Its can be pretty straightforward if you run your campaigns through a software platform. The way we (mavrck.co) do it is we do outreach for a campaign, screen the influencers based on their engagement rates/relevancy, have influencers connect their instagram/facebook accounts to our platform, generate individual tracking links for each influencer, ingest their posts via API, and measure the comments/likes/clicks/conversions with our analytics.
Wouldn't that qualify as operating an ad network on instagram, something that is explicitly forbidden via the instagram terms of service?
"Don't transfer any data that you receive from us (including anonymous, aggregate, or derived data) to any ad network, data broker, influencer network, or other advertising or monetization-related service."