Ever considered Instagram as a source of revenue?
Instagram monetization really is a big deal to businesses today. It’s one of the most popular social media platforms in the world and opens up a whole dimension of marketing possibilities.
Yes, it is totally possible to monetize your account to a point where it becomes a good stream of a revenue for your business. It isn’t necessary to be an influencer although you can leverage other influencers for your marketing.
But, the ultimate question is whether Instagram is really worth the time & money you’re about to invest into it. Are there other businesses in your industry currently using Instagram actively? Do you have a stable stream of revenue and are looking to add on additional streams?
If the answer to both the questions is a Yes. Then this mini-guide is for you.
1. The Monetization Model
To successfully apply Instagram monetization is to first have a clear objective.
Once the big picture strategy is clear, everything else you do will fall in place even if you aren’t too sure about something.
The end result is to successfully use Instagram as a steady source of revenue for your business. There are many different roads to get there. Here are a few:
Display of Authority
Using content to portray credibility in the field to attract customers and convert them after
Leveraging ultra-targeted content to attract and convert followers into customers
Source of Traffic
An additional source of traffic for your E-commerce or info-product business
Using Instagram as a free source of leads for your business
No matter your objective, having a clear understanding of what you want and how you want to achieve it puts you far ahead. You’ll be able to dominate the Instagram monetization game no matter the niche or industry you belong to if you have clear objectives.
2. Differentiated Content
The first rule of attention is differentiation.
Why should people check you out compared to the millions of other accounts?
It should also be emphasized that Instagram is a heavily visual-based platform. You should already have someone who is particularly skilled in that area. If not, you should definitely consider hiring somebody visually skilled to ensure you get the content is right.
A few steps to stand out from the crowd:
Know your market
You can’t figure out what you are going to contribute unless you already know beforehand whom you are trying to contribute to. Knowing who you’re looking for and understanding how they look like on this particular platform is essential information when trying to market to them.
All businesses have data. Make a few calls or interviews and ask some questions to have a better understanding of the kinds of accounts you are looking for on Instagram.
For content marketing purposes, you need personas to help you deliver content that will be most relevant and useful to your audience. – Buffer
All you need to do is do a basic analysis. Obtain a few Instagram accounts of customers who are already paying you. Collect relevant data from them and use it to better understand who you’re looking for.
What do they like?
Once obtaining a representative enough number of Instagram accounts from customers who have already bought (preferably multiple times) from you, you can go ahead and check out what kinds of accounts they follow. Personally follow them and monitor their activity for a week to see what kinds of posts do they frequent to most.
Identify prominent leaders in the general types of content your market enjoys. They may or may not be your competitors but the idea is to understand the exact types of content you are deciding to produce for your Instagram monetization.
Make sure the content types you are targeting are relevant and makes sense to create as a business.
Examples of types of content:
Top down cooking videos
Find the gap
Identify the main types of content that makes the most sense for your business. It should be easy to create and is viable to create said content on a consistent basis.
You could consider hiring an agency to handle the production part if it is too much trouble doing it in-house.
The next step would be to monitor these content types and understand them. Then see how you can add your own spin to these content types to differentiate yourself.
Some ways you can differentiate yourself :
- Utilizing an entirely new type of background music & visual theme
- Adding a significant brand theme to your content
- Using niche examples where most accounts are generic
3. Understand Instagram
The best Facebook Ads agencies are in first name basis with key employees of Facebook’s HQ. The best SEO agencies are in first name basis with companies like Google.
You don’t need to be on a first name basis with Instagram’s key employees but it helps to make an effort. Try to understand what Instagram is looking for as a Social Media platform. How does Instagram benefit from the existence of the platform ? And what can you do to help them achieve their purpose so they reward you?
These are great questions to ask yourself to get you on the right track for your Instagram monetization.
If you are going for a mass viewership it would depend on your strategy.
- Are you aiming for a large volume of customers ?
- Or do you wish to have a large following to display authority ?
Large Volume of Paying Customers
What you need is an aggressive strategy to attract a large number of audiences and great content to keep them there. You would also need an excellent back-end conversion strategy in place to ensure those followers turn to real customers.
Consider hiring an agency that specializes in obtaining a large numbers of relevant followers for other companies. They have tested strategies which can save you thousands in trial and error.
You can consider buying followers to bump up your follower numbers. This may affect your ability to attract relevant users however there are businesses that thrive on this method for their Instagram monetization.
Maximize Your Organic Options
Use the hashtags, location options and tag options. Making sure you are using that Instagram offers, makes it way easier for Instagram to help promote you organically.
The faster you adopt the usage of newly rolled features, the more you benefit from Instagram as they will focus on increasing the usage of their latest features.
4. Utilizing Automation
Once you have a content strategy for your Instagram monetization in place. The next step is to grow by automation.
It should be noted that when leveraging automation tools, Instagram may ban or restrict your account. Certain automating activities may be breaching their policies.
Scale things at a gradual pace. Be ready to restart a new account and test things in phases before moving forward.
There are a number of apps that can help you automate your processes.
They target users you should follow by username, hashtag, location and other metadata to find people who are likely to follow you back. You can further refine the targets to match your intended audience, using descriptive filters such as gender and popularity.
Robolike lets you set tags that are relevant to your profile or to your target audience. Their software likes photos and tweets on behalf of your account.
Social Growth engages with your target audience via their extremely powerful hashtag and location targeting. They use their software managers with over 11,000 Instagram accounts, running simultaneously. Social Growth offers stable, secure and reliable growth solutions to help you reach your Instagram goals.
Since there are hundreds of millions of followers on Instagram, it can be hard to find your customers. Socially Rich provides you with a list of users that fall in your “desired audience.” Influencers, small businesses and personal brands use Socially Rich to connect with customers.
Many companies offer fake followers and fake likes that don’t interact with your profile. Social Envy helps you build real, organic Instagram followers who will actually engage with your content. They do this by targeting specific users with whom you should interact to boost your popularity across the platform.
5. Build Relationships
A big part of Instagram is connecting with key accounts.
This can be with relevant influencers and other businesses. There are real people behind these accounts. It would greatly benefit your Instagram monetization if you reach out to them in a unique way. Most accounts use a dry tone.
Simply message them like you would a friend. Highlight what you can do for them in the start of the message before moving forward with any request.
Simple things like liking & commenting thoughtful comments on these key accounts can garner you attention. Examples are relevant accounts that you can cross promote with. Or you could pool resources to come up with a better strategy or lower your advertising costs.
6. Converting your audience
The biggest mistake that businesses fall into is the trap of vanity metrics. Vanity metrics are metrics that do not affect your business but you still take significant effort in keeping track of them for the sake of feeling good.
Do your best to avoid constantly keeping track of vanity metrics. This enables you to fully focus on the productive areas of your business.
Converting your followers
Another mistake is to only aim for higher followers and forget to implement a conversion strategy in place.
If your business involves high-ticket sales such as property rental agencies, packaged products or info products. It would be great to consider implementing an active strategy to convert your followers.
This can be done using a script. This gets them to have an actual conversation with you through the Direct Message option. The script should actively onboard them onto a call or to make a purchase.
You could also use it as a means of being more interactive with your customers. This warms your customers up to you and possibly encourage them to make a purchase with you in the future.
Instagram is constantly changing. Keep abreast of trends, major changes in algorithms and your markets reactions to these changes. Making changes ahead of time to your Instagram monetization strategy according to timely events can greatly benefit you by successfully staying relevant.
If you are considering to hire an entire team, contract an agency or to look for consultation. You can consider us as a financing option.
FS Bolt is a product of Funding Societies Pte Ltd. Submitting an application is quick and easy. You can get an approval decision with 2 hours and receive your loan of up to $50,000 within 24 hours!