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The opinions expressed by the entrepreneur's contributors are their own.
I've been an entrepreneur for several decades, and every few years I evaluate Instagram for its revenue potential. My opinions ranged from interest to apathy. I have been leaning towards interest lately, perhaps because the platform tends towards my "guilty joys":
● Fitness and training tips
● Fashion ideas
● Fun new recipes
Food, fashion and fun. The platform is a way to keep up to date with the contributions of my kids, their cats, their kids, and a broad group of friends.
But in the current downturn, could Instagram bolster ailing businesses or the hundreds of thousands of people who are underemployed? Let's take a look.
Overall, the IG economy is now almost double that of $ 1.8 billion in 2018. Who will get this money? According to Shopify, IG accounts with 10,000 to 100,000 followers can make around $ 200 per post by acting as drivers of ideas or interests, or by sharing photos and posts on sponsorship products. Accounts with 100,000 to a million followers can make $ 670 per post.
There are famous celebrity results that can make $ 10,000-100,000 for each contribution. Conversely, there are legions of people who pose, blog, photograph and share 2-3 stories a day and earn little or nothing at all. So today I'd like to break this down using examples of several that monetize the platform well for clues as to what you can do.
See Also: Instagram Stories: 18 Marketers Who Followed For Incredible Inspiration
How can you monetize Instagram?
● By selling your own merchandise from your site or through IG ads.
● By selling the goods of someone other than a licensee or affiliate.
● Through sponsored posts where you receive compensation to raise awareness or interest in others' products or goods.
And good or bad, you can also start a business or a sideline to teach people how to manage IG, manage their IG for them, or act as an agency to help influencers increase their IG exposure and good ones Achieve matches with sponsors.
Let's examine these options in more detail.
You can sell your products.
A New York bakery called Flour Shop has built a presence on Instagram that generates 100 percent of its sales. Your cakes and cookies are of course very visual. All they have to do is post a photo of their famous rainbow cake or product of the week and customers will come running (we can assume they'll be dropping off orders or picking them up at the roadside for now). The medium can be a salvation and costs nothing but the time it takes to photograph and publish. In this case, a local business doesn't need to have a large following – if the followers are loyal and dedicated, 1,000 is enough. The company can also continue to grow its revenue through the placement of IG ads. If this is effective for the audience, you can also expand the targeted advertising to Facebook and Twitter.
You can sell other people's products and collect commissions.
For example, Dominique Sasche from Houston, TX (@DominiqueSasche) is an Emmy winner. She also has an avid following on YouTube and Instagram checking out her beauty and lifestyle content. While she doesn't openly sell anyone's products, you'd better believe that when you try "seven eye concealers in seven days" all eyes (yes, pun intended) will be on her. Through sponsorships and ties to subscription products, she can increase her producer salary, which is publicly estimated at $ 800,000 per year. Your work as an influencer is literally a “second job”, but the results are excellent.
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You can create a new career and a new business. If you
The 20-year-old entrepreneur Zach Benson won national awards for the first time as a dance master and finalist on the TV show "So You Think You Can Dance". He developed a unique breakdancing style that found followers on YouTube and traveled the world teaching dance for several years until an injury ended his dance career. As with many displaced entrepreneurs, he took advantage of what he had – an audience – and learned all about Instagram to start a new career as an agency owner, Assistagram, that builds and represents businesses and influencers and brings them together with sponsorship deals and accounts.
And then came Covid.
Interestingly, some people and products on IG are doing better than before during the current pandemic, as they provide desirable products and ideas to the vast market that is largely protected at home. Cooking classes, home improvement, recipes, handicrafts – all are winners. So are ideas for fitness at home. But other sectors like travel and tourism have stalled. What can entrepreneurs do in these categories?
In Benson's case, his audience and network remained intact during the months of isolation. For him, the challenge was a painful portion of his corporate clients who suddenly paused or stopped working with him.
He remembered the words of a favorite college professor, "The biggest risk is not taking one." He decided it was time to focus on his unrealized dream of specializing in tourism. He emailed the Dubai Tourism Authority and the luxury hotels on their database and volunteered to connect them to the best influencers on his network for free. The result is a new and booming business focus on tourism marketing as the sector is in dire need of help. He was able to strike by developing new contacts and offers at a time when most of the other participants had faded.
Of course, there are bad examples in Instagram marketing too – people charging money for mentions in their posts like "# (Brand Name) Insurance" on a page that is followed by subscribers for fashion and fun. The impressive number of views still yields nothing in return, and the influencer's credibility is rapidly declining.
Conversely, however, some of the greatest strengths of entrepreneurship are the ability to create magic out of nothing. For example, a prominent keynote speaker in Utah, Michelle McCullough, posted a post this week in which she said, "I solemnly swear I will never again buy a product from a random IG ad." Her picture featured a floral dress over her arms which was obviously several sizes too small, even though she had ordered: "XXL, just to be sure." The item she bought appeared to be an international size. Joy followed. Intentionally or deliberately, the post appealed to one of their popular principles – that none of us are perfect and sometimes we just have to laugh well and go with the flow.
Sometimes our audience just needs a reason to smile. And sometimes, with a little trial and error, entrepreneurs need to expand their marketing repertoire to find a new or expanded source of income. With a little foresight and study, the world of Instagram could potentially offer one (or more) new marketing and sales opportunity. to you.
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