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How To Make Money on Instagram in 2020 [Three Strategies]

How To Make Money on Instagram in 2020 [Three Strategies]
How To Make Money on Instagram in 2020 [Three Strategies]

Ways To Make Money on Instagram

Many people want to know how to make money on Instagram. We’re all on it everyday-normally spending money as opposed to making it.

In the past few years, Instagram’s endless feed of gorgeous pictures has evolved into something between a glossy magazine, boutique store etc.

With over a billion monthly users, of which 71% is said to be under 35, Instagram is the platform of dreams and inspiration.

There are 3 significant ways to make money on Instagram.

  • Work as an influencer to publish content sponsored by brands.
  • Be an affiliate online marketer selling other people’s products.
  • Become an entrepreneur and sell your very own products.

How to make money on Instagram

Strategy 1: Post sponsored content

sponsored posts might be the first thing that comes to your mind when you hear the words ‘Instagram influencer.’ Research has shown that there are over 500,000 active influencers on Instagram as of 2019.

The most important and basic requirement here is to have a lot of follower count and a very competitive engagement rate. This basically means that you need to be good at making strangers on the internet like and trust you.

Strategy 2: Become an affiliate marketer

Unlike sponsored content, this strategy is more about making sales. This is due to the fact that you only make money when your followers buy the product. On the positive side, as an affiliate marketer, you do not need to worry about producing that product or fulfilling orders.

The disadvantage is that this strategy requires a strong approach if you want to grow without annoying your audience. Additionally, the term ‘affiliate marketing’ has a bad reputation. It can be associated with online scams.

However, if you are good, you can make lots of money on Instagram with this strategy.

Strategy 3: Sell your own products

The last strategy for making money on Instagram goes beyond the marketing of products. It involves actual e-commerce.

Instead of using your personal brand to sell other people’s products, you sell your own. This can involve things like selling your time and advice as a consultant; your fashion line etc.

It is basically about turning your audience into your customers.

Read more about this on Hootsuite and check out the videos below for more: