Published on October 28th, 2018
If you frequent Instagram, images of cute babies, fancy meal preparation and OOTD (outfit of the day) posts are probably what come to mind, but did you know that Instagram’s buying power is growing exponentially?
Between 2014 and today, the number of users on Instagram has increased 357%. No, that is not a typo!
Even better -- 72% of Instagram users say they are ready to make a purchase based on a post they see on the social media platform.
There are also big things on the horizon for Instagram, which is currently developing a standalone app for their users to buy directly from the retailers they follow.
With its user base growing and new functionality coming soon, now is the time to take advantage of Instagram and the potential it holds for businesses.
But I Can’t Afford Selena Gomez...
Instagram is known for posts by influencers -- celebrities or well known individuals, with a large following who can feature a product and promote its purchase, typically in exchange for some sort of fee.
If you don’t have a large budget, getting your products into the hands of a high profile influencer may not be a viable option for you.
Not to worry! Influencer marketing is not the only way to get results on Instagram. Your current customers and fans, also known as advocates, provide a whole new market right at your fingertips. If your customers love you and your product, they will tell others.
Ads Are Not Just For Facebook
Sponsored ads are a great way to promote your product and get it seen by more people on Instagram. The average cost of a sponsored post is $350 while an influencer post could range from $13,000 (non-celebrity) all the way up to $550,000 (Selena Gomez).
The great news is that Facebook ads and Instagram ads are both built out in Facebook Ads Manager, so if you are already advertising on Facebook, it will be easy for you to link your Instagram account and take advantage of both platforms.
The Bottom Line
With one billion monthly active users, Instagram represents a massive opportunity for businesses looking to broaden their reach. Don’t miss out!