Making Money With Instagram
Introduction
Many people believe that you need hundreds of thousands of followers to make money on Instagram. However, according to a recent study by Buffer, micro-influencers or accounts with 10,000 or less followers are getting the best results for businesses. This means that even if you have only a few hundred followers, you can still monetize your account and make money on Instagram.
In this article, we'll answer some of the most frequently asked questions about making money on Instagram
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How many followers do you need to make money on Instagram?
The number of followers you have on Instagram is one of the factors that will influence how much money you can make. Here are some rough estimates based on follower count:
- Micro-influencers (accounts with 10,000 followers or less): $88 per post
- Mid-tier influencers (accounts with 10,000 to 100,000 followers): $200 per post
- Top-level influencers (accounts with 100,000 to 1 million followers): $670 per post
It is important to note that these numbers are not set in stone, as several factors come into play when determining your earning potential on Instagram. The niche you are in will impact your competition and the amount of money you can make. For example, niches such as fitness, beauty, health, business, and travel are highly competitive and profitable. On the other hand, if you choose a niche that is not as competitive, you can potentially dominate that corner of Instagram. For example, Nicole McLaughlin remixes clothing and turns them into art pieces and has close to half a million followers.
The amount you charge will also depend on the engagement of your followers. Brands want to see a return on investment, so having fake followers won't help you provide real value to brands. Brands are interested in the trust and engagement of your audience as much as the size and reach of your Instagram account. By providing access to a niche audience filled with potential customers, you can become an attractive proposition for brands looking to advertise.
How Much Do Influencers Actually Make on Instagram?
Like any other job or industry, the amount of money you can make on Instagram will vary widely. There are no hard and fast rules, but some guidelines can be helpful. Marketers are willing to pay one cent per follower, so if you have 5,000 followers, you could potentially charge $50 per post. However, as influencer Matt Krump has noted, pricing will depend on several factors, such as creative mandates, timeline, production costs, and usage rates.
Top Instagram influencers can make thousands of dollars per post, but it's important to remember that this is a goal to work towards and not a guarantee. It takes time, effort, and a strong strategy to build a large and engaged following that can support your financial goals.
What are the best ways to start making money on Instagram?
There are several ways to start making money on Instagram. You can work with brands on sponsored posts, become an affiliate, open your own online store, or even do all of these things at once.
Sponsored posts involve charging brands a fee for content on your feed or stories. You and the brand will come to an agreement on exclusivity, amount of content produced, wording, and payment. The contract may also include a specific call to action, such as a link in your bio that leads to the brand's website.
As an affiliate, you can get connected with brands looking for affiliates through affiliate marketplaces like Clickbank, Reward Style, and Amazon Associates. Reviewing products is a great way to do affiliate marketing, but only review products you actually back and that your audience would be interested in hearing about.
Finally, you can open your own online store and sell physical goods, services, and digital products. This gives you complete control over your income and lets you build a brand around yourself.
How do you know what to charge as an influencer?
The amount you charge as an influencer will depend on several factors, including your niche, engagement levels, and the value you provide to brands. Marketer Matt Krump suggests that pricing should depend on creative mandates, timeline, production costs, and usage rates. According to him, influencers can charge one cent per follower, so if you have 5,000 followers, you could potentially charge $50 per post. However, this is just a guideline, and the amount you charge will depend on several factors.
How do you start making partnerships with brands?
Build an engaged and niche audience
Brands want to see a return on investment and want access to a specific and engaged audience, so make sure your followers are genuine and interested in your content.
Determine your niche and value proposition
Identify the niche you want to focus on and what sets you apart from others, so you can differentiate yourself from the competition and showcase your unique selling proposition to potential partners.
Build a strong online presence
Ensure your Instagram account reflects your personal brand and showcase your creativity and engagement with your followers. This can help you attract attention from brands that align with your niche and values.
Reach out to brands directly
Research and identify brands that align with your niche and values and reach out to them directly. You can start with a brief introduction about yourself, your niche, and your audience and offer them a proposal for a partnership.
Develop a Media Kit
A media kit is a document that showcases your reach, engagement, and value proposition, and helps brands understand why they should work with you. Make sure to include information about your niche, audience demographics, and statistics on your account's performance, such as engagement rate, number of followers, etc.
Negotiate terms
When you get a response from a brand, negotiate the terms of the partnership, including compensation, content requirements, and any other key factors. Make sure to reach a mutually beneficial agreement that benefits both you and the brand.
Maintain professional relationships
After a partnership is established, it is essential to maintain a professional and positive relationship with the brand. This can help you secure future partnerships and develop long-term, mutually beneficial relationships with brands.
Conclusion
making money on Instagram is possible even with just a few hundred followers. By understanding the different ways to monetize your account, knowing what to charge as an influencer, and making partnerships with brands, you can turn your Instagram account into a profitable business.