How to Monetize Instagram [Step by Step Guide]

Introduction 

Instagram is one of the most popular and influential social media platforms in the world, and certainly among the young demographics, with over 1 billion monthly active users. But did you know that you can also use Instagram to make money online? Whether you have a personal or a business account, a large or a small following, a niche, or a general interest, there are many ways to monetize your Instagram content and turn your passion into profit. 

In this blog, we will show you how to monetize Instagram account step by step, from setting up your account and creating engaging content, choosing the best monetization methods to how to use monetization tools on Instagram and growing your audience.

What is Instagram Monetization?

Instagram monetization is a way of earning money using your Instagram account. This can be due to having a large number of followers, which allows you to promote products and services for money. You can also use your Instagram account to sell your own products or add affiliate links from other brands and companies.

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How Much Money Can You Make From Instagram Monetization?

Instagram monetization has become a lucrative avenue for individuals and businesses alike. With its vast user base and engagement levels, the platform offers opportunities to generate income through various monetization strategies. However, the amount of money one can make from Instagram monetization can vary significantly and depends on several factors.

• The size and engagement of your Instagram audience play a crucial role in determining your earning potential.
• The niche you operate in and the demographics of your target audience can impact your earning potential. Some niches, such as fashion, beauty, fitness, travel, and lifestyle, tend to have more advertising opportunities and a higher demand for influencers.
• Instagram offers several avenues for monetization, each with its own earning potential. Here are some common methods –
• Sponsored Posts
• Affiliate Marketing Such as Amazon Associates
• Brand Collaborations and partnerships

If you are looking for hard numbers to put in your thoughts and motivations. Here are some rough figures –

• Nano-influencers (1k-10k followers) earn $10-$100 per post. 
• Micro-influencers (10k-50k followers) earn $100-$500 per post. 
• Mid-tier influencers (50k-500k followers) earn $500-$5k per post. 
• Macro-influencers (500k-1m followers) earn $5k-10k per post. 
• Mega-influencers (1m followers) earn $10k per post.

Instagram Monetisation Strategies you should Know

Here are a few of the most common Instagram monetization Strategies –

Work With Brands

Working with brands for sponsored posts, stories, or reels. You can use platforms like Brands Collabs Manager or Hootsuite to find and connect with brands that match your niche and audience.

Instagram Monetization Eligibility – 

• You must have a creator or business account
• The post should be captioned or labeled as #Piadpartnership
• There isn’t any specific requirement for a minimum number of followers. Thought, you should at least aim for your first 5k or 10k followers to pitch with brands confidently 

Join an Affiliate Marketing Program

Joining an affiliate marketing program and earning commissions for promoting products or services that you use and trust. You can use platforms like Amazon Associates, ShareASale, or ClickBank to find affiliate products or services that suit your niche.

Eligibility – 

• Look for an affiliate partner and you must reside in an eligible country. You can check the list of eligible companies by clicking here
• You must follow Instagram’s content monetization policies, which prohibit sexual, violent, profane, hateful, or misleading.

Use Badges in Livestreams

When a creator goes live on Instagram, viewers have the option to purchase badges through in-app purchases. These badges come in different price tiers, offering viewers a range of options to choose from. Once purchased, the badges appear next to the viewer’s name in the chat or comments section of the live stream, making them easily identifiable to both the creator and other viewers. Badges are a monetization strategy that allows creators to earn money from the content they are already creating, without relying on brand deals or other sources of income.

Eligibility –

• The influencer needs to have a creator or business account
• Be 18 years old
• Be located in one of the eligible countries.
• Adhere to Insta’s Partner monetization policies and the content guidelines

Enable Ads on Your Instagram Reels

Here we’ll learn how to monetize Instagram reels. Ads on Instagram Reels are short video ads that appear between reels. They can help you reach more people and earn money for your engaging content. By enabling ads on your Reels, you can potentially earn revenue based on the number of views and engagement your videos receive.

Eligibility –

• Reels ads will be full-screen similars to stories and will be as long as up to 30 seconds 
• Currently under development 

Earn Milestone Bonuses

Earning milestone bonuses is one of the ways to monetize your Instagram account as a content creator. It is an opportunity for you to earn money based on the amazing content you create, such as reels. For example, Reels Play is a bonus program that lets you earn money for the number of plays on your reels; the more plays your reels get, the more you can earn. You can also earn an extra payout when you meet certain milestones while using badges in Live, such as going Live with another account. You can track your progress on your creator dashboard.

Eligibility –

• Sadly, on March 9th, 2023, Instagram stopped extending new reel plays but will honor its existing ones in India and the US until they expire.
• To receive milestone bonuses, you need to comply with Instagram creators’ incentive terms 

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Enable Instagram Subscriptions

Instagram subscription allows creators to offer exclusive content and perks to their followers in exchange for a monthly subscription fee. With subscriptions, creators can earn money directly from their most dedicated fans while providing them with a more personalized and immersive experience. Under this, Subscribers pay a monthly fee to see your content highlighted with a purple ring and get a subscriber badge next to their name in comments and DMs.

Eligibility –

• In the US, the creator should be –
• 18 years of age or older
• Must have 10k followers 
• Are based in the US
• The content should meet the partner monetization policies and the content monetization policies
• Instagram Subscription is also expanding to other counties like Australia and the UK, on an invitation basis for now.
• Instagram monetization eligibility in India is on

Start an Instagram Shop

Starting an Instagram shop is a popular way to monetize your Instagram account and sell your products or services to your followers. Instagram Shopping lets brands curate a list of shoppable products that are directly accessible through the ‘View Shop’ button on the Instagram profile page of the influencer or the creator.

Eligibility –

• You must have a creator or a business account
• Create a product catalog. You can use an existing catalog or create a new one in Commerce Manager.
• Submit your account for review. You can check your Instagram monetizaton status at any time in Commerce Manager or Instagram settings.
• Turn on shopping features. Once your account is approved, you can turn on the shopping features in your Instagram settings.

Become an Instagram coach

Becoming an Instagram coach can be a great way to leverage your knowledge and expertise to help others succeed on the platform while earning money. Here are a few tips to get started –

• Develop a deep understanding of how Instagram works, including its features, algorithms, best practices, and trends. Spend time studying successful Instagram accounts, learning about engagement strategies, content creation, hashtag usage, etc
• Determine the specific area in which you want to specialize as an Instagram coach. It could be anything from photography, fashion, fitness, business, travel, etc
• Create a professional and visually appealing Instagram profile that reflects your niche and expertise

Eligibility 

• Gain at least 10k followers 
• Develop a deep understanding of the Instagram algorithm 

Future Instagram monetization possibilities

• Live Room

This is a feature that allows creators to go live with up to three guests (four people total) on Instagram Live.

• Branded Content Marketplace

This is a feature that connects creators with brands that are looking for influencers to promote their products or services. Creators can browse through different opportunities and apply for the ones that match their niche and audience.

Conclusion

Through this blog, You have learned how to get monetized on Instagram. By following the guide above, you can turn your passion into a profitable business and enjoy the benefits of being an influencer. Remember to be authentic, consistent, and creative in your content and you will soon see the results of your hard work. 

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