Proven Strategies for Monetizing Your Instagram Presence

Proven Strategies for Monetizing Your Instagram Presence - Throughout its transcendent growth, Instagram has evolved, shifted, and rarely deviated from its mission to harness the power of social interactions through visual storytelling. What differentiated Instagram from its early competing platforms was its ethos: to enhance the world in the lightest, most authentic way. Instead of snapping a moment that might fade or be forgotten 24 hours later or slapped with a horrid rainbow filter, Instagram sought to capture and share these brief tastes of our lives in a way that would be timeless with such aesthetic brilliance, it would stand the test of time and garner thousands of likes and comments, making it, too, a sweet memory of its own.

The epitome of societal acceptance through a social app now boasts more than one billion monthly active users, with over 500 million logging in daily. Eighty percent of accounts follow a business, and one in three of the most viewed Stories on Instagram are from businesses. Influencer marketing is expected to become a billion-dollar industry within the next few years. With such monumental social media connectivity, Instagram has become, among other uses, a channel for businesses, bloggers, travelers, and a multitude of other niche interests to present their branded image and establish their influence to followers around the world. Instagram became a social influencer marketing powerhouse with more than 25 million business accounts and over 2 million monthly advertisers.

“Die-hard” Instagram users establish groups of followers who will harmoniously interact with their posts and Stories, fostering a perfectly balanced ecosystem of Social Proof for the eye of potential brand sponsors. These branded sponsorships are extremely lucrative, bringing in tens of thousands of dollars per post, and are what driving the fundamental principle of monetization for Instagram influencers. The effectiveness of your monetization ultimately comes down to Social Proof and trust. Social proof is the idea that the behavior of others in a social setting provides validation of an action or belief. It is how you justify your passion and affect purchase conversion rates enough to be paid for every product-sharing post you publish.

Understanding Instagram as a Marketing Platform

Several of the rumors floating around in business and marketing management circles about social media site Instagram warrant investigation. The first is that Instagram is poised to overtake Facebook in a measurable way and become the number one social networking site. The second is that Instagram is a business tool that can actually help a brand do business. The third is that anyone can become an Internet rich kid by marketing products and services to others on Instagram. And, finally, there is the rumor that Instagram is a great way to easily find customers, clients, and companies looking to use Instagram as a forum for spending money.

While not all of these rumors are categorically true, we will explore the truth behind some of them. Instagram is at its heart a photo-sharing site, but it also allows for the sharing of short video clips and the posting of messages. Its appeal lies mainly with younger people, especially between 18 and 29 years of age. Consequently, if you are selling something to a younger demographic, then Instagram is ideal. Presently Instagram has about 700 million members worldwide. That’s a huge market.

So what do consumers do on Instagram? First, they share pictures. Pretty simple, right? In fact, viewing and sharing user-generated content are the top two reasons consumers give for using the site. Of course, posting user-generated content is another reason, but brands are slow to take advantage of that. Yet, over 70% of Instagram users report that they want to connect with brands. That message should not be lost on marketers.

Identifying Your Niche

Determine what you like to talk about and what you feel you have expertise to give guidance or support through your posts. What brings you joy in your offline life? What do you engage in often? These can help you determine the central message you want to share with the world through your Instagram posts. It is most easily conveyed to others through authenticity, something the Instagram community appreciates.

Narrow down your field of interest if you find it too broad. If you have a variety of interests that generally fit together, post to the “cluster” of your niche, which may be the more general aspect of your niche. Again, try to focus equally narrow, and then slowly broaden your themes. For example, if you are into cooking and cars, visitors to your niche want a bamboo salad spoon, not silver-plated silverware. Then, venture out into these. Do you want your account to attract general interest in your niche, or are you looking for people to socialize with?

Examine your competition, other accounts in your niche. What content do they create? How many followers do they have? What do you like and dislike about their content? Answering these questions can help you understand what kind of content already works, as well as what you can do differently or better to stand out among similar accounts. Research what your target audience is interested in and study key performance indicators of similar accounts. Utilize branded hashtags to find related accounts and see who are also following them. An audience analysis may allow for different growth strategies that could help propel your brand forward.

Building a Strong Brand Identity

Building a strong brand identity is essential for standing out on Instagram and attracting the right audience. Here are some tips for creating a cohesive and authentic identity for your brand. Define your brand. Think about what sets your brand apart from others. Do you have a unique mission or vision? What is your unique selling proposition? Your brand's foundation should be based on your target audience's wants and needs – clearly identifying and understanding this audience will be instrumental in the development of your brand. Doing a SWOT analysis and conducting competitive research can be beneficial steps in the process. Many brands go through a series of adjustments, focusing their message based on their audience's needs. Don't be afraid to experiment and evolve your brand as you understand what works and what doesn't. Create a visual aesthetic. Instagram is a visual platform known for its stunning photos. It's essential that your photos not only reflect your brand, but also create a signature style. If you use photos taken by others, be sure to create a visual style that tells your brand's story. You can do this by paying attention to certain visual qualities, such as colors, lighting, filters, and textures. Having a signature color or a couple of signature colors that evoke feelings associated with your brand is important. Other visual qualities to consider are logos, typography, graphics, and illustrations. Be authentic. Brands are wise to not disguise themselves behind a façade, however pretty. Consumers are keen to authenticity, so it's essential for a brand to emphasize its unique aspects as it builds and grows its presence.