Instagram generated $24 billion in revenue in 2020. Marketers are spending loads of money on Instagram, for a good reason-- they’re getting it back. Instagram is a moneymaker on so many fronts. They have loads of features available to help you monetize your Instagram account. You can sell your products through Instagram Shopping and Instagram Live Shopping, link your site with Instagram Badges, and connect your Facebook account to sell your products on Facebook Shops as well. Here’s how to set up your Instagram account to help support you and your business.
How to Monetize on Instagram in 3 Simple Steps
Before anything else, you’ll need to switch your regular Instagram account over to an Instagram Business account. It’s super easy to do in settings. Once that’s done, you can get started selling on Instagram in these three simple steps:
Step 1: Show Off Your Products
Before you turn your audience into loyal customers, you’ll need to get your products up on the platform so your customers know what you have to offer. Start by creating posts about your products. Instagram recommends you post product photos on a regular cadence. Try creating a content calendar where you plan posts to go up at the same time every day, then use PLANOLY to schedule them ahead of time.
Another great way to get your customers familiar with products is by giving them a behind-the-scenes look at how you create your products. Instagram Stories is a great content format for these posts. You can always pop into Stories and chat about your products, too.
Make sure you’re showing all the products you have to offer. That way, your customers can explore the variety of your offerings. Instagram Stories has a neat feature called Highlights. This creates little circles on your profile that you can add Stories to, giving would-be temporary content a permanent home on your profile.
Step 2: Set Up Instagram Shops
Once you’ve built a bit of interest by filling your Instagram profile with product shots, it’s time to give your followers a way to purchase. That’s where Instagram Shopping comes in.
Instagram Shopping is a feature that allows you to tag products in your photos, giving followers a way to shop directly from your Instagram Business account. This eliminates the need to send customers to your website, which makes it even easier for purchases to be made. You can tag multiple products in the same photo. Instagram Shopping tags can also be placed on videos and stories.
Step 3: Engage Your Audience
Now that you’ve given your audience a way to purchase, it’s time to focus on engaging your followers to spark purchases. You can do this in a variety of ways.
- When launching new products, tease them by posting blurred photos or little slivers of the new product. Your followers will be itching to see what you’re coming out with.
- Add a call-to-action (CTA) to your product posts that nudge your followers toward making a purchase.
- Show your audience how others are using your products by posting customer-generated content. This is especially useful when Creators with big followings use your products.
Most importantly, remember that your Instagram Business account is living and breathing. It won’t run itself. To successfully monetize Instagram, you have to prioritize posting consistently, engaging with your audience, and keeping your Instagram Shopping pages running smoothly.
Monetization Features to Try
Instagram Shopping: Create your Instagram Shopping storefront to sell your products directly within the Instagram app.
Instagram Live Shopping: Drive conversions by chatting with your followers about your products in a Live stream.
Creator Shops: Creators with existing products can link to their shop in personal and business profiles. Creators who don’t yet have an Instagram Shop set up can do so in the Instagram app by linking their accounts to Instagram’s merchandise partners.
Branded Content Marketplace: This feature helps brands find influencers to help with advertising.
Instagram Affiliate: This feature helps Creators seamlessly monetize their Instagram product recommendations.
Instagram Badges: This feature allows followers to “tip” their favorite creator accounts via the creator’s Instagram Live sessions.
What to Expect for the Future of Monetization on Instagram: 2022 Trends to Watch
#1 Supporting Important Causes
Instagram users care about social issues and appreciate when businesses share those same values. Expect to see more brands speaking out about social issues that are important to their audience.
#2 More Selling with Micro and Nano Influencers
Micro and nano-influencers are influencers with smaller followings. They tend to get better engagement and are more affordable than bigger influencers.
#3 Instagram AR Effects
Augmented Reality (AR) effects are going to be even more popular in stories next year. Brands can create their own Stories filters using the Spark AR Studio.
There are so many possibilities to attract and engage your audience with your products on Instagram. And it all starts with consistently posting to your Instagram. Check out our content planner to meet all your social media planning and scheduling needs. We hope these tips have inspired you to cash in on the monetization opportunities with Instagram!