Knowing the strategy to make money on Instagram is essential as it’s not as easy as it seems to monetize and earn cash from the visual app. It’s essential to hard work, give extra effort, and have a mature Instagram strategy to grow your account and reap the benefits. This article will guide you to monetize your Instagram page in 2022 step by step.
This is a complete guide to earning money on Instagram, how to monetize your Instagram account in 2023
If you’re looking to earn money from your Instagram account, we’ll explain how to do it :)
Instagram is booming with content creators and influencers who earn money simply by doing sponsored posts
Many are tempted to start earning money on Instagram as a side hustle to earn extra cash
There are many new Instagram monetization features available for business and creator accounts
Not only influencers can earn money, anyone can, TBH
Your brand should keep up with the features available to get the most out of Instagram’s features :)
TL;DR: Ways to monetize your Instagram Page:
- For Business & Brands Accounts: Use product tags and badges, Leverage Instagram Ads & sponsored content, Collaborate with influencers, and Use Reels.
- For Individuals & Content Creators: Start a service or sell a product, Become an influencer, and Join affiliate marketing
How to Make Money on Instagram in 2023 💰
Here are 5 things you can do to monetize your Instagram business account.
- Promote services through Instagram Ads (Posts, Stories, Reels)
- Sell your products on Instagram Shop
- Sponsorships with influencers
- Branded content marketplace
- Product Tags on Posts, Stories, Reels
There are types of accounts on Instagram,
And trust me, you can monetize each one of them :)
First off, let’s talk about Instagram business accounts.
This type of account is usually used by brands that want to expand their online presence and increase online sales.
It’s clear that business accounts will have more privileged features from Instagram as the obvious intention of a business account is making money of course.
“What about personal accounts? Can they still monetize their Instagram accounts?”
Of course, the influencers & creators you see everywhere on IG are where the personal accounts started :)
These are 5 things you can do to make money out of your Instagram personal account.
- Sell a product or service
- Teach your skills, hobbies, talents
- Become an influencer
- Sponsorships with brands
- Affiliate Commerce
Now you know a glimpse of the idea, don’t worry, we will explain further about each one of the tactics in the next section.
Let’s understand first what it is to make money on Instagram.
What is Instagram Monetization?
Instagram monetization is the practice of making money with your Instagram account through Instagram Ads, influencer marketing, affiliate marketing, and other methods.
By becoming an influencer and working with brands or making use of Instagram’s monetization features,
Instagram has made it accessible for anyone to earn money on Instagram :)
You simply need to know how to do it properly and once you got a proper strategy that works
You’ll be ready to earn money through your Instagram profile~
It’s available for businesses, brands, entrepreneurs, creators, and influencers
Simply anyone can make money from Instagram!
Making money on Instagram is not that easy
It’s possible to make money on Instagram
Either through the common influencer route – Doing sponsored posts with brands
Or you could become an entrepreneur and sell products or services through your Instagram account
However, it’s important to know that making money on Instagram isn’t as structured as earning money through a regular 9-5 job.
Instagram marketing and monetizing is actually a turbulent process
Even the top influencers admit that they don’t have a regular fixed salary – every month’s different
It’s not as smooth sailing as you’d think it is, but with hard work and effort
Finding the right posting schedule and having a well-planned Instagram strategy
You’ll be able to reap the benefits of Instagram monetizing and successfully earn money through Instagram
How do I monetize my Instagram efficiently?
Now, you must be curious – How do I monetize Instagram?
We’ll list down the various methods depending on the type of account you have :)
1 – For Instagram creators, Business owners, and Brands: Creator shops to monetize the Instagram business page
Creator shops are basically a Shop function within Instagram
Everyone on Instagram has access to the shop function
Consumers will be able to see and view products uploaded by Instagram accounts
But for brands to list their items on creator shops
Brands with both online shops and those who are new to shops are able to sell products using this feature
If your brand has an existing online shop, simply link it to your Instagram profile
Set up your product catalog through the catalog manager found on Facebook Business Manager
If you don’t have an existing shop
You can create one using Instagram’s partner e-commerce platforms such as Shopify, BigCommerce
Product Tags are now a good way to monetize your Instagram posts
You can now add tags to your posts that feature your products
For instance, an Instagram post of a model wearing the latest summer collection
You can add tags to the products shown in the image
When users click on the tags, they’ll be redirected to the Instagram shop feature, and can view more product details, and prices and even click on the call to action button to purchase the product
Not only do product tags work on Instagram posts
You can add them to your Instagram Stories, too!
Simply add a shop sticker or a product sticker to your Instagram Story accordingly
Users who tap on the shop sticker will be able to shop for the product featured on your Instagram story :)
Instagram Live product tags and badges
Yes, this is a super useful feature
Brands can go on Instagram live to announce a new product launch
Or do demonstrations and tutorials to show customers how to use the product
Then, during Instagram live you could simply add the product tag to your Instagram live
And then your consumers will be able to shop the product that was being featured on your Instagram live :)
Amazing, right? We love this feature!
Monetize your Instagram page through affiliate Marketing
Affiliated commerce is a new program for both creators and influencers
As a creator, you’ll be able to earn commission payments for product sales when working with brands
However, this can only be done when both parties – the influencer and the brand – discuss the terms together and set the commission payment amount
With the affiliate commerce feature, there will be a badge shown on the influencer’s sponsored post
This is so that visitors will know that their purchase will directly support the creator and also provides transparency for buyers :)
What is affiliate marketing?
For influencers who don’t know how to do affiliated commerce
Basically, you work with a brand to produce:
- A promo code
- Influencer link
Simply post a picture promoting the brand’s product or service
And tell your followers to make a purchase or sign up for a service using a special link.
That link will be generated by the brand and is unique to the influencer only.
So, whenever influencers’ followers make a purchase or sign up using the influencer’s link, the influencer will earn money
This goes the same for promo codes
When collaborating with a brand, they might provide you with a promo code
This promo code is unique to the influencer :)
Simply include the promo code in your Instagram-sponsored post caption
Telling your followers that they’ll get a discount at checkout if they use your promo code
Then, brands will be able to track how much the promo code was used
That’s how influencers can earn money by having a promo code with a brand
And that’s basically what affiliate marketing means :) Easy, right? ;)
Use Branded content marketplace for your Instagram Page
The branded content marketplace is kinda a matchmaking service between brands and influencers.
But the concept is there :)
Instagram will match influencers with suitable brands based on the influencer’s activity on Instagram
This means that influencers and content creators will be able to match with brands of the same niche and content style
It’s great for both brands and influencers, as they’ll be able to form harmonious partnerships :)
Instagram ad formats to monetize the Instagram page
Advertising on Instagram is an easy way to help your business monetize Instagram
Simply post an advertisement – it could be promoting your products or services
When people view your ads and make a purchase – That’s how you earn money through ads :)
There are various types of ads available on Instagram:
Create Instagram Story Ads to boost traffic to your website
Instagram Stories can be monetized by posting ads via Instagram Stories
With Instagram Story ads, simply add a swipe-up call-to-action link
The user will be redirected to your brand’s website and from there they can make a purchase :)
With Instagram stories, ads will help you gain more views and visitors to your brand’s Instagram page
It’s a great benefit for your business as it increases sales that grow your brand :)
Produce Instagram Sponsored Posts to gain potential leads
With sponsored posts, it depends on what type of post you want
There are single-image photos, which makes your ad simple and clean
It’s suitable for established brands that are already known and don’t need much explanation of what products and services they have
Or you could also use carousel posts
Carousel ads are useful if you have more information you want to share, for example when promoting the details of your service
It’s also more efficient to promote multiple products you’re selling at once using Instagram carousels :)
These sponsored posts feature a call to action link where users can click and be redirected to your brand’s website
From sponsored posts, your audience can make a purchase easily!
Monetize Instagram Reels to reach a wider audience and gain more followers
Reels are now the app’s leading feature to generate the best business results for your Instagram page.
Many have proven its benefits on their content performance, especially regarding reach.
For a single Reel, a micro-influencer can earn up to $300.
Plus, you can grab the opportunity to get paid by Instagram from its payout program, Play Bonus (only for The US creators).
So tempting, right?
However, you need to set up a strategy to leverage Reels in 2023.
Such as creating engaging Reels videos for your audience, producing a creative product selling video, etc.
For further Reels monetization tips, read this helpful article.
2 – Best Monetizing Strategies for Individuals & Creator Accounts
For personal accounts who want to start becoming influencers
Or simply create your own niche content to gain more fame on Instagram and earn money
Here are ways you can monetize your Instagram account :)
Sell a product to earn money and monetize the Instagram page
Art lovers, if you create art or design we highly recommend this for you
Monetize your hobby and passion through Instagram, it’s easy!
If you’re good at handicrafts you can sell your products on Instagram
Making handmade accessories like bracelets, necklaces and earrings are trending :)
Otherwise simple hobbies like knitting a scarf, making and designing clothes
Instagram thrift shops are really popular too, you could try selling your pre-loved clothes and create your very own Instagram thrift shop :)
Anyone can start their own Instagram shop and sell their products at their own pace
Start a service based on your personal skill
If you’re good at teaching, and you specialize in a certain skill
Be it crochet, design, languages, or anything
It could be a hobby, something creative, or an academic skill
Teach others who want to learn a new skill and earn money from teaching :)
You can host these Instagram tutoring sessions via Instagram video call, in the Direct Messages
Become an Influencer to monetize Instagram
You don’t have to become an influencer who posts sponsored posts 100% of the time
Creators can still post their regular personal, and lifestyle posts
Sponsored posts don’t have to be posted all the time
Once a week, or once a month is enough TBH
It’s up to you to decide how many sponsorships you want to do and you can choose your own pace :)
Monetize Instagram as an influencer
If you’re new to being an influencer, here are some ways for you to monetize on Instagram :)
Post reviews on free gifts sent by brands
As an influencer, brands would contact you via Direct Messages to build partnerships
A common strategy by brands is gifting – Sending over free products in exchange for a review
While you don’t earn money from getting free gifts
You could propose to the brand and request an affiliate partnership
So that whenever your followers use your affiliate codes or links
You’ll be able to gain money even though the sponsored posts and gifts are free :)
Contests and Giveaways
Hosting giveaways and contests is an exciting way to gain new followers
Who doesn’t like giveaways?
New consumers will be attracted to follow your page when participating in giveaways
Did you know that when more people follow you, you can gain more money as an influencer?
Giveaways = More followers = More product sales = More revenue from sponsorships :)
Work with brands – Sponsored posts
Now, sponsored posts happen when you gain a partnership with brands
Brands will pay you for posting a review and a picture of their product or service :)
Sponsored posts can earn a lot – it depends on how many followers you have
For influencers with 1k-10k followers, you can actually earn up to $200 per sponsored post! wow ;)
Instagram Live Badges
Instagram Live Badges are a beta feature of Instagram
Simply put, it’s like a tipping system for viewers on your Instagram Live
It’s available for creator profiles and it allows creators to generate income
Viewers of Instagram Live can buy a badge during the Instagram Live broadcast to show support and appreciation
There are three tiers of “hearts” with different pricing options :)
1 Heart – $0.99
2 Hearts – $1.99
3 Hearts – $4.99
Great news for creators – You’ll get to keep/earn 100% of the money given in Instagram Live Badges!
Good news: Meta is preparing all its platform, including Instagram to offer some paid features!
So now, there is no reason not to use Instagram to earn some cash.
They provide all your needs and you just need some good strategies to win.
How many followers do I need to earn money on Instagram?
You don’t need a big following to earn money on Instagram :)
Instagram businesses: If you’re setting up a new account to sell your products or services, you can technically make money with less than 100 followers
Even if you start from zero and build your followers, you can monetize your Instagram by selling products or services.
Instagram influencer: However, if you want to be an influencer
You need to have at least 1k followers :) That’s the base amount to become a nano influencer
As a nano influencer, it’s difficult to earn much money as you’ll have to price sponsored posts at a lower rate compared to bigger influencers
But with consistency and dedication, you’ll be able to build your influencer reputation and earn more over time :)
How much do influencers make on Instagram?
There are various tiers of influencers on Instagram, based on their number of followers
The more followers an influencer has, the more they can charge for their sponsored posts
It somehow causes an imbalance in how much influencers make money.
Types of influencers on Instagram and how much influencers earn from monetization.
Follower range: 1k to 10k
Nano influencers are the smallest influencers :)
They’re new and usually work with smaller brands and blog shops on Instagram
Due to their small number of followers and tougher competition
Nano influencers have to price their sponsored posts cheaper than other influencer tiers.
Sponsored post rates: $75-250
Follower range: 10k to 50k
Micro-influencers are a common pick for brands because their prices are relatively affordable
Micro-influencers are also easier to form long-term partnerships with and brands can benefit from working with these influencers as their growth is pretty fast
Brands can also benefit from cheaper rates as a result of long-term partnerships
And influencers also can enjoy having a regular brand to do sponsorships with instead of constantly searching for new partnerships :)
Sponsored post rates: $250-500
Follower range: 50k to 500k
Mid-tier influencers are highly attractive amongst brands because they’re at a really fast growth pace
From 50k to 500k, mid-tier influencers can grow and become famous easily due to their bigger audience
Sponsored post rates: $500-3k
Follower range: 500k-1M
Macro influencers have already reached a famous level!
They’re hugely known not only on Instagram, but most of them are also on other platforms like blogs, YouTube, and TikTok :)
Sponsored post rates: $5k-10k
Follower range: 1M and above
These influencers are practically celebrity level
They’re known in society and have been featured in the news as well
Kylie Jenner, Charli D’Amelio, and other famous influencers who made it big on Instagram and social media in general
Sponsored post rates: $10k+
How to effectively monetize Instagram
Now that you know how to monetize on Instagram
It’s important that you do it effectively
I’m sure everyone wants to reap the best benefits possible and earn as much money as they can in a short time
Therefore you must be consistent with your monetization strategy in order to earn money well
Have a strategy
For beginners new to Instagram, whether or not you’re a Creator or a Business account
You need a plan.
Start off by having a goal and creating a strategy that will meet your goals
If you’re not consistent in creating content, be it monetized posts or not
The Instagram algorithm won’t be in your favor and you might end up losing engagements and having poor performance on your posts :(
It’s important to be consistent for influencers to remain relevant and attractive for brand sponsorships
Monitor your Monetization progress
You’ll have to monitor your Instagram campaigns – Be it weekly or monthly
Check if your posts are performing well, how many sales are you achieving, and what ad revenue you’ve earned
It’s important to analyze your Instagram performance
For creators and brands who are new to Instagram or don’t know anything about marketing
You can use Instagram analysis tools to check your account and campaign performance
Or you could just go to the insights tab within your Instagram profile :)
If you find that your posts are underperforming, find out the root cause and change your Instagram strategy accordingly
Reasons why you’re not earning from Instagram
Why am I not earning money from Instagram monetization? Maybe you’re doing it wrongly.
Learn more about Instagram marketing here, so you know which one is the best monetization strategy on IG.
Poor Instagram strategy
You’re not posting consistently
Or not effectively
You can tell by looking at the post’s performance and account performance
If your posts themselves aren’t designed well
Or poor caption copywriting
Your Instagram posts should be optimized – Using the best hashtags, appealing and conversational captions
Little things like that make a huge difference
There’s no point spending ad money creating sponsored posts that are poorly designed – they won’t bring you any results
Your Instagram content is too generic
Remember, being a content creator or selling products and services cannot be generic.
Even though you’re selling clothes or handmade accessories just like everyone else
The products you sell or services you provide should be unique
Put in some effort to make yourself stand out – be creative :)
Your Instagram page isn’t eligible for monetization
You need to set up monetization by visiting the Facebook Creator Studio
Click on the monetization tab, select your Instagram page and then click “Apply”
When you’re redirected to the Monetization Eligibility Checker
You can view and review your status :)
You’ll be able to submit your page for review for various Instagram monetization features – be it in-stream ads or video monetization
Our Advice on Instagram Monetization in 2023: Make The Most Money on Instagram using this guide
Instagram monetization is pretty easy, actually
It’s not rocket science – the features are already there and widely used
If you’re new to Instagram and not sure of how to optimize your profile
You should check out Instagram coaches for advice, or learn from Instagram marketing courses if you prefer learning by yourself.
They’ll be able to provide more help for both influencers and businesses
With a proper plan and consistent efforts
Your account will grow well on Instagram and so will your earnings from Instagram monetization!
One last important thing: put a link in bio on Instagram so you can increase traffic, sales, or conversions.
We wish you all the best with Instagram monetization :)
What’s the best way to monetize Instagram?
Depends on your account condition. If you are a small creator, then the best way to earn cash on Instagram is to become an influencer. You can also do affiliate marketing or start a service on Instagram. Meanwhile, if you run a business account with a few followers, you can boost your Reels strategy to reach a wider audience. Once your account grows, you can start leveraging Instagram ads, sponsored posts, and branded content marketplace.
How many followers do I need to monetize Instagram?
Usually, brands would approach an account with a minimum of 1000 followers. But it actually depends on your industry. Whatever your follower count is, make sure you focus to grow engagement first, since a genuine audience relationship is what brands are looking for today.
Can I make money on Instagram with only 1000 followers?
Yes, absolutely! You can start becoming a nano-influencer which is in high demand nowadays for their authentic bond with their audience. From here, you can slowly grow your account and raise your rate card, build another business channel on Instagram, and many more.
How much money can you make on Instagram?
Depends on your account (again). If you are a mega-influencer, then you will be worth thousands of dollars. Celebrities can make $8400 to $1.2 million per Instagram post. Do not be discouraged! A nano-influencer, micro-influencer also can earn deep cash. You can make up to $88 for a thousand followers, while an Instagram account with 10k-50k followers can make up to $100.000 per year!
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