More than one billion people use Instagram every month which is equivalent to 1/8th of the population of the world. It is recognized to be one of the well-renowned platforms and the growth trajectory shows that it is not going to change any time soon. Advertisers are currently spending an ample amount of money on promoting the services and products on this platform.
According to studies, people are increasing their budget by 175% each year. Impressions are also increasing by almost 209% whereas the average cost per thousand impressions or CPMs is reducing by 10%. Advertisers are spending more money on Instagram and in the due course of time; they are becoming better in doing so. Competition is also increasing at a high rate.
More than 2 million advertisers are using this photo-sharing app each month which is yet a small percentage of the population.
Instagram is not just the user base for new services and products. You can leverage this platform for a wide array of reasons and boosting the return on investment of your business. Here is a list of few steps for making money by using this social media platform:
Converting your Instagram profile to a business profile
A wide array of business owners begin to sell their products and services on this platform without completing this step. It is essential to convert your Instagram account to a business account as it offers a plethora of vital options for selling and reporting. You can switch your Instagram profile into a business account by following the below-mentioned steps:
- Sign in to your Instagram profile and press on the cheeseburger looking button. You can find this button on the upper right-hand corner of the dashboard.
- Now, you require clicking on the “Settings” section, present in the bottom right.
- In this step, you need to scroll down and then “Switch to Business Profile”.
- Once you complete this step, your account gets converted into a business profile. If you want to switch it back to your usual Instagram account, you need to go back to the same spot and press on “Switch Back to Personal Account”.
Here is a list of few of the features, available for your Instagram business account:
Getting the demographic and personal details on Instagram is not as easy as Facebook. However, Instagram Insights make it easier for you.
You can get a plethora of useful data through this feature. As you convert your Instagram account into a business account, you can get access to all these features via the app on your cell phone. In the Activity section, you can find a plethora of metrics such as website clicks, profile visits, impressions, and reach.
As you take a look at the Audience tab, you will gain success in tracking the ages, locations, and gender of the follower, the time and day when they are most active.
It is present under the bio section at the upper part of the profile. It provides the options to email, calls, or getting directions for the business.
On Instagram, you are not allowed to include links in the posts. You can just include one website link in the bio. As you get the option to add links in the Instagram stories, it offers opportunities for directing the audience to different landing pages and products on the website. As stories are known to be widely visible, it can be highly beneficial to your business.
It allows you to connect the Facebook business page and then run ads via Business Manager.
Using hashtags for your organic campaigns
Hashtags are regarded as a smart choice to make an effect on organic Instagram campaigns. As you convert your Instagram account into a business profile, you will be capable of finding how many impressions are coming with the use of hashtags on every post.
You can also find the accounts; you reached but did not follow you after viewing the post. To increase the number of followers of your business account, you need to use the hashtags smartly.
Hashtags have become effective in increasing the number of followers. You can use different combinations of hashtags that boast of lower posting volume and high posting volume. You will find a boost in the engagement as you use relevant hashtags for your posts.
You can opt for a tool such as Sprout Social or Hootsuite for scheduling the organic social posts in advance. You can reap the benefits of Instagram insights for scheduling the posts during peak hours.
Instagram plays a vital role in highlighting the personality of your brand and showcasing the creativity of your product. You require including “link in bio” CTAs in the copy and change the specific link for matching different areas of focus and certain promotions frequently.
A wide assortment of business owners has the wrong notion that they cannot run Instagram ads owing to a small budget. However, it is possible to run Instagram campaigns within a low budget if you gain success in executing them effectively.
Instagram ads have turned out to be effective in boosting the ROI of the business. If you can execute the campaigns properly, you can earn a lot of benefits and get the value for your money.
Sell on Instagram custom audience
You can run the Instagram ads along with the Facebook ads. You can also consider editing the placements for running them on Instagram. However, it is recommended to take some time and devise strategies for setting the campaigns in Ads Manager.
As you do so, you can get access to the sophisticated suite of different targeting options of Facebook. In addition to this, you will also be capable of accessing the Brand awareness and Reach campaign types.
You can leverage the engagement and traffic; you gain from the campaigns along with RLSAs for the conversion of prospects. Besides this, you can also make use of them for creating different remarketing lists in the Ads Manager and running different conversion campaigns on Instagram and Facebook.
Use of Instagram shopping to move physical products
Instagram shopping plays a vital role in increasing the revenue of your business. You are not allowed to use it to sell services. However, Instagram shopping is considered to be the best option for eCommerce vendors.
Sell on Instagram shopping
As your followers tap on the tags which pop up, they are redirected to the product details page which comprises a description of the specific product as well as the CTA. From the point, they can move to the landing page. You need to set up and allow product tagging to ensure that a product is ready to be sold on Facebook.
As Instagram shopping posts are run like ads, you can reap the benefits of Google Shopping along with the sophisticated and amazing audience targeting of Facebook. Again, Manual targeting such as Interests, Behavior, Demographics, allow you to reach a wider base of different new products.
Also, as you use the product tagging option in Instagram shopping, you will be capable of showing different relevant details of the product to your prospective audience.
Thus, you can assure your end users, who are engaging with the posts and landing on your website, are highly qualified. As a bonus, the Instagram shopping posts can be beneficial in reaching more users on the Shopping Channel of the Instagram Explore.
Partnering with the influencers
Influence marketing has become the latest buzz in the town. It has gained high popularity on Instagram as it is regarded as an ideal choice to promote physical goods. As you place your products in the shoulder or hands of influencer, it offers credibility with a new and wider section of the audience.
There are a plethora of Instagram influencers who have a prerequisite understanding of how to leverage Instagram for the growth of the business and ensure loyal followers at the same time.
The majority of the followers charge according to the number of followers, they bring to you. For instance, they charge a price of $5-$10 for every one thousand followers. You can make the best use of them to make your product stand ahead in the market.
Thus, if you have a budget of $100 for a certain influencer campaign, you can hire an influencer and pay them for ten thousand followers. Influencers bring to you those specific ten thousand followers who were not aware of your product before.
Also, as you hire influencers for getting the relevant followers, you can be ensured that you are spending on the reach and credibility. It can be counted as a more effective strategy instead of spending a whopping amount of hundred dollars on Instagram ad campaigns, which can reach just ten thousand users.
To enjoy the benefits of Instagram and to get your end-users to purchase the products, you are offering, you need to buy it from the platform in large amounts and commit to the same as a profitable channel. If you have a small budget, instead of spending your money on running the ads, it is recommended to purchase influencer posts.
In addition to this, you can also consider using your budget to make payment for organic campaign management. As you opt for the above-mentioned steps, you will be capable of earning good revenue through Instagram sales.