How to make money on Instagram in 2024 (7 actionable ways)

Instagram has proven to be a lucrative platform for both creatives and entrepreneurs. 

Here at Clipmasters.io, we believe that anyone can build a profitable business on Instagram in 2024. Whether you’re an artist with a captivating portfolio, a social media expert with a knack for storytelling, or a passionate hobbyist with a unique skillset, there are numerous ways to make money on Instagram in 2024.

This guide takes into account the latest trends and features and explores seven strategies you can leverage to monetize your Instagram account.

 

1. Partner with Brands for Sponsored Posts

Partnering with brands that resonate with your niche and target audience is one of the best ways to make money on Instagram.

This involves creating sponsored posts that integrate brand messaging while showcasing your unique creative style.

You’ll want to captivate your audience with visually stunning photos or engaging videos that demonstrate the value proposition of the branded product or service and craft compelling captions that weave in the brand narrative. Don’t forget transparency! Clearly disclose sponsored content using #ad to maintain trust with your audience.

 

Tools and Resources:

 

• • Influencer Marketing Hub: Understanding payment scales based on follower count and engagement rates is crucial for successful brand partnerships. Influencer Marketing Hub provides valuable insights and resources.

• • Canva: Having a media kit that showcases your demographic data, past collaborations, and engagement metrics is essential to attract potential brand partners. Canva offers user-friendly design tools to create impactful media kits.

• • Etsy: For creators who prefer a DIY approach, Etsy allows you to design and sell digital media kits directly through their platform.

 

2. Make Money on Instagram with the Instagram Creator Fund

Instagram’s Creator Fund offers a compelling opportunity to earn money directly from the Instagram platform. By enabling features like Instagram Live Badges and Bonuses, you can unlock new revenue streams based on your content strategy.

 

• • Instagram Live Badges: Host interactive live streams where viewers can purchase badges to show their appreciation and support. A percentage of the badge revenue goes directly to you, offering a way to make money on Instagram from your live content.
    
    

 

• • Bonuses: Instagram may occasionally offer bonuses for achieving specific milestones with your content. These bonuses can provide an additional incentive to create high-quality, engaging content.
    
    

To unlock these features, make sure you meet Instagram’s eligibility criteria and switch to a professional account.

Tools and Resources:

 

• Instagram Professional Dashboard: Explore and activate monetization features like Live Badges directly from your account settings. Visit Instagram’s Business resource page to learn more.

3. Launch an Instagram Shop

If you have a passion for creating handmade goods, artwork, photography, or baked goodies, setting up an Instagram Shop is a great way to make money on Instagram. This allows you to showcase your products directly through product listings on your profile.

Utilize the power of Instagram’s visual storytelling to create high-quality product photos and videos that entice potential customers. Leverage features like Reels and Stories to creatively promote your products. You can demonstrate your artistic process, host interactive polls to gauge audience interest in new offerings, or offer exclusive discounts through story promotions.

Here’s how to make the most of Instagram Shopping:

 

• • Connect your Instagram account to a Facebook Page: This allows you to manage your product catalog more effectively.

• • Optimize your product listings: Include clear descriptions, high-resolution photos from different angles, and competitive pricing.

• • Promote your Instagram Shop: Drive traffic to your shop through organic content and paid advertising to increase sales and brand awareness.
    
    

Tools and Resources:

 

• • Facebook Business Suite: This platform allows you to connect your Instagram account to a Facebook Page and manage your product catalog for Instagram Shopping

• • Wix: For creators who already have an established online store, Wix offers solutions to integrate your existing
    
    
    

4. Become an Affiliate

Affiliate marketing allows you to make money on Instagram by recommending products or services you genuinely love and use. When someone in your audience buys the product or service you recommended, you earn an affiliate commission. 

In the post below you can see an example of how creator Erica Ligenza makes money from Instagram by plugging Oreo Frozen Treats from Target with her custom affiliate link:

Here’s a deeper dive into this strategy:

 

• • Find the Right Affiliate Programs: Identify companies and products that resonate with your niche and target audience. Popular platforms like Amazon Associates and ShareASale offer a vast selection of programs across various industries.

• • Creatively Integrate Affiliate Links: Showcase the products you love through captivating Instagram content. Don’t just bombard your followers with links! Weave product recommendations organically into your posts.
    

     

    • • Example: If you’re a travel blogger, you can post a photo at the beach including your favorite eco-friendly sunscreen, with an affiliate link in the caption.

• • Transparency is Key: Always disclose that you’re using affiliate links. You can use phrases like “affiliate link” or “#affiliatelink” in your captions or stories. Building trust with your audience is vital for long-term success.

• • Track Your Performance: Many affiliate programs offer analytics tools to track clicks and conversions generated through your unique affiliate links. This data helps you understand what resonates with your audience and optimize your approach.
    
    
    

5. Drive Traffic to External Websites or Online Stores

While you can make money on Instagram with an Instagram shop, you can also use Instagram to drive traffic to your own website or online store. You can see an example of what this looks like here in this themillennialdecorator post:

Here’s how to maximize this strategy:

 

• • Craft Compelling Calls to Action: Don’t just post beautiful pictures – tell your audience what to do next! Use clear calls to action (CTAs) in your captions and stories, directing followers to visit your website or online store.
    

     

    • • Example: “Shop the look now at [link to your website]” or “Head over to our blog for the full recipe (link in bio)” are effective CTAs.

• • Optimize Your Bio: Your Instagram bio is prime real estate. Include a clickable link to your website or online store and a brief description enticing followers to visit.

• • Utilize Stories and Reels Strategically: These features offer dynamic ways to showcase your website or online store. Run interactive polls about new products, host behind-the-scenes glimpses of your business, or offer exclusive discounts accessible through your website.

• • Track Website Traffic: Use Google Analytics to monitor how much traffic Instagram drives to your website. This data helps you measure the effectiveness of your efforts and refine your strategy.
    
    
    

6. Offer Instagram Marketing Services

Suppose you’ve mastered the art of crafting captivating Instagram content, understanding effective strategies, and growing a loyal following. In that case, you can make money on Instagram as an Instagram manager or marketing expert such as alexxmarketing:

In order to do this, you’ll want to:

 

• • Identify Your Niche: Do you excel at creating high-quality visuals, crafting engaging captions, or managing audience engagement? Specialize in areas where you have the most profound knowledge and experience.

• • Package Your Services: Develop service tiers catering to different needs. This could include content creation packages, account management services, or consulting sessions on Instagram marketing strategies.

• • Showcase Your Expertise: Build your credibility by creating valuable content that showcases your knowledge. You can host webinars on Instagram marketing or share case studies from past successes.

• • Find Clients: Platforms like Fiverr and Upwork connect freelancers with businesses seeking social media marketing expertise. You can also reach out to local businesses directly and offer your services.

7. Sell Your Photos and Digital Products

Instagram’s visual nature makes it a perfect platform for photographers and artists to sell their work directly or through licensing. 

Here’s an example of this in action from maisoncactus.artgallery.

Below you’ll find some tips on how to implement this for yourself to make more money on Instagram:

 

• • Showcase Your Talent: Create high-quality photos and artwork that capture your unique style and artistry.

• • Offer Various Products: Cater to different customer preferences by offering physical prints, digital downloads, or even licenses for your work.

• • Promote Your Products: Run targeted Instagram ads to reach potential customers interested in your artistic style. Feature your work in stories and highlight customer testimonials.

• • Explore Selling Platforms:
    

     

    • • Etsy: An ideal platform for selling prints and digital art. Set up an Etsy shop and link it to your Instagram profile.
    • • Adobe Stock: Sell your photos as stock imagery through a reputable platform like Adobe Stock, reaching a wider audience of potential buyers.
        
        

Remember that building a successful and profitable Instagram presence takes time and dedication. If you are consistently creating high-quality content, strategically utilizing features, and nurturing your audience, you can turn your passion into a source of income on Instagram in 2024.

If you want to stand out on Instagram in 2024 but you can use some help with video editing, then check out our different plans here at Clipmasters.io and find the right tier for your business.

Bonus tips:

 

• • Stay Updated on Instagram Trends: The platform constantly evolves, so stay informed about new features and adapt your strategies accordingly.

• • Collaborate with Other Creators: Partnering with influencers in your niche can expand your reach and attract new followers.

• • Track Your Results: Analyze your Instagram insights to understand what content resonates with your audience and optimize your strategy for better results.