Instagram’s newest feature could affect how your business makes money and connects with your audience in a big way.
In fact, if you use the feature properly, you could create an entirely new stream of income – even if you’re already using Instagram for business.
This feature – “Subscriptions” – enables businesses like yours to monetise your Instagram content without your followers leaving the platform.
Now, Subscriptions is part of Meta’s commitment to helping creators – businesses included – make a recurring income from the work they do.
It gives businesses the option to create more valuable content. And from there, charge a monthly fee to followers that want to see it.
Now, more valuable content could be behind-the-scenes footage revealing what goes on within your business. Or content snipped from a previously unshared podcast episode. Or industry-specific advice from your CEO.
Image credit: Meta
Depending on how valuable you believe this content to be, you can choose from one of eight price points: $0.99, $1.99, $2.99, $4.99, $9.99, $19.99, $49.99, or $99.99 per month.
If your following is always growing, and word gets around about how valuable your paid content is, then your earning potential from Instagram Subscriptions could be limitless.
But Subscriptions isn’t just about unlocking a new revenue stream. In fact, it can be used to improve the connection you already have with your followers. You see, one feature that comes with Subscriptions allows up to 30 people to be part of one group conversation.
This way, you can learn more about your followers. Namely, their likes and dislikes, what they think of your content, and where they think the material you’re putting out could be improved.
From there, you can use their feedback to improve your content so: 1) they keep up with you and your business and 2) you can attract more paying subscribers.
So, while the allure of increased revenue remains, Subscriptions can also take you a long way when it comes to building brand loyalty. And ultimately having your followers prefer you to your competition.
Now, using Subscriptions is no different to using Instagram’s free setting. You can still create stories and reels, upload photos, and start live streams. However, these will only be available to followers that have subscribed to you.
As Instagram’s Co-Head of Product, Ashley Yuki, says:
“You’re already on Instagram […] The convenience of just having it all where the conversation and connection is already happening, we think is going to be one of the strongest points for this for both creators and for fans.”
Of course, you want to make your paid content as valuable as possible. At least, infinitely more valuable than anything you share with your followers for free. Otherwise, you won’t make as big an impact as possible on your audience. And they’ll quickly get sick of paying you a monthly fee.
Not only that, but Meta (Instagram’s parent company) has pledged not to take any cut from creators’ Subscriptions earnings. In fact, Founder, Mark Zuckerberg, has delayed this until 2024.
And even then, he’s said that Meta’s cut will be “less than the 30% that Apple and others take.”
What do you think about Instagram’s new Subscriptions feature? Will you be using it in your business?