Here are some more updates on Instagram’s Creator Week! Instagram enables new monetization options for creators on the platform. Creator week is a 3-day virtual development program happening right now. The new monetization options will make it easier for creators to make money out of their content.
New Affiliate Marketing Program
Instagram is now working on a “native affiliate tool” in which creators can choose to sign up. By signing up, the new affiliate marketing program allows them to discover products that are available for purchase. Creators can share these products with their followers to earn a commission out of every purchase they have driven. This is a new influencer marketing strategy in the absence of paid partnership contracts. The new affiliate marketing program will run in beta-testing among a small group of US businesses and creators. The first batch includes Benefit, Kopari, MAC, Pat McGrath Labs, and Sephora.
Shops on Personal Profile
Businesses and Creators can now attach their existing merchandise lines and shops to their personal profiles. This is to provide more avenues for direct promotion and expansion of reach. Creators need to link their lines of merchandise with 4 merchandise partners to be able to attach them to their personal profiles. These are Bravado/FMG, Fanjoy, Represent, and Spring. Such a new update will gradually roll out among US creators by the end of 2021.
Instagram is adding a new incentive element for creators through the “Stars Challenge.” Stars are paid badges that viewers can buy to send to creators hosting a live stream. The Stars Challenge makes a creator eligible for an extra payout upon meeting certain milestones. These may include:
- Broadcasting for a certain number of hours
- Earning a specific number of Stars
- Going live with another account
These financial incentives encourage creators to go on a live stream more often.
Instagram enables new monetization options on Creator Week as of 08 June 2021.
Implications for Marketers:
Instagram’s new monetization options among creators are a good start for Creator Week. For marketers, this can be a definitive way to partner with creators in promoting products and services. The new affiliate marketing program makes it simpler to find influencers on Instagram. Shops on a personal profile can boost brand awareness and discovery. While the Stars challenge will encourage more live-stream content to boost conversion.