How Many Instagram Followers To Make Money
It is frustrating to see influencers making thousands of dollars per post on Instagram while we struggle just to see our follower count rise on a daily basis.
We all want to be the next influencer to land big sponsored deals that pay for us to travel the world and eat the best looking food, but it’s hard to know exactly when your account is ready to start making money.
One of the first metrics that users and brands look at to determine account influence is your follower count, mostly because it is front and center for everyone to see. Even so, there is no set Instagram follower number to make money in 2018 that works for every influencer in every niche. In today’s post, I am going to go over how to approach your follower count and when should you monetize them.
How many followers do you need to make money on Instagram?
The answer is… it depends! If you feel like this answer is a let down, hear me out.
When brands are looking to work with influencers, they want to know that their marketing budget is well-used. What brands really look at is how well your audience is engaged, no matter the follower count because that means more product awareness, and potential sales, for them. Brands also look at how your follower count and engagement rate fit in with your niche and quality of your posts.
Engagement rate is gold
While the amount of followers you have can be anywhere from 1,000 to 1 million to make money from Instagram, one thing that is a constant is high engagement rates. There’s no point in posting content on Instagram if your followers aren’t seeing or interacting with it.
For instance, imagine you had $100 and wanted to make more money with it. You could invest it with a person who had hundreds of thousands of potential buyers at their fingertips, but you noticed that only a hundred or so were actually paying attention to what they said. Your best bet would be investing that $100 with someone who only had a couple thousand potential buyers, but they are all constantly paying attention to what they say.
The key to making money on Instagram is not follower count. It is having good a engagement rate. Your engagement rate is the total number of likes and comments on a certain number of posts, divided by the number of posts, divided by followers, multiplied by 100. (There are plenty of online tools available if you don’t feel like doing the math yourself!)
When your engagement rate is high, that tells brands that your followers are hearing what you are saying and, better yet, listening! They will invest their money with you because it will, in turn, result in your followers buying their products.
Your niche matters a lot
Did you know that 7 out of 10 people rely on social media to make purchase decisions AND almost half of them rely on the opinion of influencers. Whether you know it or not, people out there are looking for recommendations to follow and yours is one of them! If you are passionate and knowledgeable in a particular niche, you could be earning money just by promoting brands and products you already love!
Some of the most profitable niches on Instagram are Health/Wellness/Fitness, Travel, Fashion, Beauty, Business, Wealth/Finance, Luxury and Lifestyle. Users in these niches work with a variety of brands, create a wide range of content, and have great success in monetizing their Instagram accounts.
More and more brands are working with microinfluncers in these specific niches to promote their products because they have a more engaged, targeted following.
While the definition of a microinfluencer varies from professional to professional, they are generally defined as a user who has more than 1,000 and less than 100,000 highly engaged followers. That’s great news for accounts who are still growing but are ready to start landing sponsored posts!
Don’t limit yourself to sponsored posts
Partnering with brands isn’t the only way to monetize your Instagram account. On top of working directly with brands in sponsored posts, you could also use affiliate marketing to make an income on Instagram. Affiliate marketing is when a brand pays you a commission after someone buys a product that you recommend. Usually with a promo code or affiliate link, the affiliate marketing networks you are a part of will track of the amount of sales your recommendation garnishes and will pay you a percentage of the profit when it’s all said and done.
There are hundreds, if not thousands, of affiliate programs available for you to join and in every niche imaginable. Some of the top affiliate marketing networks to join when just getting started include Amazon Associates, Linkshare, Shareasale, and Commission Junction.
Earn even more with your own products
By far the best way of monetizing your Instagram account is by selling your own digital products. Just like Lucy Davis, an Instagrammer in the fitness niche who earned over $20,000 in six months by selling her ebook online and promoting it on Instagram. Selling on Instagram isn’t as difficult as it may sound. It can be as simple as writing an ebook in your niche and marketing it to your followers!
You can even earn $1,000 as long as you have 1,000 followers without using paid ads. More on this in the guide below.
All in all, as long as you are seeing great engagement and creating quality content, you are on the right track to making money on Instagram.
Instagram is not going to pay you for advertising.
You should look for brands that would be keen on engaging influencers to promote their products within their Instagram networks. Even though an influencer is a powerful word, oftentimes associated with celebrities or those having millions of followers, the reality is that anyone can be an influencer, nowadays.
A new term nano-influencer has been coined to describe Instagrammers who have audiences between 1000–5000. Thus, if you have at least 1000 followers, you can potentially earn money on Instagram.
It has been also reported on multiple platforms that nano-influencers have much higher engagement rates. This is the main reason why brands may be keen on engaging with them because they have authority within their niche and audience. Nano-influencers are much cheaper in comparison to those having millions of followers, as well.
Any account that has between 1000–5000 followers with a healthy engagement rate (at least 8–10%) can be attractive to brands and can earn some money.
Look at this comparison:
Therefore, I would not count numbers of likes, but would rather look at the total number of followers. Engagement rate is also important, though. If an account has 5000 followers, but the engagement rate is low, I would be cautions – possibly these followers aren’t genuine and won’t bring any value to my brand.
That’s why, I would recommend anyone to play the Instagram game in a fair fashion and grow organically, without illicit means such as bots and follower purchases.
Article source: How Many Instagram Followers To Make Money