With over 1 billion monthly active users, Instagram is one of the most popular social media platforms today. And if you have a decent following, you have an opportunity to earn money from your account.
In this comprehensive guide, we‘ll explore 18 proven methods for monetizing Instagram in 2023, along with step-by-step instructions on how to implement each strategy.
Whether you‘re an influencer, business, or creator, you‘ll discover plenty of actionable tips to boost your income. Let‘s dive in!
1. Sell Sponsored Posts
Sponsored posts involve getting paid by brands to promote their products or services through Instagram posts. It‘s the bread and butter for most influencers on the platform.
As an estimate, you can expect to earn around $100 for every 100K followers you have. So if you have 200K followers, you‘re looking at $200 per sponsored post.
To find sponsorships, create a media kit summarizing your account stats and audience demographics. Reach out to brands you align with and send them your media kit.
You must properly disclose sponsored content by tagging the brand and using Instagram‘s "Paid Partnership" tag.
Pro Tip: Use a scheduler like Later to plan and schedule sponsored posts for maximum impact.
2. Join Affiliate Marketing Programs
Affiliate marketing allows you to earn commissions by promoting products you truly love and recommend to your audience.
When one of your followers makes a purchase using your special affiliate link, you‘ll receive a percentage of the sale as commission. Rates range from 5-75% across different affiliate programs.
Amazon Associates and ShareASale have some of the largest affiliate networks, spanning products in every niche imaginable. You can find more recommendations in our list of the best affiliate programs.
Pro Tip: Add your affiliate links to your Instagram bio or create a custom landing page linking to your various programs using a link in bio tool.
3. Sell Digital Downloads
If you‘re a photographer, artist, or creator of digital goods like PDFs, MP3s, video files, templates, or graphics, you can sell downloads directly through your Instagram bio link.
Simply host them on your own website or platforms like Gumroad, SendOwl, or Selz, then drive traffic to boost digital sales. Offer limited-time free samples of your paid offerings to give followers a preview.
Pro Tip: Promote your digital downloads using Instagram ads to laser target your perfect customers based on interests, behaviors and more.
4. Promote Physical Products
You can also sell your own physical products like apparel, accessories, beauty items and other merch by linking to your online store in your bio.
Print-on-demand services like Printful allow you to upload custom designs while handling printing, shipping and logistics for you. This means you can launch a merchandise store with very little upfront investment or risk.
Pro Tip: Run giveaways requiring participants to follow you and tag friends to grow your reach and potential customer base effortlessly.
5. Go Live with Instagram Badges
Instagram Live Badges allow your viewers to purchase virtual badges during your broadcasts as a show of support. Badges cost between $0.99 – $4.99, providing you with 55% of the sale minus taxes.
Badges also trigger animated graphics and unlock new features to create a more engaging experience for your audience. They‘re currently being tested with a limited group of creators.
Pro Tip: Promote that you’ll be going live ahead of time and let viewers know about Badges availability to maximize sales.
6. Post Shoppable Content
Instagram Shopping allows you to tag products from your online store catalog directly within your Instagram posts.
When followers tap on a tagged product, they‘ll see a preview with pricing and be able to purchase the item without leaving Instagram.
You can sell physical goods like fashion items, beauty products or handmade crafts, as well as digital downloads. BigCommerce and Shopify integrate seamlessly.
Pro Tip: Tag products that are clearly visible rather than buried in busy images or text overlays so users can easily shop.
7. Monetize IGTV Videos
Instagram allows longer-form vertical videos up to 60 minutes through IGTV. And you can monetize IGTV by running ads against this content.
To unlock IGTV ads, you must meet the initial following and engagement thresholds, then submit requested video samples for revenue share earning potential approval.
Top creators report making over $15,000 per month with IGTV ads, though most will earn far less unless YouTube-famous. Still, well worth considering down the line.
Pro Tip: Create intriguing behind-the-scenes or “how I made” recap videos showcasing your skills, knowledge or process to inform and entertain viewers.
8. Launch Instagram Subscriptions
Instagram Subscriptions allow you to offer exclusive Stories and Live videos to paying subscribers who join via in-app billing on iOS/Android.
Pricing is month-to-month at your discretion, with zero platform fees so you keep 100% until at least 2023. Subscriptions are currently limited but expanding to more creators.
Offer subscribers-only discounts, deals, special content access and community interaction. The continuity of recurring subscription revenue adds up quickly.
Pro Tip: Tease exclusive content in public posts/Stories and hype exclusive collabs to attract paying subscribers.
9. Cross-Promote Other Monetized Platforms
While Instagram has expanding monetization features, even more opportunities exist outside the app itself.
Cross-promoting your monetized YouTube, podcast, Substack, TikTok or other channels allows you to earn money from multiple streams simultaneously.
Send viewers to your Linktree orRedirect.club profile to allow easy access to all your online properties for maximum conversions and revenue.
Pro Tip: Run an Instagram contest requiring entrants to follow you on another platform(s) to rapidly expand your presence.
10. Crowdfund Creative Projects
If you have an artistic, creative, entrepreneurial or charitable endeavor in the works, you can crowdfund production costs directly from your audience.
Platforms like Kickstarter, Indiegogo, GoFundMe and Patreon make raising money incredibly simple using rewards-based perks or donations to hit targets.
Sharing your passion project with followers enables you to bring it life with their support. And delivering on crowdfunded promises grows audience loyalty long-term.
Pro Tip: Craft clever perks tied to your niche for backers like behind-the-scenes content, limited merch, launch event access, early previews and more.
11. Create and Sell Online Courses
Leveraging your skills, expertise and knowledge into an online course is an excellent way to serve your audience while earning sizable passive income.
Platforms like Teachable, Thinkific, Podia or Mighty Networks make it easy to create courses with video lessons, quizzes, worksheets and community discussion tools for enrolled students.
Set a high price tag considering the immense value you’re delivering. Promote enrollments through Instagram content, ads and influencer collaborations.
Pro Tip: Implement a payment plan option to make your course more accessible for those who can’t afford lump-sum fees up front.
12. Request Tips & Donations
Don’t be afraid to plainly ask loyal followers to offer financial support for the value you provide through quality Instagram content.
Platforms like Buy Me a Coffee, Ko-fi and Patreon allow fans to buy you a “virtual coffee” via ongoing donations in any amount.
Every little bit adds up over time. And supporters often give far more than the base amount through larger tips when prompted.
Pro Tip: Get creative with donation calls-to-action tied to niche holidays, occasions like birthdays or milestones, inside jokes and more.
13. Become a Brand Ambassador
Formal brand ambassador partnerships involve long-term sponsorships with complementary brands for recurring income.
As an influential spokesperson, you‘ll spread ongoing awareness through Instagram posts, Stories and Reels in exchange for attractive compensation.
Most ambassador deals include payment per post, free products to showcase, affiliate commissions, event tickets and additional VIP perks.
Pro Tip: Only partner with brands you genuinely love to ensure content stays authentic when creating sponsored posts long-term.
14. Get Paid for Social Contests & Promos
Big brands routinely run online contest and sweepstakes across social media to engage audiences. And they often recruit relevant influencers to help promote the latest competitions.
Use platforms like Tomoson to connect with dozens of brands looking for influencer promotion backing their next big contest.
Payment can take the form of money, free products or services, event access, travel arrangements, affiliate commissions and much more depending on the brand.
Pro Tip: Negotiate up front to get the compensation package you deserve based on expected deliverables before committing to any paid promo deals.
15. Design & Sell Custom Merch
Tapping into the power of print-on-demand, you can design custom tees, hoodies, phone cases and other merch showcasing your personal logo or brand identity without needing any inventory.
Simply upload your unique designs and have platforms like Printful or CustomCat fulfill orders one-at-a-time when you make sales. Upload your store or link in Instagram to drive traffic.
You’ll earn hefty profit margins upwards of $10+ per piece sold. Unleash your inner fashion designer for passive sales that require minimal effort to fulfill thanks to dropshipping production partners.
Pro Tip: Create merch collections around niche interests and pop culture to appeal to highly targeted micro-audiences through hashtags and tailored ads.
16. Monetize Links With Affiliate Marketing Plugins
Why earn a measly few cents on standard Amazon purchases when you could earn commissions in the hundreds of dollars instead? Certain affiliate plugins automatically optimize links you share to the highest paying offers available.
For example, the LinkWhisper Chrome extension by Gramfly upgrades simple product links across the web into their best-converting affiliate offer equivalents based on what pays you the most.
The software seamlessly rewrites links in your Instagram bio, posts, and anywhere else you share them increasing your affiliate earnings by up to 30% almost effortlessly. Give it a try and watch commissions climb.
Pro Tip: Test out multiple link whispering tools like Strelok or Geni to see which ones boost your income the most before fully committing long term.
17. Offer Paid Mentorship & Coaching
Monetize your industry insights, creative genius or business savvy by packaging it up into personalized coaching programs priced at premium rates.
Set packages at various investment tiers based on program length, touchpoints, customization and value delivered. And promote your services predominantly through targeted Instagram and Facebook ads.
The more niche your expertise, the more leverage you have to command top dollar from ambitious students eager to learn how you mastered your craft through one-on-one mentoring.
Pro Tip: Initially offer discounted intro coaching offers allowing you to get client testimonials for future program improvement while nurturing leads toward making an investment.
18. Release Your Own eBooks
Authoring and self-publishing informational eBooks centered around your unique experiences allows you turn your story into profits.
Leverage Amazon Kindle Direct Publishing to release digital editions on the world’s #1 bookstore accessible to over 100 million readers with just a couple clicks.
Promote preorders and new launches heavily on Instagram through giveaways, quotes, insider excerpts and by highlighting positive reviews. The marketing momentum coupled with Kindle’s reach will drive impressive early sales.
Pro Tip: Enroll eBooks into Kindle Unlimited to earn additional royalties each time someone reads any portion while in the program, which most active readers are.
And there you have it – 18 proven ways to monetize your Instagram account in 2023 to profit from your influence at any following size.
Remember, you don’t need millions of fans to start earning money from Instagram right away. Even micro-influencers can leverage many of these money-making methods.
Which one seems to have the most potential for your personal brand?
Leave a comment below sharing your thoughts! I may even feature you in an upcoming case study highlighting influencer monetization success stories.
