We get a lot of questions about making money on Instagram....like a lot. And it only makes sense. Insta is the go-to social media platform when it comes to brand collabs and influencer marketing. Will it be that way forever? We can't be sure, but we do know it's a place to be in terms of social media and there's money to be made.
Now, we've covered some of the hottest Instagram Monetization topics before like Making the Most of your Instagram Stories and How you can Tag Affiliate Products in Your Instagram Posts, but we have yet to give you the scoop on creating a solid strategy when it comes to monetizing Instagram so we're going to break those down today. But if I had to give just one tip before we go into each topic more deeply, it would be to diversify.
We'll go over all the different ways to monetize Instagram, but as we do keep in mind that using multiple methods to monetize is the ideal strategy. Why? Because multiple income streams are much more secure which means if one dries up, you still have others to supplement or fall back on. Not only that, you don't want to be hitting your followers with the same money making method all the time. If you're always telling them to buy something they're going to get sick of your profile being an infomercial and likely peace out.
Instagram is just to saturated for you not to be delivering real value.
Write that down.
Now the other thing I want to say is that there's a whole phase that comes before you can even think about monetizing. If you're on Instagram just to make money, there are a whole ton of things that you could put the same effort into and make more off of, so by no means is this a quick and easy income. You have to invest time in growing your following - and not just the number - when we say grow your following, we mean to grow your audience size as well as their loyalty and commitment to you and your content. Make sure you've first invested time and effort into really investing in your audience and delivering value before you start asking them to spend their money or check out things you want them to buy.
The 3 ways to monetize
Wait...there are only three ways to monetize? Yes, there are a ton of ways you can implement them, but there are only three types of monetization on Instagram. A good strategy to diversify is to make sure you are using both these ways at the same time. We'll talk more specifics about what that looks like but first, let's cover the 3 basic monetization methods: