How to Monetize Instagram in 2023

Instagram isn't just a platform where people share photos and videos of their daily lives or their adorable pets. 

In 2023, it's a digital goldmine, a magnet for businesses, marketers, and influencers seeking to capitalize on its over one billion active monthly users. 

Instagram offers an array of ways to monetize and earn a living right from the comfort of your smartphone. But like any goldmine, you have to know where to dig. 

Are you ready to turn those likes and followers into dollars and cents? 

Let’s get started!

Instagram Shoppable Posts 

Instagram Shoppable Posts are a gamechanger in the world of e-commerce. They are essentially Instagram posts but with an added bonus: you get to sell online through Instagram. 

Here's how they work: the posts include tags on the products featured in the image or the video.

When users tap these tags, they can view product details such as price, description, and more, right within the app. If interested, users can proceed to purchase the product, turning their interest into an instant purchase within a few taps.

Setting up Instagram Shoppable posts is quite simple. You first need to convert your personal Instagram account to a business account. 

Then, connect Instagram to your Facebook catalog. This can be done either through the Facebook Business Manager or Shopify/BigCommerce. 

With your catalog connected, you can then upload an image or video post, and tag the product much like you would a person. 

Once approved by Instagram, these shoppable posts will be shown to your audience, turning a casual scroll into potential profit.

Instagram Shoppable posts blend seamlessly into viewers' feeds, providing a convenient and effective way to monetize your Instagram. 

The experience is seamless for viewers, making shopping an organic part of their Instagram browsing experience. 

Instagram's algorithm even helps by showing your shoppable posts to users who exhibit interest in similar products. 

So, while your followers enjoy your content, they can also shop for your products without ever having to leave the platform. 

Sponsored Posts 

Instagram Sponsored Posts are essentially paid advertisements that allow businesses or individuals to reach a larger and more targeted audience. 

These posts can appear as photos, videos, stories, or even as a carousel of multiple images or videos. 

To use Instagram Sponsored Posts effectively: 

• 1. Ensure your profile is set as a business account to get access to Instagram's advertising tools. 
• 2. Next, choose a post on your Instagram that you'd like to promote.
• 3. Hit the "Boost" button which you will see on this post.
• 4. Now, you will be asked to define your objective; whether it's more profile visits, website visits, or even direct messages.
• 5. The next step involves defining your audience. You can let Instagram suggest an audience based on the people that like your Page or have interacted with you, or you can define a custom audience by choosing specific demographics, locations, and interests.
• 6. Finally, set your budget and duration. This will determine how long your post will be promoted and the number of people you are likely to reach.

Instagram will then review your promotion and it will be live once approved. 

Instagram Sponsored Posts are a great tool to tap into a global audience, reach your target demographics and extend your brand's presence. 

In 2023, they provide one of the most lucrative ways to monetize by increasing exposure to potential customers who are likely interested in what you offer. 

With a bit of strategy and a well-crafted message, sponsored posts can significantly boost your sales and engagement.

Affiliate Marketing 

Affiliate marketing is a modern twist on the age-old practice of commission sales. 

In essence, you're acting as a trusted intermediary for a product or service, earning a cut every time your followers purchase through your referral link. 

How does it work specifically for Instagram? The key element is your profile's bio.

Primarily, you partner with a brand that aligns with your Instagram aesthetic and audience. Then, you showcase their product in your post or story, tagging the brand and using an affiliate link. By doing so, you direct your followers to the brand's website. 

The catch? 

Well, the smarter you are about your brand partnership, the better the payoff. 

Always keep it relevant - if you're an avid hiker and share your outdoor exploits, partner with an outdoor equipment brand. 

Followers are more likely to buy if it aligns with what brought them to your page in the first place. 

The golden rules? 

Keep it authentic, transparent, and make sure you're following the FTC guidelines for affiliate marketing. 

If you stick to these, the affiliate marketing world can be a lucrative labyrinth to navigate. 

So, begin today; discover your niche, find your brand, and use that Instagram bio as a portal to profits.

Advertising Pages in Stories and Posts

Advertising pages in stories and posts offer a direct monetization approach on Instagram. Here's how to leverage them to your advantage:

• 1. Put effort into creating high-quality, engaging, and branded content. Be it stories or posts, the better your content, the more traffic you'll attract.
• 2. Understand who's following you. Tailor your ads to this demographic to maximize engagement.
• 3. This step is crucial as it opens Instagram's monetization features like Branded Content Tools.
• 4. Create ads by promoting your posts directly or use Facebook’s Ads Manager for more control over your ad campaigns.
• 5. In your Stories ads, incorporate the 'Swipe Up' feature to redirect users to your chosen landing page.
• 6. Regularly evaluate your ad performance. Instagram provides insights to help track your ads' engagement and effectiveness.
• 7. Based on your performance metrics, make necessary adjustments to increase your ad's visibility and engagement. 

Remember, creativity is your greatest tool when utilizing advertising pages in stories and posts. So be bold, be innovative, and be consistent to build a strong brand image that resonates with your audience.

Wrapping Up

There you have it, Instagram is more than just sharing photos and catching up with friends. With the correct strategies or Instagram tools, it can also become a significant income source. 

As you navigate this often overlooked pathway to monetize Instagram in 2023, remember to keep your personal brand at the forefront of each approach. 

Authenticity speaks louder than promotion, after all.

Featured Image by Claudio Schwarz on Unsplash