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As a regular social media user, there’s never been a better time to start making money from your Instagram account. Here, Chris Poohachoff (CEO, YoFan) explains how to monetize Instagram in 2023 using some of the latest tools and techniques — even ones that are still being developed.
As the coronavirus pandemic hits, unemployment rates rise across the world. When they lost their jobs, many people began to look for other ways of earning money to support their families and themselves.
The manufacturing industry was one of those that saw a large influx of new entrants. Unable to go out due to restrictions and restrictions on social travel, people resorted to social networks.
But before 2020, influencers are very important. They have helped businesses of all sizes reach their customers, present their new products, test multiple marketing hypotheses, and increase sales and loyalty.
Needless to say, posting on social media has become a chore. And after turning pro, entrepreneurs become full-time entrepreneurs. A new market—one for producers—has been set up.
According to Forbes, the creator economy is currently worth $100 billion, with 50 million content creators worldwide. The interesting thing is that 96% of them are freelancers, which means that the entry barrier is very low and people can challenge their creativity.
In social media, Instagram is one of the giants that ranks fourth in terms of active users-monthly or for short-and it is good to reach around 1.5 billion people every month.
In this guide, we’ll give you our top five tips for making money on Instagram, plus a bonus tool that hasn’t dropped yet.
1) Work with brands
The only way to make money on Instagram is to work with brands in some way. Whether a brand is looking to launch a new product or relaunch an existing one, you can benefit by showcasing its features and providing honest reviews. Many times, you will be given a sample to test.
In addition, you can participate in brand awareness programs, promotions, and educational programs aimed at spreading the word about your client and his mission. Another thing you can do is encourage people to participate in fundraisers and attend events (online and offline), many of which are held for a good cause.
There are plenty of places for product placement. You can write an ad that represents the brand’s official account in your feed, create a Story with a clickable CTA (call-to-action) button, shoot a short Funny video that showing the features of the product, just post a link with all the information in it. biology — you name it.
Before you decide to start your business, you should pay attention to Instagram monetization requirements, also known as Instagram Partner Monetization Policy. When you go to create your first post, you should also follow all the Community Guidelines.
It is important that you follow the requirements to monetize an Instagram account that are written in the articles above. Otherwise, your account may be temporarily or permanently suspended, and you’ll lose access to the audience you’ve worked so hard to build. On the legal side of things, here’s an excerpt from PwC—one of the ‘big four’ consulting firms—that covers some of the key considerations.
2) Promote what you love through affiliate marketing
In July 2020, Instagram released the Store —a customized e-commerce environment that provides customers with a built-in channel and removes the need to leave the app to their customers. Now, one in two Instagram users shop on the platform every week.
For manufacturers, the arrival of a new trading platform has translated into another profitable opportunity. In the past, advertisers asked for followers to be sent to their pages, apps or websites. Now, there’s one more place to lead them—and more money to spend on sending them down the Instagram Shop path.
Instagram’s affiliate marketing program means that creators will receive a commission for every share that the brand sells with their help. In most cases, payment occurs within one to three months after the deal is sealed, and within a window determined by a seller’s return policy. To learn more about making money from Instagram’s affiliate option and its eligibility criteria, click here.
3) Use life stream tokens as a token of appreciation
Seeing the great success of Periscope, which is now gone, Instagram realized that the live streaming market had a lot of potential, so at the end of 2016, it introduced the live broadcasting function. The move allowed creators to communicate and find their audience in real time.
With the development of tips and gifts to the industry worldwide, Instagram must be competitive with many other monetization options. That’s what Badges look like — little pictures next to people’s names. One of the ideas behind the Awards is to thank the elite fans who are able to follow every detail of their favorite blogger’s life, to make them stand out from the crowd. To find out more about making money with Instagram Live and Rewards, visit this page.
4) Get your share of the Instagram Reels Ads circle
Videos are Instagram’s quick response to TikTok’s popularity. The highly engaging, short-form videos won the hearts of many by allowing users to explore short video content based on their AI-driven interests in an endless loop.
In an effort to move towards video content collection methods, Instagram discontinued its YouTube competitor IGTV, and consolidated the entire video experience in the native app.
With IGTV losing money, currently, the only way to monetize Instagram videos is to apply to join the Reels Play Bonus program, which you may pay if a) how well your reel works, b) the size of the reels you offer. a lot, c) you agree to make a special reel for an event or holiday. You can read more about the bonuses offered by Instagram here.
By the end of this year, the platform will also start sharing revenue generated from ads displayed on the creators’ channels.
5) Activate subscriptions to set your relationship—and income—in stone
Instagram Subscription is a service that went live earlier this year. It mentions a similar service that was launched on Facebook by Meta—the main company of social networks—two years ago. During this time, Meta was able to get the right feedback to determine the business model for Instagram creators.
It works the same way as Patreon. For a monthly fee, subscribers get faster access to new content, access to exclusive content, and other perks and benefits. They also contribute to the financial life of their favorite blogger and have the opportunity to receive word of mouth for doing so. At the same time, creators are not only paid for Instagram posts, but also ensure a real income stream.
Instagram page monetization for newbies
All of the above methods work best if you have an audience. But what should innovators do? How do they make a living? It’s no secret that building an audience requires more upfront investment, which is important.
For those who are about to start their entrepreneurial journey across social media, we recommend checking out the YoFan platform as a way to start their Instagram business. Scheduled to see the light of day in Q4 2022, in short, YoFan will distribute revenue from AdSense affiliate ads displayed to user accounts.
The biggest advantage of YoFan’s contest is that you don’t need a huge audience to get started. In the beginning, the amount of rewards will not depend on your followers or your opinion. All you have to do is 1) sign up, 2) set up a payment profile, 3) start shipping, and 4) drive traffic to your YoFan brand—it’s that simple.
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