Are you looking for ways to earn money? Would you like to do it with Instagram?
Instagram is one of the best places to make money as the household income of the average user is $75,000+. While shopping, the average order value is $65. Instagram encourages people to buy products as they have introduced features like Instagram shopping and soon they will release Instagram check out to the public which will drive even more sales.
Therefore, if you want to take advantage of all these features and cash in, you should check out the below tips on how to make money on Instagram…
Build an audience:
One of the keys to making money on Instagram is to have an audience that will buy from you. This audience should like your content and trust you and your recommendations. So, work on building your audience. The larger your following and engagement levels the higher your revenue will be.
You can work on building an audience by posting quality content that is optimized with other factors such as captions and hashtags and also promoting your content with shoutouts.
If you don’t want to start from scratch and grow your following slowly, you can always buy an Instagram account. Another shortcut that works is running ads. But I recommend that you work on both – build a following and simultaneously run ads. This will generate the highest ROI.
Find out what the audience wants:
Once you have an audience, you should find out what they want to buy through extensive research. You can do this by asking questions in your in-feed posts and then analyzing the comments. You can also create Instagram stories with question and poll stickers and look at the responses. These usually get better responses.
If you want to get even more extensive you should create surveys with 5 to 15 questions to learn as much as you can. You should also interview some of the people who take part in the surveys to absorb even more information.
After you gather data from all of the above methods, you could even create empathy maps, personas and market maps to help picture your audience and their interests better.
Decide how you will make the money:
The next step is to decide how you will make the money. Most people want to go with influencer marketing or affiliate marketing. But remember that with influencer and affiliate marketing, you are missing out on extra income. When a company pays you for influencer marketing they plan to profit over what they pay you. The ROI on influencer marketing is usually $6.50 for every $1. So, if they pay you $1000, they plan to make $6,500.
This is why if you want to make the most money, you should create your own products. This way you will generate the highest ROI for all the time and money you put in. But you will end up spending a lot of time creating the products.
You don’t have to always create physical products as you can create digital products like online courses and ebooks.
For best results, you should do both. Create your own products and promote them most of the time, but then occasionally make money through influencer marketing as your followers won’t like it if you only promote your stuff. Promoting others’ stuff offers variety.
Promote the products:
After you create the products, you can begin promoting them. Use a multitude of methods to promote these products. This should include sharing the details on your own account and influencer marketing. You can simply give influencers your products for free and they will promote them. Some might ask for payment in exchange for a shoutout. If you have a bigger budget you can pay influencers.
Gather data and improve conversion rates:
The initial organic marketing methods will generate some sales and help gather feedback from your audience. Pay attention to this to see if they are happy with your products and if the conversion rate of the funnel is good enough or if you need to modify it.
Scale with ads:
If your funnel is converting well, you can scale it with ads. As there is only so much further you can go with organic methods and influencer marketing. With ads, you can reach your audience instantly. It’ll be a lot easy for you too as you have already done the research and you have a winning product.
This is the step by step process you can use to make money on Instagram. It will take some time to grow your account and see an ROI, but it will be worth it as once you generate some results, you can quickly scale with ads.