Social Media has evolved over the years. As a result it has become one of the most effective methods to promote business online. Social media has allowed everyone to transform the way they do business. Therefore, social media is a big part of viral marketing campaigns and efficient e-commerce strategies.
While each social media platform has its time to shine, TikTok is undeniably the platform of the hour. Therefore TikTok can be utilized to increase reach, convenience, and accessibility. As a result, leading to greater profits.
What is Tiktok
TikTok is one of the most fastest-growing social networking sites out there right now. The preferred mode of communication and connection for generation z and many millennials. TikTok is an immensely popular platform. As such, its influence and reach should not be underestimated.
TikTok lets users post, share, and comment on short-form video content. These videos typically last between 15 seconds and 1 minute and cover topics ranging from lip-syncing, dancing, and comedy, to politics, education, and social activism.
Ways to make money on Tiktok
1. Going Live & Accepting Gifts
One way TikTokers can earn money is by going on LiveStream and accepting “gifts” from users who are watching. These gifts have real monetary value because the creator receives a percentage of whatever the user paid to purchase the gift. To send these “gifts” to creators, users must follow the below steps:
- Buy TikTok “coins”
- Use these coins, which can be purchased in bundles at discounts, to buy the gifts
- While watching a LiveStream, click the “Give Gift” button on the bottom of the screen
- Select which gifts that they want to send their favorite creators.
Once a gift is received on TikTok, it is transformed into a diamond on the creator’s profile. These diamonds can then be cashed through a verified payment system like PayPal.
It should be noted that not everyone can make use of the LifeStream monetization option on TikTok. It is TikTok itself that selects which creators qualify. The best way to increase your chances of being selected is to simply make original, creative, and engaging content on a consistent basis. Similarly, keep your followers and engagement rate high.
2. Apply for the TikTok creator fund
The TikTok Creator Fund is essentially a designated fund which the company uses to pay eligible TikTokers in exchange for uploading their content onto the platform.
The idea is to promote quality content and creativity amongst users by paying a royalty each month for the amount of engagement an account gets. The Creator Fund Program, which was initially funded with $200,000, is set to be increased to $1 billion that will be paid out to creators over the course of 3 years.
To qualify for the TikTok Creator Fund, users must satisfy 3 requirements:
- Be over 18 years old
- Have at least 10K followers
- Must have had at least 10K people engage with their account over the last month.
To apply to the TikTok Creator Fund, follow the below steps:
- Go to Settings
- Upgrade to a “Pro” account
- Go to the Creator Section
- Hit “Apply”.
3. Build & Sell Profiles
Growing a TikTok page is hard work. It takes time, effort, and the ability to curate creative, engaging content that people will want to view over and over again. Not everyone has the expertise to do this. Therefore many larger brands simply think creating a successful TikTok page is to time consuming.
That said, this provides a great business opportunity for those who are willing and able to create a successful TikTok page as these brands and businesses often purchase TikTok profiles that have already been built. In this case, the larger the follower base and the more engagement a page has, the more value it has to prospective buyers and the more you can make from selling it.
Flipping a TikTok profile can be really profitable if you select the right niche and target the right audience. For example, you can build a TikTok profile that caters to the adventure travel niche. Then once it has achieved a certain level of popularity you can reach out to brands who share similar audience. These brand may be willing to buy the profile off of you.
4. Launch your Own Merchandise
TikTok can serve as a great launching pad for your own merch. Whether you’re a new user building an ethically sourced makeup brand from scratch. Or an established TikTok influencer seeking additional streams of income by selling branded t-shirts.
TikTok can be used to widen your reach and increase profits. All you have to do is create engaging videos promoting your merchandise. Then, if your content is popular, it will spread organically, hopefully adding to your bottom line.
5. Affiliate Marketing
Affiliate Marketing essentially just refers to incorporating paid product sponsorship into your videos. Brands are always looking for marketing partnerships that offer good value. If you have created a successful TikTok page and have at least a couple hundred engaged followers, you can reach out to brands that you think might be interested in promoting their products to your followers.
When reaching out to prospective brands, be sure to send a solid pitch describing yourself, and what value you could add for them. Include relevant metrics like engagement rate and your follower count as well as what brands you’ve worked with in the past. Start with small brands and work your way up.
As your profile grows, so too will the size and scope of your brand partners. Eventually, if you keep growing your profile and engagement rate, you might find yourself working with top names and bringing in the top bucks.
TikTok is huge right now. Everyone, from the neighborhood kids to successful career professionals to entertainment industry behemoths, is using the platform. And it’s growing faster than any other social media platform. Therefore, there are many ways on how to make money on Tiktok.
All of this means that TikTok is an amazing avenue through which you can make money. As long as you create engaging content on a consistent basis, you can reap the benefits of the platform’s popularity and reach. Therefore you can use Tiktok to build an online business.