How can i earn money from Instagram in 2024

How can i earn money from Instagram

topic How can i earn money from Instagram

Whether you’re a business entity or an individual content creator, the potential for substantial earnings on social media platforms is immense. Discover strategies to monetize your Instagram presence effectively in 2024.

As you navigate your Instagram feed, it’s hard to miss the myriad of posts from beloved creators endorsing various products, including their own and those of other brands. Have you ever pondered about joining this trend? While it’s true that high-profile celebrities can command a seven-figure income for promotional posts, rest assured that one doesn’t need such an extensive follower base to generate revenue on Instagram.Actually, even Instagram creators with just 1,000 followers have numerous opportunities for monetization. Whether your goal is to establish a social media empire or earn some additional income through a lucrative side hustle, making money on Instagram is more achievable than you may realize.

Is it possible to Earn Money From Instagram?

Indeed, Instagram places great emphasis on assisting creators in earning a livelihood through their platform. This has become particularly crucial given the rising competition from other social media giants like TikTok, Snapchat, and YouTube. For those interested in exploring ways to monetize their social media presence further, our comprehensive guide could serve as a valuable resource.

“At the inaugural Creator Week in June 2021, Meta CEO Mark Zuckerberg expressed our aspiration to become the premier platform for creators like yourself to thrive financially.”

In the year 2021, Instagram emerged as the second-most popularly downloaded application across the globe. It holds the impressive position of being the seventh most-visited website worldwide and ranks fourth among the most widely used social media platforms. With a staggering user base of 1.22 billion individuals per month, it’s safe to say that Instagram offers an immense potential audience for your content. The platform’s vast and diverse community presents numerous opportunities to generate income.

Looking for more evidence? Get ready with some popcorn and enjoy watching this video from Hootsuite Labs.

How Much Money You Can Earn From Instagram?

Calculating income from Instagram can be challenging due to the secretive nature of creators and brands when it comes to revealing their earnings. Additionally, the complexity arises when considering various scenarios. For instance, if you go viral by singing a song on a Reel and subsequently secure a record deal as a result of your internet fame, does the money earned from thousands of concert tickets sold count as income from Instagram? Similarly, if you share food videos and include a link to your recipe blog where you host ads that generate revenue, should this be considered making money on Instagram?

It may seem strange, but that’s typically how the journeys of most successful creators unfold. The amount of money you can earn on Instagram is influenced by factors such as your credentials, audience size, engagement, strategy, determination, and a touch of serendipity.

Here’s the reported amount of money that some creators and celebrities have earned:

According to Business Insider, an Instagram influencer with 1,000 to 10,000 followers can make an average of $901 per post.

According to Brian Hanly, CEO of Bullish Studio (a talent agency for influencers), creators can potentially earn anywhere from $100 to $1,500 for a swipe-up advertisement on their Instagram stories.

Kylie Jenner is reported to earn an impressive sum of $983,100 for each advertisement or sponsored content post she shares. This figure reflects the significant influence she wields in the digital space.

Cristiano Ronaldo is reported to earn an impressive sum of $1,604,000 for each post he makes. This figure truly underscores the immense value and influence he holds in the digital space.

In 2021, Hype Auditor conducted an insightful survey involving nearly two thousand influencers, predominantly from the U.S., to gain a better understanding of their earnings. Here are the intriguing findings from this comprehensive study:

  • On average, influencers earn $2,970 per month. However, it’s important to note that this is just an average and there is a significant difference between the earnings of different influencers.
  • For instance, micro-influencers with one thousand to ten thousand followers make an average of $1,420 per month, while mega-influencers with over one million followers earn around $15,356 per month.

Source: Hypeauditor

The Five Highest Earning Instagram Personalities of 2024

Clearly, celebrities have an advantage when it comes to fame, and upon joining Instagram, they effortlessly amass thousands of followers. While this may not be the case for everyone, it is truly motivating to witness the immense earnings that individuals can achieve by becoming influencers on a social media platform. Presenting below are the current top 5 highest earners on Instagram:

  1. Cristiano Ronaldo has a staggering 475 million followers and commands an estimated average price of $1,604,000 per post.
  2. Dwayne ‘The Rock’ Johnson follows closely behind with 334 million followers and an estimated average price of $1,523,000 per post.
  3. Ariana Grande boasts an impressive 328 million followers and earns around $1,510,000 for each post.
  4. Kylie Jenner has a massive following of 365 million and charges approximately $1,494,000 per post.
  5. Lastly, Selena Gomez has amassed 341 million followers and can earn about $1,468,000 for each post she shares.

How to make money on Instagram as a business

Being actively present and engaged on Instagram, while staying up-to-date with the latest trends, is crucial for achieving business success on the platform in 2024. Here’s a guide on how to effectively accomplish this.

1. Promote special offers

The online audience is highly attracted to great bargains (and Instagram users have a strong inclination towards making purchases: 44% of Instagrammers report using the app for weekly shopping).

Utilize Instagram as a platform to highlight the exceptional aspects of your company, particularly when you have a sale. By posting your sale details, promo codes, or special offers on Instagram, not only do you promote the sale to your followers but also make it effortlessly shareable for others.This holiday sale post by clothing brand @smashtess has garnered numerous comments consisting mainly of people tagging their friends. This clever strategy not only effectively promotes the sale but also encourages organic sharing of the sale.

2. Create exciting countdowns for upcoming product releases

You have the power to utilize Instagram as a platform to offer your loyal followers an exclusive glimpse into upcoming releases, launches, or product lines. By making use of the captivating “Countdown” or “Reminder” features, you can effortlessly enable potential customers to mark their calendars for when these exciting new products will be up for grabs. This generates a buzz around your offerings and ensures that once the big moment arrives, users receive a delightful notification prompting them to explore and indulge in all the amazing goods on offer (and hopefully make a purchase!).

3. Create your very own Instagram Shop

Instagram Shops provide a seamless way to generate income through the app. With the platform’s built-in e-commerce tools, users can effortlessly purchase products, and setting up a shop is a breeze.

Instagram shops are a dream come true for those who love to indulge in impulse buying (or a potential nightmare, depending on your perspective). Your irresistible products or services will effortlessly appear in the news feeds of your loyal followers, seamlessly blending with their regular posts.

Running an Instagram shop is an excellent method to offer prompt customer service to individuals who are active on social media (which is practically everyone – 75% of the worldwide population aged 13 and above). Customers can reach out to you via DMs or leave comments on your posts to gain more insights about your brand. (Pro tip: If managing your DMs becomes too much, think about employing a chatbot to assist your customer service team.)

Whenever you share a post featuring an item available for purchase, a small shopping icon will be displayed. This serves as a visual cue to your audience, indicating that the featured item can be bought directly.

4. Establish a chatbot

Setting up an Instagram chatbot is a convenient method to deliver exceptional customer service and boost sales through direct messages. By integrating a chatbot into your Instagram account and website, you can effortlessly address commonly asked questions from your followers. In the event that the query is too complex for the conversational AI chatbot, it will seamlessly transfer the inquiry to one of your team members who can provide real-time assistance.

And how can a chatbot assist you in generating income on Instagram? It’s quite straightforward!

A chatbot on Instagram has the ability to suggest products from your store directly to your customers during their conversations, resulting in quicker and more efficient sales processes.

If a customer asks about the available colors of foundation in stock, the chatbot can present three options for them to easily add to their cart without having to leave the platform.

Source: Heyday

5. Collaborate with content creators

Influencer marketing enables you to showcase your company to the creator’s audience (while also giving the creator a chance to shine in front of your audience too—it’s a mutually beneficial arrangement).

When conducting research on potential collaborators, it is important to carefully consider their content and values. It is crucial to select someone whose goals align with your own, ensuring that the partnership resonates with customers and does not come across as a peculiar marketing ploy.

For instance, it is more logical for a plant-based bakery to collaborate with a vegan influencer (definitely more logical than Bill Nye teaming up with Coca-Cola, that’s certain).

Consider partnering with influencers who are interested in and likely to try or appreciate your products. For instance, renowned dancer @MaddieZiegler has established a successful collaboration with the activewear brand @Fabletics. You have the option to provide monetary compensation, products, or even an affiliate agreement (more details can be found in the “Join an affiliate program” section of this post, located just above!) in return for them promoting your company.

6. Collaborate with other businesses

Just like collaborating with content creators, forming partnerships with other businesses provides an avenue for both parties to engage with a larger customer base. Consider reaching out to similar businesses and organizing a contest or giveaway; this strategy can be highly effective in attracting new followers and connecting with a fresh audience.

This giveaway by @chosenfoods and @barebonesbroth asks participants to like and save the post, follow both companies, and tag a friend in the comments. Both brands are working on growing their audience – followers who are eagerly waiting to become customers.

7. Promote directly

Indeed, the fundamental principles remain effective. Utilizing Instagram for advertising is a viable method to generate income and monitor your advancement on the platform. By simply enhancing or boosting any post into an advertisement, you can gauge its impact through Instagram’s comprehensive analytics. This allows you to understand the tangible difference your efforts have made.

How to make money on Instagram as a Instagram creator

Even if you don’t run a conventional business, there are plenty of opportunities to utilize Instagram and earn money as an individual. By building a loyal following and finding your own unique niche, you have the ability to inspire others and become an influencer in your own right.

1. Partner with brands

Partnership with brands is perhaps the most popular method for creators to generate income on Instagram. It is crucial to find a brand, whether big or small, that resonates with your values. Partnering with a brand that has no connection to your usual content or even contradicts it can give off an inauthentic impression.

Partnership with brands can manifest in a variety of ways. You may receive compensation for creating an Instagram post highlighting a particular product, or be gifted products in return for generating content. To initiate this process, consider showcasing some of your personal favorites—be it eateries, skincare products or anything that resonates with you—without any charge. These posts can serve as excellent references when you approach brands for potential partnerships.

Many makeup and beauty influencers often engage in these types of brand Partnership. Take a look at this paid partnership post by @mexicanbutjapanese, showcasing Nordstrom as an example.

When engaging in a paid partnership or sponsored post, it is crucial to be transparent. Make use of appropriate hashtags, clearly indicate that the post is sponsored, and provide clear information about the partnership in your captions. Failing to adhere to Instagram’s branded content guidelines may lead to the removal of posts, not to mention it can come across as untrustworthy.

2. Become a member of an affiliate program

This pertains to brand partnerships, as becoming part of an affiliate program necessitates aligning yourself with a business that offers particular products or experiences. Essentially, affiliate programs compensate you for promoting and marketing products belonging to others (thus, it is important to ensure that the products you promote resonate with your values). When your followers make a purchase from the brand through your referral—typically by using a designated link or discount code—you receive payment.

The creator of this nail art is also an affiliate marketer for a popular nail polish brand. Whenever her followers use the discount code provided by her, she earns a commission from their purchases.

3. Activate Live Badges

For content creators in the United States, Instagram’s Live Badges offer a convenient way to earn money directly within the app. When hosting a live video, viewers have the option to purchase badges as a gesture of support. These badges are available at different price points ranging from $0.99 to $4.99.

To activate Live Badges, navigate to your Profile and select the Professional Dashboard option. From there, enable Instagram monetization. After receiving approval, a button labeled Set Up Badges will appear. Simply tap on it and you’re all set!

Source: instagram

If you have activated Live Badges, remember to mention it when you start your live session (remind your followers that they can easily show their support by contributing money!) and express gratitude whenever someone purchases a badge. Showing appreciation goes a long way and is likely to inspire others to contribute as well.

4. Promote and sell your merchandise

Utilizing Instagram as a marketing tool to enhance your other sources of income is an excellent strategy for generating revenue. If you have carefully cultivated your personal brand to the point where it has a distinct appearance, logo, catchphrase, or any other recognizable element that represents you, it would be wise to explore the option of selling merchandise adorned with those unique characteristics (which embody your brand). This not only allows you to earn money through sales but also grants you the opportunity for free advertising as your followers proudly display your name on their sweatpants.

Trixie Mattel, the exceptional drag queen, offers a wide range of branded merchandise and effectively utilizes Instagram as a platform to promote her products.

5. Please provide a link to your blog or vlog.

Monetizing your own website by selling advertising space or earning revenue from YouTube can be highly profitable. Additionally, you can leverage Instagram to drive your followers towards that external site. To maximize the effectiveness of the link in your Instagram bio, consider using a link tree.

Here are some quick examples:

  • Food enthusiasts who share images of their culinary creations and maintain a blog where they publish complete recipes.
  • Content creators on YouTube who showcase snippets of their vlogs on Reels, and direct viewers to their YouTube channel for the complete video experience.
  • Fashion influencers who display their stylish outfits on Instagram and provide a link to their website, where they disclose the origins of the clothing items.
  • Nature lovers who capture stunning landscapes and include links to their blog, where they elaborate on the most scenic road trip routes.

@Tiffy.cooks, a food blogger, shares captivating videos of her culinary creations on her blog. In addition to showcasing her cooking skills, she provides detailed recipes in her bio for those who want to recreate the dishes themselves. These recipes can be found on her blog, which also features informative posts containing affiliate links.

6. Provide paid tutorials or masterclasses

This is comparable to sharing a link to a blog or vlog, but with a twist. Instead of earning income indirectly through advertisements on your page or YouTube ads, you have the opportunity to receive direct payments from your followers for the valuable service you are offering.

If you possess a specific field of knowledge, you have the opportunity to provide an online masterclass that necessitates purchasing a ticket. This approach to generating income is frequently employed by fitness influencers, who may share brief workout sessions at no cost and subsequently direct individuals to a comprehensive training program that requires payment for access.

@Theqazman, a film colorist, shares valuable tips on Instagram while also organizing paid masterclasses. This approach allows him to cater to a broad audience who can benefit from his free content. However, those who are truly committed to mastering the craft have the option to invest in a comprehensive lesson with him.

You also have the option to provide free tutorials or masterclasses and kindly request your followers to tip you if they are able to. This is the approach adopted by athlete @iamlshauntay. In her bio, she directs her followers to various ways they can compensate her for her work, if they so choose. This strategy ensures maximum accessibility to your content without imposing any financial barriers, while still providing a clear avenue for your audience to support you monetarily.

7. Sell used stuff

If you’re not an influencer but want to earn money on Instagram, you can explore the option of selling your pre-owned items on the platform. Whether it’s refurbished furniture, gently used clothing that you no longer wear, or unique vintage finds, Instagram can be a great avenue for generating additional income. By decluttering your home or starting a small vintage clothing business, you can dip your toes in the water and test the market before considering opening your own store.

Many small vintage resellers frequently utilize Instagram as a platform for local resale, where they encourage their followers to send direct messages in order to purchase products and subsequently arrange for local delivery.

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