Instagram is currently the fastest growing social media platform on the Internet, with nearly a billion daily active users. Businesses often use the platform to market their business, increase brand awareness, and advertising. But did you know that businesses can also make more money using Instagram?
If you’re a business owner looking to increase revenue in any way, Instagram is an excellent place to start. According to ViralRace’s services, if leveraged appropriately, Instagram can not only increase your sales and conversions but also generate additional side income that can help your business grow.
The Benefits of Using Instagram
If you can only choose two social media platforms with which to market the typical business, choose Facebook and Instagram. Facebook is the largest social media platform with more than 2 billion followers and is the parent company of Instagram, the second-largest and fastest-growing network with unlimited potential for business growth.
Instagram is also a popular platform to connect with businesses. About 60 percent of users (which equates to about 600 million people) say that they use Instagram to connect with businesses, seek out new products, and interact with companies they like.
To back up that information, Instagram reports that 80 percent of users follow at least one business on the platform. Furthermore, 75 percent of users have acted after viewing a post from a brand they follow on Instagram. In total, Instagram has a 2.2 percent interaction rate, which is the highest rate in this category of any social media platform.
In other words, your best bet to grow your business and maximize your earnings is through Instagram. The potential is there—you just have to tap into it to reap the benefits.
Start with a Business Account
To start building revenue, you must first build an Instagram business account. This is super simple, and you can even convert your personal account to a business account with a single tap if you want.
Once you have a business account, you’ll have access to a number of features specifically for businesses, including the ability to add links to Instagram Stories, advertising, and Instagram analytics. You may also connect an Instagram analytics website or tool to your business account to collect more data and maximize your earnings. There are many Instagram analytics tools available on the market, so make sure to do thorough research before choosing one.
A strong profile, including a relevant handle, profile picture, website URL, and compelling bio sentence, will also maximize your earning potential. Remember your contact information so that making connections with interested followers is easy.
Leverage Instagram to Increase Revenue
Since you’ve now created a business account, and you know the potential benefits of using Instagram for your business, it’s time to learn how to leverage Instagram to increase your earnings. It’s important to note that your success will not be instantaneous—there will be a learning curve in which you make mistakes, learn from them, experience successes, and start the cycle again. However, with time, you’ll see a dramatic increase in your revenue. Here’s what you can do:
Use Instagram Stories
With a business account, you have the ability to add a link to your Instagram Stories, directing consumers to your product pages where they can make purchases. Although these Stories disappear after 24 hours, they’re among the most trafficked areas of Instagram with more than 500 million daily users.
Stories draw people in, giving you a chance to talk more about your products and land conversions. Consumers can easily swipe up to access your product page after you’ve convinced them to make a purchase. You can also use stickers, polls, questions, sliding bars, and more to learn more about and connect with your target audience. It’s fun for you, and it leads to long-lasting connections with customers.
Instagram now offers business owners the ability to sell products right through the platform using Shoppable Posts. Consumers are typically more likely to make a purchase if it requires fewer steps, and the ability to purchase products without leaving Instagram fits the bill.
These posts are simple. You post a product image, preferably one of your products being used in context, and mark it with a “Tap to View Products” pop-up. It will also feature a small white circle with a shopping bag in the bottom left corner. Instagram users know they can purchase products on these posts, and it’s a great way to land sales.
Use Influencers—Or Become One
Word-of-mouth marketing is the best way to land sales since 90 percent of consumers use the recommendations of others when making a purchasing decision. Hiring a popular Instagram personality to market your products is a great way to leverage word of mouth marketing for the sake of your business.
Influencers typically have between 1,000 and 10,000 followers in your target market. You can use hashtag searches or look at the people your followers are following to identify popular influencers in your market and use them for your benefit. Once identified, you can ask these influencers to endorse your product in exchange for a marketing trade or cash.
If you’re looking for a good side income as well as a way to maximize your business’s brand awareness, you could even become an influencer yourself. Of course, you wouldn’t endorse direct competitors, but you could sanction products that are complementary to yours or that have nothing to do with your brand but are something that your followers might be interested in. It’s a great way to open up your follower base and make deeper connections.
One of the simplest and most obvious ways to increase the revenue of your business is through advertising. Instagram advertising offers excellent bang for your buck. It’s affordable compared to other forms of online advertising, and it reaches a more targeted audience.
Instagram specializes in geo-targeting ads, which means that you can pre-select the people who see your ad. You’ll specify specific followers by geographic location, age, interests, gender, and more in order to ensure only the people who are likely to interact with your ad will see it. This means you aren’t wasting a cent of your ad dollars on the wrong group of followers.
Plus, studies indicate that in many cases, Instagram advertising delivers better results than Facebook advertising. Marketers spent 23 percent more on Instagram advertising in 2018 and gained 20 percent more impressions and 9 percent more clicks than Facebook ads. That kind of connection with your target audience can’t be ignored.
Instagram has immense potential to increase your earnings in many capacities. Don’t ignore the possibilities. If you haven’t already, create a business Instagram account, study its analytics, use its advertising platforms, and rake in more dough as a direct result.