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How to Make Money on Instagram as an Influencer in 2020

In an era beaming with the potential for social media sponsorships and internet stardom, how to make money on Instagram is a question on everyone’s mind.

Product placement may seem old and stranger, but the reality is that it has taken a new form in the digital age and emerged as a very legitimate source of income for a large amount of the Instagram users.

So how, then, can you make money on Instagram? Here is everything you need to know.

What is an Instagram Influencer?

An influencer can be described as someone who uses their social media account to influence others to take part in an activity or purchase a specific brand through the creation of online content posted on the social networks such as Twitter, Snapchat, YouTube, Instagram, etc.  The influencer typically already has a large following that is relevant to whatever company is sponsoring the influencer.

It should be noted that an Instagram account with a large following but low engagement is not an influencer. An influencer is any account whose following is genuinely influenced by the influencer’s actions. This usually translates to high engagement with the influencer’s content.

We delved much deeper into the topic of influencer marketing in our article Instagram Influencers: Finding Them, Working with Them, and 10 Cases to Learn From.

What are Paid or Sponsored Posts?

A paid or sponsored post is when a brand or company pays an influencer to make a post promoting the brand.

How Much Money do Instagram Influencers Make?

There are many factors involved in calculating the amount earned by an influencer.

These factors include such things as:

  • number of followers the influencer has
  • brand’s budget
  • products cost
  • level of engagement in influencer’s content

Bloomberg thoroughly explored how to make money on Instagram and produced a basic guideline estimating how much influencers make:

Courtesy of Bloomberg

How to Become a Paid Instagram Influencer

Becoming an Instagram influencer is simple for those with a substantial targeted following a high level of engagement and companies will often reach out themselves. If you are just trying to get started, there are a couple methods you can use:

  • Get an Agent: This technique requires you to get in touch with other practicing professionals such as artist to get influencers gigs. Consider this method similar to trying out for a TV commercial cast.
  • Negotiate Directly: if your account has a high level of engagement within a specific niche, it is recommended you reach out to other brands through email or DM. You can do this easily with tools like AiGrow.
  • Use Influencer Marketing Platforms: 3rd party services exist specifically to connect influencers with brands. These services often cost money, but influencers have a higher chance of connecting with a paying brand than if they were reaching out themselves.

Know someone who’s figured out how to make money on Instagram? How’d they get there? Please share in the comments below!