I have a quick moment, so I'll try and say something simple. Instagram is an interesting Social Media website.
It has legions of men and women (or young men and women) that are on it for two reasons:
1. To be Seen and see people/celebrities/interesting things
2. Boredom
It is by default, that it's a good platform to catch attention and lead traffic to a particular product. It depends on the product, but it must cater to the particular demographic you are targeting. The usage of hashtags are much like keywords/tags in that what's trending, or most searched get the most traffic. Funny and interesting, inspiring and creative, attractive and sexually alluring all are shared and reshared over and over.
I would say the attention span of the average instagrammer is much shorter but, something that captures curiosity will lead to them following particular actions.Like all things, the more thought, dedication, and quality you employ in creating images and campaigns, the more you make.
Instagrammers by large are pretty easy to get to follow something. Things that are successful range from email submits to simple capture forms.
There are a few ways to monetize for example.
1. CPA
2. Lead Capture Forms
3. Sending traffic to a website or video once you have a steady stream of followers.