How to use Instagram for business
Instagram Demographics/Usage

This year, Instagram surpassed twitter in terms of active participants (300 Million Active Monthly Users, 75 Million users/day)

20% of internet users use it and over a quarter of the US population (27.6%)

It is a platform that results in high levels of engagement-58 times more engagment per follower than facebook and 120 times more than twitter.

Source: By the Numbers: 150+ Interesting Instagram Statistics 
 
 
Instagram Best Practices Below are three sites that have good, comprehensive lists of ways to make the most of Instagram for business. 

26 Tips for Using Instagram for Business - Social Media Examiner
5 Instagram Marketing Best Practices to Build a Massive Following - Search Engine Journal
Top 3 Instagram Trends for Marketers - HootSuite

In the podcast we mention a few of the more powerful practices, including:

Follow your followers and engage with them genuinely. “re-gram” their content to show them you appreciate it.
Connect your facebook account to help your pics be seen by more people and grow your account.
Make use of hashtags to be found by more people.  Research the hashtags that people use in your niche.
Don’t post too often - once/twice a day is good.
Take good pictures by making use of cool filters and collages.
Reward your followers.

Offer discount codes or giveaways in your images.

Create branded hashtags that relate to a benefit of your business. For example, lululemon athletica suggested that users tag their workout photos with #thesweatlife, which has generated over 68,000 posts from their community.

This creates content that the company can use (by regraming) and increases exposure to the brand.
Can create a weekly feature of user generated content from the pictures tagged with this hashtag

Create photo contests

Create a hashtag for your contest and have followers submit photos with that hashtag for a chance to win something. Cross promote this on Facebook.

Samsung Camera used the hashtag #LiveInTheMoment to successfully promote their Instagram photo contest on their Facebook page.

Create a contest for brand ambassadors.

Tell your followers you are looking for brand ambassadors and if they become one, they get free product  for a few months.
In exchange, they are asked to post photos that relate to your brand to their instagram account, and tag you/use your hashtag.
You get to hand select who wins, get a bunch of people generating content for you, and then basically get free advertising.

Give followers a sneak peek at a new product or a “behind the scenes” experience.