Love it or hate it, Instagram proves to be, once again, a never-ending source of updates and new features. As a marketer, it more often than not drives me insane. Keeping up with it has become part of my full-time job.
Yet, Instagram has shown us there are plenty of ways to make money on the platform, you just need a little strategy to take your Instagram account from nada to cha-ching – some of which, do not require brand partnerships.
Could this be a big, exciting change for creatives?
Advertise your IGTV
As well as being able to add links to your IGTV videos, creatives will now be able to monetise their IGTV efforts! Instagram broke the news that it’s finally rolling out updates that will allow creators to earn money directly on IGTV.
According to Instagram, the video ads will only appear when a user clicks to watch an IGTV video from the preview button in their feed. The ads will be mobile-optimized vertical videos and last up to 15 seconds long.
As mentioned in their announcement, Instagram plans to test IGTV ads with a small group of creatives and advertisers in the US and will expand slowly over time as they improve the experience.
In an interview with The Verge, Instagram’s COO, Justin Osofsky shares that those in the IGTV ad rollout will receive an “industry standard” 55% share of all advertising in IGTV, the same rate as YouTube.
This is exciting because…this is the first time creators will be able to make money directly from IGTV since its launch in 2018.
Get ‘tipped’ on Instagram Live
You can get “tips” with the new Instagram live badge. The concept of “badges” plays off a popular feature within Twitch and TikTok, which allows followers to “tip” creatives during live streams. And now this feature is coming to Instagram.
The launch of badges on Instagram Lives not only creates a new revenue stream, but it works to develop a sense of exclusivity on the platform. Viewers can buy one heart for 99p, two for 1.99, or 3 for 4.99. It’s reported that initially, creatives will receive 100% of the revenue from Instagram Live badges sales.
With the new feature, viewers, followers, and fans can purchase a badge during a Live video that will stand out in the comments and unlock additional features.
This is exciting because…Instagram is finding new ways to encourage your audience to partake in Live streaming.
Get started with Instagram shops
Use Instagram’s built-in tools and features to sell your products in your feed. Newbies can tap into shoppable posts that allow you to tag products directly within your content, whilst more seasoned members can look into shops.
If you want to set an Instagram shop, you’ll need to make sure you have a product catalogue in your Facebook Business Manager.
Through shops, you’ll be able to browse selections from your favourite brands and creators, filter by categories like beauty and home, and purchase all you love all in one place.
This new feature will allow your followers to purchase your products directly and make money from Instagram for a new frictionless experience.
This is exciting because…Instagram is now integrating its shops with Live broadcasts, encouraging viewers to shop during Live events!
Monetise with stickers
Last but not least, sell gift cards to be redeemed later: as I mentioned before, Instagram stickers are ALL the rage right now.
Businesses can now share gift card and food order in stories and on their profiles. Food orders are perfect for restaurants and cafes looking to bring awareness and encourage sales right within the app — and thanks to the variety of partners available to Instagram, there are loads of ways for cafes and restaurants to get involved.
If you have set up the stoppable feed integration for Instagram, you’ll also be able to use Instagram’s built-in tools and features to sell your products. Shoppable posts and Instagram Stories product stickers allow you to tag products directly within your content.
This is exciting because…you can cross-promote products from your feed to Stories and this is a great way to bring more awareness about your products.
Instagram is focusing more and more on supporting businesses, especially right now, and I can see why it’s looking to educate users to commit to supporting brands and businesses through conversions, and not just conversations.
Regardless of what you decide to take action on, you now know all the tools you can use in your toolbox to turn your Instagram audience into real-life customers.
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My name is Fab Giovanetti and I am a writer, author, marketing consultant, founder of the Creative Impact Group and professional troublemaker. I help people grow their online audience and monetise their content and unleash their potentials as creatives.