Social media has become a behemoth and people are now starting to monetize their accounts and generate a decent amount of income on a monthly basis. Therefore, it comes as no surprise that Instagram has become a leading e-commerce force. In the beginning, it was meant to be a platform for sharing photos but it has transcended its scope to become a business platform where anyone can promote their business and stimulate sales. This has resulted in the rise of drop shipping e-commerce business owners.
Everyone has heard the stories of Instagram influencers easily making around $500 a month. This is bound to get you thinking to yourself about how you can make money on Instagram. That’s something that we’re going to cover in greater detail in this article. We will also discuss tactics that you can implement to start earning $500 a month as an influencer on Instagram.
How to Make Money on Instagram?
The first step towards making money on Instagram is to deliver value to your audience. You need a following before you can begin monetizing your account. However, some brands are beginning to work with influencers with as few as 2,000 followers. We recommend you to really know your audience and be selective with the brands you work with. Brands are always looking for influencers to work with. There are influencers who are always promoting or selling something but they fail to convert as it comes across as unprofessional, spammy, and suspicious. Building an Instagram following isn’t difficult, as you need to pick out a niche and then produce engaging content for that niche or repost content from other accounts.
You’ll also need to apply some decent marketing strategies to attract followers to your account. The most common Instagram marketing strategies revolve around Instagram ads, being featured on the explore page, activity feed and engagement hacking, location tags and hashtags, and shout-for-shouts. When you’ve built a considerable Instagram following, you have several options for monetizing your account. The two most popular options that will help you generate $500 a month as an influencer are:
- Offering shoutouts
- Affiliate marketing
Even though the formula may appear as simple, becoming an influencer on social media that earns more than $500 a month is not easy. It takes years of craft, hard work, and understanding the market and niche you’re working in to become successful as an influencer.
Getting the Basics of Influencer Marketing Right
Success as an influencer comes about as a direct consequence of doing the basics right. If you’re committed to earning a living from social media, you must get the basics right; this will give you more credibility, making it easier for potential partners to trust you. Get the basics right and you will catapult into the radar of brands that are looking for influencers. Some of these are:
· Produce Top-Notch Content
What separates the good influencers from the best ones on social media? It is the quality of their content that defines their success. It determines what kind of impression you make on businesses, as brands want social media influencers who have the reach, relevance, and high engagement rate. They want to work with influencers who’re talented and creative content creators so the better your quality of content, the better your chances of monetizing your account.
· Building Audience Engagement
Engagement rate is another deal breaker for brands who want to work with influencers who have a healthy following so they can market their products to a loyal audience. Your content should not only attract followers but also engage them like a two-way conversation. If you’re not getting enough engagement on your posts, you should try mixing things up with your captions and posting questions that will get your followers to respond.
Making More than $500 a Month as An Influencer
Once you’ve nailed the basics, you can begin implementing marketing tactics that will help you earn more than $500 a month as an influencer. Some of the most popular and effective ways that influencers make money on social media include:
· Social Media Sponsored Posts
One of the easiest ways to earn more than $500 a month as an influencer is through sponsored posts. This is when marketers and brands are going to pay you for promoting a product or brand in a social media post from your account. Your post could either be about an individual product or may feature different products from the same brand.
The fee charged by Instagram influencers for a sponsored post can range between $125 and $1410 per post; the cost will be determined by your number of followers and market niche. The more followers and engagement you have, the higher you can charge for your social media posts.
· Become a Brand Ambassador/Representative
You can also earn more than $500 a month as an influencer on social media by becoming a brand ambassador or brand representative. It would mean getting a contract that may last for a couple of months and even for several years. As a brand ambassador or representative, you’ll get free products from the brand which you’ll review and promote to your followers.
Some brands will pay influencers a fee for every promotional post they create for their products on social media. There may even be a compensation clause that guarantees a percentage of revenue for every conversion driven by your post.