Instagram will soon allow better insights for business with the launch of its new business tools feature.
The changes will include three different facets: business profiles, insights, and promotions. Business profiles will be a free feature for business accounts, while the insights tool will mean a more informed approach to Instagram posts. The promotion feature will allow brands to identify current posts that are performing well and change them into ads – all within the app. The new features are intended to make posting for brands a much easier and trackable process.
One of the most effective ways of currently advertising on Instagram is by working with social media influencers – asking high profile Instagram users with a good following to feature your product in their Instagram feed.
Research by TapInfluence has found that social media influence marketing strategies are 11 times more effective than banner ads. Influencer marketing on Instagram has seen the highest engagement rate when compared with other social platforms, with a rate of 3.21% on average, meaning that brands are increasingly turning to social media influencers to reach their demographic.
Instagram's global mobile ad revenues are expected to close in on nearly $3 billion by 2017. That figure would account for over 10 percent of the revenues of Facebook, its parent company.
With the new approach Instagram has taken with business profiles, brands will have a wider range of tactics to deploy in their strategy, potentially lessening their reliance on influencer marketing. With a business profile and better insights into post performance, both large and small brands will have greater control over their Instagram marketing strategy.