As a matter of fact Instagram is a huge market. I wrote a couple of articles regarding this matter. It is definitely something worth looking into and utilising. Do it right and the results are rewarding for sure! We built a company (Zbooni.com) that aids social and chat commerce and guess what medium 80% of our users are using as their main channel... Instagram!
Honestly, I have never tried the sponsored Instagram option myself. Although running through my Instagram, I see several sponsored Instagram posts and not all of them are actually popular and established businesses already. Some of them are still small and just have started up.
And it easily catches attention, why?
Because first of all, people will notice that they are not following that certain site. Trust me, it happened to me and I always end up following their official site thereafter!
I think it really is worth a try. And if you would like to, you can always check on Instagram on how to start doing the sponsored posts.