When it comes to Instagram, there are a lot of high-earning Influencers out there. However, very few influencers may call themselves wealthy. Let’s be frank, you may be earning a passive income on Instagram, but you are not considered wealthy until you earn some serious capital. If you are looking to make a sizable change in your net income, then check out the 5 Simple Steps on How to Turn Instagram Income into Real Wealth below:
1. Reinvest In What’s Working
There is not simply just one path to make copious amounts of cash, however, if the stream is running fill your bucket!
If you have had consistent success with one method on Instagram to make a passive income, DO NOT STOP. If the method has proven successful invest capital in its growth, whether that be through: increasing ad spend, creating more content, networking with more influencers, etc. This is why collecting & analyzing data is so crucial, in order to create a highly optimized marketing funnel you must test & retest. Finding a method that works& scaling it to incredible heights is exactly how entrepreneurs like Gary Vee, Alex Becker, & Grant Cardone have made their millions.
2. Always Create Alternate Avenues for Income
If you are looking to generate serious personal revenue, then focus on creating multiple avenues for incomes. When it comes to being an Instagram Influencer there are a million-&-one different ways to monetize your audience. Do not restrict your ability to generate a large Instagram income by only sticking to one method.
For example, Gary Vaynerchuk started off as a YouTube Influencer for his father’s wine business. From here, Gary was able to scale his influence to enormous heights. Along the way, Gary did not solely focus on only driving traffic to his father’s wine website. Instead, Gary used his social influence to start his own personal brand, create a digital marketing agency, become a motivational speaker, author & investor. Gary is a prime example of utilizing multiple methods of marketing to create alternate avenues for Income.
You can apply the same tactics on Instagram to increase your Instagram Income. For example, instead of focusing entirely on selling shout-outs, try to:
- Network with brands to become a paid sponsor.
- Send traffic to affiliate offers.
- Become a Socia Media Manager that provides growth hacking & engagement boosting services.
- Create content for businesses/brands.
- Create a personal brand.
- Grow & Sell Instagram Accounts
This is just a few of the many methods you can implement to monetize your audience. Creating alternate avenues for income is the best financial security you can have.
3. Hire Employees to Help You Scale
There are only 24 hours in a day, meaning there are very limited work hours. Let’s face it, Instagram is an extremely time-consuming platform. Spending hours on end creating professional content, engaging with the community, driving traffic to offers, etc. all of which are essential, but not conducive to drastically increasing your Instagram income. Your time could be better spent elsewhere to increase profitability & growth for your brand or business.
Hiring employees is one way to relieve the stress that comes with running social profiles. In addition, you’re the boss, guidelines & standards are put in place based on your quality standards. Having content creators & social media managers gives you the freedom to focus on increasing overall Instagram revenues.
There are a plethora of freelance Instagrammers out there, many of whom work for reasonable prices and provide quaity work. Alternatively, you can use platforms like Fiverr or UpWork to find content creators or social media managers.
NOTE: Before looking for your next employee make sure that your current monthly income can support the new team member & monthly ad spend. It makes no financial sense to hire a team member that you cannot support in the long run.
4. Living Within Your Means
Many individuals spend their money on superfluous items when they start making a sizable Instagram income.
Materialistic spending is one of the fastest ways to drain your bank account. While those new pairs of Yeezy’s will up your style points. Carelessly spending €350 worth of profit does nothing to help you generate more income. Budgeting your expenses & only spending on necessary expenditures will help you retain as much Instagram Income as possible.
Living within your means allows for the basic necessities of life plus a little extra spending money on the side. This gives you more financial liquidity to invest in alternate marketing ventures. Instead of purchasing those new shoes, you have money set aside for a new marketing funnel you have been working on. Your increase in ad spend will be met with more traffic, leads and ultimately more sales, further increasing your Instagram income!
5. Retargeting & Retaining
How dedicated are you to your local coffee shop? If you’re like most people, you probably go there every morning. Why, because the environment is familiar, you get a great cup of coffee and the staff is friendly. In doing so, this local coffee shop has retained your business, you’re now a consistent returning customer. This type of customer connection is exactly what businesses thrive on. Not only have they established good value & faith with the consumer. In addition, they don’t need to use up resources in order to get the customer to spend again.
To apply the same techniques to Instagram, you need to implement tracking pixels & opt-in forms.
Like Facebook Pixel & Google Pixel make it possible to collect valuable data on user behavior when they arrive at specific web destinations. This data will give keen insights on what your traffic is doing when they arrive at your web page. Allowing you to optimize your page for the best possible conversions. Plus, tracking pixels make it possible to retarget past website visitors based on actions or behaviors. Giving you a higher conversion rate for page views, lead generation, and product sales!
Possibly one of the best ways to retain & retarget your audience. Although your Instagram feed does serve as a channel for updates to the community, a strong email list will pay significantly higher dividends. Opt-in forms are incredibly easy to implement in Instagram. For example, when launching a new affiliate offer drive traffic to a landing page first where users must enter in credentials in order to proceed to the offer. This will allow you to collect the valuable information needed to start your email list. Now, whenever you launch a new affiliate offer your community will be notified, regardless if they are on Instagram or not because they will be directly notified via email.
This concludes the 5 Simple Steps on How to Turn Your Instagram Income into Real Wealth. Implementing these strategies into your Instagram marketing plan will cause a sizable increase in your Instagram Income. Focus on scaling your business to new heights.