stream with your product placement videos.
Influencers can also use IG Live’s Live Badges feature to make extra money from their Live product placement videos. Followers can tip using badges by buying one during live streaming.
It’s best to pitch directly to brands with a detailed proposal if you want to start making money with product placements.
Sell Your Own Merchandise
Selling your own products is a great way to earn if you already have loyal fans who want to experience your brand in real life. You can sell home décor, clothes, and other physical goods or digital products like online courses and e-books. You have full control over what you sell, its design, and the price.
To decide what to sell, consider what your audience wears, uses, consumes, or interacts with. The following items tend to sell well:
- Tote Bags and Drawstring Backpacks
- Stickers and Magnets
- Glasses, Mugs, and Tumblers
- Phone Covers
- T-shirts and Hoodies
- Flash Drives
Once you’re on Instagram, here are the tips and tricks you want to utilize when you want to increase social reviews and see the user ratings for monitoring.