Now, you may not be Selena Gomez with her 128+ million Instagram followers.
You are probably not expecting to make $550,000 per sponsored Instagram post, either—which is what HopperHQ reported she earns in 2017. But you can utilize your growing IG influence to make extra income on Instagram for all your hard work and consistency.
Can you make a living as a professional Instagram influencer in 2018 and beyond?
Yes, you can.
A little background…
More businesses now have an Instagram account compared to a Twitter account. Sprout Social found about 70.7% of US businesses were on IG compared to the 67.2% on Twitter in 2017. The over 8 million Instagram business profiles could do well to connect with the 59% Instagram population of people between the age of 18 and 29 years.
Instagramers are also a loaded lot—a magnet for Instagram marketers and brands alike.
For example, in the US, a 2016 Pew Research study found more than 32% of Instagram users earn between $30,000 and $74,999, with over 31% earning over $75,000.
Now how do you make all these scrumptious statistics work in your pockets’ favor?
1. Embrace Sponsored Posts
According to Hashtag, more businesses are interested in investing in Instagram influencer marketing than on any other social media marketing channel in 2018. That will see professional Instagram influencers rake in more than $1.6 billion in 2018 and over $2.38 billion in 2019.
Learn how social media influencers make money with sponsored content here:
One survey of 5,000 influencers found as many as 42% of them charge between $200 and $400 per sponsored post.
2. Embrace Multi-Brand Collaboration
Now as influencer marketing skyrockets in popularity and application, so are influencer marketing costs. The top Instagram influencers of the past year command more than many small businesses can afford to take out.
That is why a top influencer marketing trend 2018 is popping up is where relevant brands team up to offer one influencer an acceptable offer. If you can accept this, you will have opened the doors to more brands to partner up with you and earn money from Instagram without selling a product or service.
3. Take the Dropshipping Model
But selling is not such as terrible thing, according to one of the best earning Instagram influencers in 2018.
Justin Wong uses the Dropshipping business model to make money on Instagram ($12,000/month).
If you are willing to sell, you can learn about dropshipping products you are passionate about and trust enough to recommend to your Instagram followers.
4. Get Paid to Review Things
If you are knowledgeable about how stuff works in your industry or niche, you can welcome or reach out to interested and relevant brands to partner with them.
Influencers can test the brands’ products, use them to test other products or post custom ads in review posts or videos. While this method is particularly well-endorsed on YouTube, influencers can also use Instagram Video and Stories to make their partners’ posts visible to their targeted audience.
5. Selling Your Own Stuff
If there is anything Theresa Nguyen has taught micro- and mid-influencers, it has to be that making money on Instagram selling own products works. Theresa is a 13-year old young lady who sells her own creations—homemade slime. She posts cool videos and brilliant photo posts, following her captions up with a call to action link in her bio for her huge audience to order from her online slime shop.
Theresa has been making $3,000 per month (when she had 747,000 followers) this way.
Notice how her Instagram followers have increased to over 1,100,000.
Remember, a professional Instagram influencer needs a decent number of followers…
As you might have noticed above, these 5 ways to make money as an Instagram influencer require a substantial Instagram follower-base and engagement.
So the first thing you’ll need to make money online with your Instagram account is to grow your IG following organically, building a community that trusts your recommendations enough to buy them.
Also, to monetize your Instagram influence for the long haul, you will need to ensure not to get too carried away; minimizing the number of sponsored posts or other types of posts meant to make a dollar. Your followers could see right through it and abandon you as a sellout.
Want to learn some more tips and tricks on becoming and Instagram influencer? Check out another recent post in the Liked Lab News: Becoming a Successful Instagram Influencer – What you need to know.