How to make money on Instagram in 2024?

In recent years, IG has evolved from a mere photo sharing application to a platform that has opened multiple doors to money making opportunities for every other Instagrammer.

Whether you’re looking to supplement a side income or make IG a primary money making source, it can only be done if you have a significant number of followers on your profile. So, in this blog, we’ll cover some of the most effective ways to make money on Instagram, how many followers you’ll need, and exactly how can you earn money from the platform.

Is there Anything like Instagram Monetization?

There is no term like Instagram monetization, neither IG offer any direct money making opportunities from the platform itself. However, there are some ways that will definitely fill your requirement to earn money by leveraging your Insta-success. These ways can include sponsored posts, affiliate marketing, services, paid promotions, brand endorsements, small businesses, and much more.

All of these methods are valid and completely acceptable having different requirements on the platform that are known to help creators earn thousands and millions of dollars with just a few posts and efforts.

How many followers do you need to make money on Instagram?

Let’s bust a myth first. You are required to have millions of followers on your instgram profile to earn only money from your IG. If you have a less number of followers, so you can start making money on Instagram. Success can come to those with a small number of followers as well. Yes, people with a large following do make a lot of money, but it doesn’t mean that small creators with a few thousand followers are any different.

According to many case studies, many micro influencers with 30k-50k followers have been generating a very good amount of money through the platform that basically ranges from around $12k – $131k. The reason behind this is simple, smaller accounts have a great ratio of active audiences that keeps their engagement rates up and soaring, opening a ton of money making opportunities for them.

Engagement Over Follower Count

On IG, engagement rates are what matter the most. The number of likes you get, the comments you receive, how many times your content is getting shared and the overall interactiveness of your content is what matters the most in the end.

This is because sponsors and marketers ask for your analytics to analyze if sponsoring you will do them any good in their campaigns. If your engagement rates are over 58% then you can easily snag higher fees for your sponsored posts even if you have a few thousand followers.

Engagement often serves as a determinant for most sponsors and it’s your job to keep it high and up so you can snag the best opportunities. For this, you can use trial services from a trusted social media growth service provider to get free Instagram views and likes to increase your reach while improving your engagement rates simultaneously. You can also club this with better content, calls to action, and relatable posts to organically improve your engagement rates.

Most common ways to make money on IG

As just discussed, Instagram doesn’t pay you for the number of followers you have or how well your content is performing. However, this path opens some opportunities to you that can easily make you great sums of money. Some of these methods are:

Affiliate Marketing

Another effective and well-known money-making option for Instagrammers is Affiliate marketing where you can get a commission for every sale that is made with your referral links.

The process is rather simple, you need a small number of followers that is usually over 3,000 with a high engagement rate on your content. Once you’re through, reach out to brands and enroll in affiliate programs to generate your referral links. You can add these links to your bio via Linktree so your audience can check the products out and buy them so you can get a commission out of those sales.

Many Influencers like Michelle Schroeder Gardner have turned affiliate marketing into a major income stream by promoting products their followers could trust and use regularly.

Selling Your Products or Services

IG has become a business hub for small and flourishing businesses where anyone can use the trust and credibility they’ve built to build their very own brand and sell products directly to their audience. The income you’ll generate will belong to you typically depending upon your niche and the number of Instagram followers you have.

Some IG influencers like Pat Flynn have successfully built businesses with a combination of products, services, and digital courses through effective promotion strategies including Instagram Shopping, reels, and Instagram Live to showcase their products for better sales.

Features on Instagram That Help with Monetization

IG offers several features that can help you monetize your account like:

Shopping Tags

The latest feature allows creators and businesses to tag products in their posts and stories, making it easy for followers to purchase directly from your profile.

IG Reels and Instagram Live

Reels are popular for how they can improve someone’s engagement rates while Instagram Live is the perfect tool for real-time interaction to build trust and credibility with your audience. You can club your reels with social media growth services and buy Instagram reel views to get more views and impressions on your reels which can translate to higher engagement rates down the line.

IG Swipe-Up Feature

The feature is typically available once you reach 10k followers allowing you to add links to your stories that your audience can land onto by swiping up on your stories driving more traffic to your site and products.

It’s a Wrap

It’s not that difficult to start making money on Instagram. In reality, it all boils down to your niche, engagement rate, and monetization strategy as long as you have a considerable amount of followers. Micro-influencers with engaged audiences can be just as successful as those with larger followings. To do this, they just focus on creating high-quality reels, upload engaging content, and building a loyal community of their followers or fans. With the right approach, you can turn your Instagram presence into a profitable venture.

Most Raised Queries (FAQs)

Can I sell my products directly through Instagram?

Yes, you can easily sell your personal or affiliate products through Instagram by either providing a direct link to your products or by redirecting your audience to your product website or pages.

How can I earn money by going Live on Instagram?

With IG Live feature, you can interact with your audience, tell them about your plans, build trust and credibility, and use the live sessions to introduce your new products, services, or sponsorships. This will help in increasing your direct and referral sales earning you a handsome amount easily.

Do IG shopping tags actually work?

Yes, the IG shopping tag feature is well known for its click through rate that often rewards the sellers with some direct sales and rewards in the long run. Moreover, you can use these tags in your stories and posts to enhance the engagement and to increase the organic reach on your platform.

Are Instgram reels really help in making money online?

To make money with IG reels, you’ll have to post consistently until you’ve built a solid audience and credibility that can attract brands to reach out to you for sponsorships and other opportunities.

I have 2000 Instagram followers, can I get any sponsorships?

2000 IG followers is a good enough number to reach out to small brands for sponsorships or get enrolled in affiliate programs to make some money.

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Is there Anything like Instagram Monetization?