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Instagram used to be the go-to app for millennials, where they posted every little detail. Starting with how they began their day and how they ended it. They posted what they felt about every random thing they found their way. And then there was TikTok: The social media phenomenon.
TikTok has been a popular social media platform since it became popular. People were immediately pulled towards this platform because of their lively, short-form content. And its popularity rose with time. TikTok has also improved its user experience with time.
The increase in popularity meant that TikTok had many revenue opportunities, which should be considered. Brands are also looking for authentic and creative ways to position their products and services and sell them directly through TikTok.
Starting with #TikTokMadeMeBuyIt and moving to devoted structures like #BookTok, trends are becoming popular. So, if you want to learn how to make money on TikTok, you have landed on the correct page. Here are some of the best ways you can make money. Let’s dive in.
How To Make Money On TikTok?
Can you make money on TikTok? Well, it is not very difficult. If you have an entrepreneurial spirit with a knack for short-form content, then you can easily make money on TikTok. Here are some of those ways mentioned.
Join The TikTok Creativity Program/ Creator Fund
TikTok has given a chance to the most popular creators a program to monetize their content since 2020. However, in November 2023, they announced a few chances to make things work, depending on your location.
They shut down the Creator Fund for users in France, the UK, UK, and Germany and brought a new Creativity Program. They brought it into action on December 16th. TikTok mentioned that the new fund allows creators in these countries to make more money if they upload videos every minute.
However, to join the program, you must have at least 10,000 followers and 100,000 views over the last month. They will also earn based on the views along with other TikTok engagement metrics.
Run TikTok Ads
Around 56% of 20–29-year-olds and 67% of 18–19-year-olds have a TikTok account. This is one of the main reasons why TikTok marketing is a good advertising choice for brands who want to market products to Gen Z.
TikTok ads are a simple and powerful tool that helps you advertise and reach millions of users. Ad formats are different for different regions. However, they let you personalize the targeting by interest, age, location, and other factors. Depending on what works best for your brand you can choose one or more factors.
Some of the most popular types of ads include:
In-feed video: This comes on the For You page for those users who meet the targeting parameters.
Brand takeover: This allows the ad to expand to the entire screen’s width for a few seconds, and then it changes to an in-feed video ad.
Hashtags challenges: You can also create appealing challenges that would encourage more user-generated content. These challenges come in the Discovery section on TikTok. However, brands that collaborate with TikTok sales representatives only get this option.
Collect Donations Or Tips
TikTok has come up with a tipping feature. This allows selected customers to earn money from donations and tips. Fans mostly use this feature to show their love and gratitude for their favorite creators.
Video gifts allow creators and viewers virtual coins and gifts. Some creators also collect gifts when they stream live. They can redeem the gifts for Diamonds, which is Tikok’s digital currency. When you save up a lot of Diamonds, you can exchange them for real cash.
There are also tipping platforms that creators can use to make money. They can use Buy Me a Coffee, Ko-fi, and Tipee, which can connect to their TikTok account, which can act as a tip jar.
Collaborate With Another Creator
The 2023 Sprout Social Index shows that 28% of Millennials and 33% of Gen Z value creators or brand content collaborations. TikTok has a huge community of content creators, which is why it is an amazing channel for collaborating with influencers or influencer marketing from engaged communities.
However, you must collaborate with the right creators who will be able to position the brand properly to your audience. According to statistics, creator-made content gets 83% more engagement.
Try Affiliate Marketing
With the help of affiliate marketing, other businesses and creators can promote and sell other companies’ products or services on commission. However, to be a successful affiliate marketer, you must generate online sales.
Create compelling videos about the product you want to promote and showcase its value. Let people know why you are recommending the product. Promote those brands you trust and share codes and affiliate links to track purchases influenced by your account.
When a follower purchases something with your code or link, then you get a commission from the brand. TikTok does not allow placing clickable links from personal accounts’ video descriptions. However, copying and pasting the link into a browser or entering the codes while checking out is possible.
You can create an affiliate marketing program with proper guidelines and instructions on how to participate if you are an in-house marketer. Invite TikTokers who align with the target audience and brand values.
Encourage them to promote products that match your goals and audience. Moreover, a tracking system should be implemented to monitor performance and commissions.
Grow And Sell Accounts
It takes months to organically grow a TikTok account. However, there is an option to buy an already-established account to get many followers instantly. You have to focus on niches to sustain buyers if you want to sell TikTok accounts. People also buy TikTok followers to grow their accounts.
This is going to help the buyer produce a similar kind of content to maintain follower engagement. If you are considering buying an established account, you must do due diligence.
An account with a lot of followers but with less engagement is not going to give you the return you want. Also, make sure the account focuses on the audience you wish to target, and that the content aligns with your brand’s goal.
Publish Sponsored Posts
Brands can try sponsoring posts that live directly from the creator’s profile for smaller activations. These campaigns allow brands to pay creators to promote their products in organic posts. Create a series with just one post, and if it trends, you can boost the post and make it reach even further.
Create A Patreon account
A Patreon account allows creators to generate revenue from fans with the help of a membership, which gives exclusive access to content. Use TikTok and promote the membership sign-ups.
Keep the subscription cost low to encourage subscribers and try to reward new subscribers. For instance, give away exclusive content access and merchandise to loyal followers. Add the link to the Patreon page, or you can also add it to your bio.
Sell Your Products And Merchandise
How to make money on TikTok? Turn original artwork, your brand’s logo, or quotes into merchandise and promote it on TikTok. Showcase the products and feature the existing products along with the trend. If you are not sure what you want to sell, then listen to your audience. Ask them or create a poll to learn what they wish to buy.
If you have an account on TikTok, then create an e-commerce website and promote it through your personal account as well. Add the store and encourage followers to go through the products. However, if you have a business account, then you can collaborate with accounts like Square Online, BigCommerce Shopify, and Ecwid Store to the account.
TikTok Shop
TikTok has collaborated with Shopify and launched the TikTok shopping feature. Creators and brands have the position to become TikTok merchants and sell directly from the app. When you create a TikTok shop, you get to showcase the products on live, in-feed videos and showcase tabs.
If you are eligible for the feature, you will be able to sign up and become a seller in the TikTok seller center. However, this is only available in a few regions.
How Many Followers Do You Need To Make Money On TikTok?
Thinking about how to make money on TikTok? But worried about the number of followers? Well, TikTok has not mentioned a specific number to get paid. If you find the audience actively watching your content, commenting, and reacting to your videos, then you can capitalize depending on the above-mentioned strategies.
There is a magic number if you want to enroll in TikTok’s creativity program, and that is 10,000 followers. However, for influencer marketing and lucrative partnerships, you will need more than 100,000 followers.
The Influencer Marketing Hub uses a TikTok calculator that calculates how much you can earn based on the likes you get on the videos and your follower count. It is given that the more followers you have, the more money you earn.
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Subhasree Nag
A self-proclaimed Swiftian, Instagram-holic, and blogger, Subhasree eats, breathes, and sleeps pop culture. When she is not imagining dates with Iron Man on Stark Tower (yes, she has the biggest crush on RDJ, which she won’t admit), she can be seen tweeting about the latest trends. Always the first one to break viral news, Subhasree is addicted to social media, and leaves out no opportunity of blogging about the same. She is our go-to source for the latest algorithm updates and our resident editor.
