Instagram is the home of influencer marketing.
That is, paying for someone with a large, highly-engaged following to promote your company.
This can be exceptionally effective, if it’s the right fit.
In fact, 70% of US businesses are now on Instagram. (Sprout Social 2018)
The trick is finding an influencer that’s relevant to your niche and brand. That’ll maximize the chances of converting a higher percentage of their followers.
Of course, Instagram does have baked-in paid advertising too. Much like Facebook you can set up targeted campaigns.