How to Monetize Instagram Accounts in 2020 & Beyond?

/ November 25, 2020 | 7 Mins Read

How to Monetize Instagram Accounts in 2020 & Beyond?

Curious to learn how to monetize Instagram accounts? If yes, find your answer in this insightful content piece.

Instagram has been a sort of revelation in the digital era. 

It has emerged as one of the fastest-growing social media platforms with more than one billion active users. 

Like Facebook and Google, Instagram is where your potential customers regularly check your business profile. 

1. Statistics That Showcase the Importance of Instagram in the Business World

As per the statistics released by Instagram Business, 

  1. 60% of people utilize this platform to discover new products
  2. 80% of them follow a minimum of one brand
  3. 200 million accounts search for a business profile daily
  4. 66% of profile visits are from non-followers

What Next?

After looking at the statistics, if you wish to learn how to monetize Instagram accounts, it is imperative to have the right business model.

So, now you will ask me, “Vivek, what’s the best way to start?”

Duh! The answer is simple. 

Read this article and you will have a fair knowledge of how to monetize Instagram accounts in the year 2020 & beyond.

The very first question that you need to ask before I answer: How to monetize Instagram accounts is: 

2. How Many Followers Do I Need to Monetize My Instagram Account for Business?

The number of followers that a brand requires is contingent on the company, campaign, and project. 

Certain brands require you to have a minimum of a few thousand followers.

It is a very competitive process to become a brand influencer. For that, you’ll require an established audience.

In case your luck runs out while trying to land into a paid gig, I would recommend you to go for smaller brands as they are willing to send free stuff to you to try and promote.

At the end of the day, it’s not about the money only.

With time, as you build and maintain a strong Instagram presence, things will work out soon.

Now, before proceeding further, let me provide you with some successful Instagram monetization examples. 

3. Successful Instagram Monetization Examples

Jason Stein @jasonwstein

Jason Stein was an early adopter of Instagram. He quickly realized that Instagram would become a handy asset as an advertising tool for companies.

Stein launched Laundry Service, a social media agency that matches brands with Instagram Influencers to take advantage of it.

By the year 2014, Stein was on Forbes’30 Under 30 in media, a list of game-changers. 

The company had 30 employees in Los Angeles and New York. It was a division known as Cycle with an army of roughly 1,000 Instagrammers who worked with reputed brands like Beats, Oprah Winfrey Network, and Amazon. 

Brian DiFeo @bridif

Brain DiFeo joined Instagram in the year 2010 as a hobby. As a 33-year old, he had no professional photography experience.

However, after gaining popularity on Instagram, he speculatively emailed the organizers of a New York Music Festival in March 2011, inquiring about a free ticket in exchange for taking photos at the event and putting them on his feed.

That led to a gig with Puma in Abu Dhabi. And from there, the work continued to come.

DiFeo and Anthony were the co-founders of The Mobile Media Lab with Eswein. 

Huda Kattan @hudabeauty

Huda Kattan is a U.S. born lady now based in Dubas. She has built a beauty empire.

Her website, HudaBeauty, is one of the top 20 beauty blogs, as per the Alexa website rankings. 

Her Instagram account is also viral.

Recently, she had more than 7.7 million followers. 

The fantastic part is, she is gaining an average of 23,000 more followers daily (according to social media statistics tracker Social blade).

I know after reading the above section, you are wondering how to monetize Instagram accounts?

Don’t worry; I am getting there in the next section. 

Be patient and head straight to the next section, which will provide you the answer to this question.

4. How to Monetize Instagram Account in the Year 2020?

Before we look at some of the ways to monetize your Instagram account, ensure that your account is sustainable and competitive.

It is excellent to have a dedicated and loyal target audience before deciding to monetize your Instagram account. 

Build a Relevant Profile on Instagram

The very first thing that you will need is a relevant profile. This includes a snappy bio of your business. Also, do not forget to include relevant hashtags in the content. 

Here’s an example if you’re creating content related to meditation. 

The very first thing is to ascertain the top hashtags related to meditation.

It can be:

  • #meditation
  • #selfdiscovery
  • #freeyourmind
  • #innerpiece
  • #meditate
  • #awareness
  • #wellness
  • #zen
  • #beherenow

The next thing is to post relevant content which appeals to your target audience and do it regularly. For example, you can post the content on a weekly or fortnightly basis. Whatever you decide, please stick to it. 

Persevere and be patient by commenting, liking, and engaging the top hashtag posts in your space. Do it daily.

Next, map all the companies in your space. See the kind of hashtags that they are using.

Then call them up. This is your chance to research for their phone number through their website or their Instagram profile. 

After that, follow these strategies to help you answer the question: How to monetize Instagram accounts in the years to come.

Make Sponsored Posts

One of the best ways to monetize your Instagram is by becoming an influencer where you make sponsored posts on your brand’s behalf.

For this to become a reality, you will need a considerable amount of brand followers on Instagram.

The first thing I would suggest is to spend your time building up your followers on Instagram and engaging with them to connect with brands.

Ensure that your content is authentic; otherwise, your target audience will start to lose interest in you if you are simply making posts for marketing purposes. 

In case you cannot authentically post about a product, there is a little point in taking the contract, irrespective of the money being offered. 

If you do manage to make a sponsorship deal with a brand, they will typically ask you to create posts with relevant images or videos.

This can also be done with a branded hashtag, a mention, or a link. 

I would recommend you outreach to any brands you feel a liking for to find the sponsors. Send them emails promoting your services. 

In the email, mention your number of followers and engagement statistics.

Also, do not forget to show them some samples of the posts you create. 

You can even work with an agency or a platform. This will help you connect with brands wishing to connect with influential Instagrammers. 

Start Doing Affiliate Marketing

In case you become an affiliate, it allows you to sign up with a company and try to sell their products. This way, you can earn a certain amount of commission on every sale you generate. 

As an affiliate, you will be assigned a trackable link for the products you agree to sell. If somebody follows your link and purchases the products, the selling company will know the customer who came through you. 

One problem with Instagram is that you cannot place clickable links in your post. 

The only option to place it in the bio. So, realistically speaking, you have the opportunity to promote a single affiliate product at a time. 

I would suggest you utilize your posts to promote your product by directing the target audience with a statement like “link in profile” in your photo caption. 

Send them your bio and encourage them to click through the actual affiliate link. 

Some of the companies offering affiliate products include: 

  • ClickBank
  • Amazon
  • RewardStyle
  • Sharesale
  • Ebates
  • Stylinity

To make affiliate marketing a massive success on Instagram, you need to search for products that will connect with your followers. Never try to sell products that are outside your niche. 

This will only result in several Unfollows. 

A thumb rule is only to sell those products that you are likely to purchase yourself. 

Entrepreneurship

In case you are thinking of whether selling out and working with other brands are the only ways to monetize Instagram accounts, then I have good news for you.

As a manufacturer, you have an excellent chance to “sell out” with your products: physical goods, services, or digital items.

I recommend you to open your very own online store using the Shopify platform. 

The reason being, it has an in-built checkout system. It also assists in driving traffic and increasing your conversion rates. 

Selling Shoutouts

Also known as Insta Shoutout or IG shoutout, it is essentially a process where one user promotes another user on their own Instagram account.

For example, User A creates a post or story mentioning a photo or @username mention of User B. A business shoutout may contain User A’s photo or video of a specific product or service that User B sells. 

There are different types of Instagram shoutouts.

Paid shoutouts where a user promotes your brand instead of cash or exchanging free products or access to your service. It is one of the classic influencer marketing tactics. 

S4S (shoutout for shoutout) where a user agrees to give a shootout of their pages if you provide them with a shoutout of yours.

Voluntary shoutout where someone is so happy with your product or customer service that they give your brand a voluntary shoutout without you asking or paying for.

Create Your Own Subscription Video Website

We are living in the digital era, where streaming services have gained prominence. 

Indeed, 80% of U.S. customers subscribe to a paid streaming video service today.

So, creating your subscription video website is one of the most lucrative ways to monetize your Instagram account.

After all, followers already visit your Instagram feed, so why not give them something more valuable and relevant in terms of content?

You can create subscription videos that concentrate on educating, inspiring, and even entertaining your Instagram followers. This way, you can establish your authority and also earn money. 

By creating your very own subscription video website, you entice your target audience to watch your full videos and not just teasers by paying a monthly subscription fee. 

Set subscription fees and ensure that you are giving something valuable to your followers in return!

Now you might be mumbling, “Okay, now I know how to monetize Instagram accounts” but, do people usually earn serious money on Instagram. 

I will answer this question in the next section of this write-up.

Scroll below.

5. How much money can one make from Instagram?

The amount of money you can make on Instagram is highly contingent upon the influencer, their level of commitment, and their Instagram content and audience’s exclusivity.

Certain brands are willing to pay anywhere between $5 to $10 per thousand followers; others offer $100 for every 100 followers you have. 

As per USA Today, an influencer with 10,000 to 50,000 active followers can make a few thousand on every post.

As an Instagram influencer, if you have a million followers, your earnings can go up to $10,000 on every post. 

If you have more than 1 million followers, it is possible to charge even $100,000 or more.

Final Thoughts

I hope your question “How to monetize Instagram accounts?” has been answered. 

These are some of the breakthrough ideas to monetize your Instagram account. 

This will inspire you to jumpstart your creative juices and develop a new strategy to devote your full attention to Instagram monetization. 

Vivek Asrani is working as a Senior Content Specialist at Acquire. He has been providing high quality content to clients over a period of 7 years. Many of his articles have been published in magazines and blogs. His expertise revolves around blogging, website content writing, press releases, infographics, eBooks, etc. He loves reading and writing.

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