WOW!!!! Instagram has exploded in popularity. There are now more than 500 million daily active users. Brands and businesses have noticed and now they want help with increasing their reach on Instagram. It is also one of the world’s largest mobile ads platforms, and Instagram ads are available globally for all businesses — no matter the size. If you are eager to monetize your Instagram account, there are a few important things to consider. Here are a few tips on How to Monetize Your Instagram Account.
10 Tips on How to Monetize Your Instagram Account
Establish a Solid Following
In order to attract advertising dollars or sell a product, your Instagram account should have between 10k to 50k followers. Sure, you may be able to monetize at a smaller number of followers, but you will have a much harder time convincing them and will have to rely more on proving that your smaller audience base converts.
Make sure to include creative, high-quality images in order to attract followers. This guide will help you get started on growing an account with a targeted following. Understand this is not a quick process. So expect to give yourself at least 3-6 months before you get started.
Pick an Industry or Niche
The more specific your niche the better, particularly if you are an influencer working with advertisers or collaborators. For example, it is fine if you are in the food world, but you will have an easier time converting advertisers and working on collaboration if you focus on a particular niche in food, say veganism.
On the same note, if you are looking to increase conversions from Instagram for your business, keep a consistent voice. Don’t mix business and personal and make sure that each post has a goal in mind. With each post ask yourself, will this get my audience closer to converting.
Post to Instagram Daily
Instagram’s algorithm is activity based. Basically, if a follower engages your content, they will be shown more of your content. This can’t happen if you are not providing them with fresh content on a daily basis. On top of this, people tend to unfollow inactive users, so make sure to post minimum once a day. If you can, you should post more often than that. This will ascertain that you don’t lose those already earned fans. Immediately after posting, engage people who have liked similar images. They are currently online and will be more likely to engage your image too.
Know Your Analytics
If you want to woo collaborators, advertisers, and sponsors, you need to know your analytics. Set up a deck that includes:
- Follower Demographics – location, age, gender
- Profile visits
- Monthly click thru rate
- Engagement rate
Never Buy Fake Followers
Fake followers will only tarnish your reputation on Instagram. Most everyone can easily tell if you’re followers are bogus. Fake followers mean lower engagement rates which result in a lower ROI. On top of that, you don’t want to end up like those sad celebrities who were outed during the Instapurge.
Offer Brand Mentions in Exchange for Cash
Brands are always looking for Influencers, so be sure to list the best way to contact you in your profile so they can contact you for a few rates. Brands may want to supply their own image and caption or use one of your images. You can also agree to get free product for brand mentions. Just make sure you’re dealing with a product that is related to your niche otherwise you risk compromising your reputation.
Include a Sponsor/Affiliate Link on Your Profile
In order to monetize your account, you can include product links and/or links to your blog or website, but also to your sponsors or collaborators. Use a URL shortener and measure your click thru rate as a way to measure the ROI of your collaboration.
You can use Instagram’s video sharing option to expand, enrich and add depth to your presentation. If you are selling a product, video posts are a great way to show off your product. If you’re a brand, they’re a great way to personalize your brand and give people a sense of the real you.
Encourage Fan Participation
Engage your followers by encouraging them to submit original content. Ask your followers to share their experience related to your niche via photos and videos.
Include Customer Testimonials
This is for those of you who are offering a product or service. Ask satisfied customers to contribute pictures or videos showing their association with your product. Testimonials go a long way in adding credence to your product. Realtor Ana Sanchez shares her successes in business and the lovely testimonials from her clients as proof of her business savvy and to make potential clients more aware of her work and skills.
In the beginning, it can take from 3 to 6 months to get a respectable amount of followers in the neighborhood of 10K to 15k. To grow your account, make sure to use hashtags, and follow large accounts in your given niche. Once you reach 50k followers, other people will almost automatically follow you. If you consistently maintain quality content people will repost your content and you will continue to grow and monetize your account.