Using your passion as a source of income is the best way to ensure it stays alive. Here are some ways to monetize your passion:
Multiple revenue streams are essential for making your passion project a sustainable business. This will help you avoid getting stuck if one of your income sources dries up.
Offer a Service
Many businesses can earn on Instagram by offering their expertise as a service. This can be anything from providing informative content to sharing industry-relevant statistics.
Another popular way to offer a service is through affiliate marketing. This involves creating trackable links that direct shoppers to a product page where they can purchase. If the shopper does buy, the business that owns the link earns a commission on the sale.
In addition, businesses can monetize their content using IGTV ads or Instagram Stories. IGTV ads allow creators to sell their products or services directly through the platform, while Instagram Stories lets brands add Swipe Up links that direct users to their website. These tools are available to any business with an Instagram Business account or a creator account.
Sell a Product
Instagram has earned a reputation as an image-focused social media platform where you can find pretty flowers, motivational quotes, and sunsets. But it’s also becoming a full-blown e-commerce platform that allows brands to sell products directly to followers.
The best way to do this is through an Instagram Shop, which enables you to add a catalog of items that users can buy from within the app. But suppose you’re not eligible for Instagram Shops or don’t have the budget to use a third-party e-commerce tool. In that case, you can still make sales on Instagram by adding a link in your bio that directs people to download a freebie or enter a giveaway.
Another option is to leverage Instagram Live and Reels, short video content that can appear in your feed and stories. Reels can also earn you revenue through ad placement and milestone bonuses for reaching certain views.
Create a Membership Site
A membership site is one of the easiest ways to generate recurring revenue from your content. Offering a member community forum, discounts, and exclusive content can increase your audience’s engagement with your website and encourage repeat visits.
This type of monetization is great for content creators like bloggers, podcasters, fitness instructors, and other influencers who regularly publish their work online. You can also use Instagram’s new Live Badge feature to monetize your content by asking viewers to contribute badge amounts directly when you go live. This is similar to a tipping system and works well for content creators who rely on their audiences for feedback and support. You’ll also be able to build a community and foster deeper relationships with your members.
Offer a Subscription Service
Instagram is slowly transitioning into a fully-fledged e-commerce platform, providing content creators with a powerful new tool to monetize their passion. By offering exclusive subscription-only content, creators can foster closer connections with their most dedicated followers while establishing a steady monthly revenue stream.
One creative way to entice potential subscribers is to host live subscriber chats where they can ask questions and receive direct feedback. Another is to offer exclusive tutorials or behind-the-scenes looks at their creative process, allowing subscribers to feel like a part of the team.
To successfully market your subscription offerings, you need to be strategic. Ensure you comply with the Instagram Partner Monetization Policy and promote your new service to a targeted audience. Also, don’t forget to provide positive testimonials to help prospective subscribers trust your brand.
Offer a Free Trial
Over the years, Instagram has introduced many new features that make it easier for users to monetize their content. For instance, you can use Instagram Shopping to easily sell products directly on the app without linking to a separate online store.