Tiktok monetization has to be on the mind of every TikToker. Since its inception in 2017, the social media platform has found its way to the limelight and has since then been on the trends.
TikTok is the 6th most popular social media platform worldwide, having over 1 billion active users. Talk about population size.
However, the question here stands, how can you make money on TikTok? A lot of users have discovered how to make money on the platform, while some others have taken it up as a round-the-clock job.
TikTokers having over100k followers make up to $1k monthly via TikTok’s Creator Fund, while TikTokers having over 1m followers make up to $5k or more, monthly. Few TikTokers make about $100k to $250k per post when in partnership with renowned brands.
TikTok for most is a platform for acquiring their share of the social media market and making the most of it.
The platform works in two ways; either you have a business you wish to promote or you’re the TikTok business.
So, how do people make money on TikTok and how can you exploit Tiktok’s enormous user base to your benefit? Well, through the methods pointed out in this article, you should be well-informed on how to make money on TikTok.
Ways to make money on TikTok
Here are ways that you can make money on TikTok:
1. Become A TikTok Influencer
TikTok influencers gain much ground on the social media platform, as they are most sought after by brands and companies.
If you can develop your TikTok account with a loyal fan base and active following, you’ll be able to partner up with renowned brands worldwide that would want to achieve publicity.
To become a successful TikTok influencer, you’ll need to build your following, identify a niche, post regularly, be authentic and actively engage with your followers. By so doing, you’ll grow your account and gradually captivate brands that might want to partner with you for the promotion of their products and services.
Brand and Influencer Partnership in TikTok Creator Marketplace
The TikTok creator marketplace helps to connect brands and influencers, promoting partnership in a simple way for both parties involved.
The TikTok creator marketplace acts as an influencer agency, allowing both the brand and Tiktok influencer to indicate their willingness to partner with each other.
A study on influencer marketing found out that in December 2019, 18% of U.S. marketers planned to utilize TikTok for influencer campaigns, however, in March 2021, there was an increase to about 66%.
This significantly implies that influencer marketing is on the high rise on this social media platform.
In Partnering with brands and companies, seek out those you love, and whose value aligns with your content. In most cases, you can partner with a brand that helps you grow your network, and make money.
2. TikTok Creator Fund
The TikTokcreator fund is a TikTok initiative that aids creators in promoting their content to the next level. It’s a program that pays users for creating engaging content.
As of July 2022, TikTok announced their novel Creator Fund, promising to give $200M to the U.S to “encourage those whose dream of using their voices and creativity to spark inspirational careers”.
Revenue generated from Creator Fund is user dependent and based on audience capacity, User engagement quality, and frequency of posts.
The more engagement your contents get, the more you’re paid by TikTok.
3. Merchandise Sales
You can sell merchandise on TikTok via TikTok shop. In 2021, TikTok started TikTok shop to empower small and large-scale businesses to sell products directly on the platform to as many customers available.
Tiktok users can see your products on the TikTok shopping tab on your profile, all you need to do is create TikTok videos that display your products, showing and highlighting all the details. Also, ensure you add a link to send viewers over to your shop.
Selling products on TikTok is a great way to make money via the platform. Show off your products and contents and in return, you get good pay from purchases.
Crowdfunding is one of the many forms of fund sourcing that content creators utilize in financing their start-up for a demanding project t that requires a relatively large amount of money.
In 2021, North America contributed $17billion in crowdfunding. Fanbase and sponsored brand posts can contribute to your fundraising, you can also muster your followers by hosting live fundraising events online.
Some crowdfunding sites you can access if you are looking to fund a specific project are listed below;
You may also like: Best Crowdfunding Websites to Raise Funds
5. Patreon and Fan Subscription
Crowdfunding works essentially for huge projects, however, how about if you’re after securing a more regular means of earning?
That’s where a creator-based subscription platform like Patreon comes into play. Patreon is a platform developed to allow creators and influencers to generate revenue via paid memberships from their loyal social media fans.
Fan Subscription will go a long way towards supporting your revenue generation, and projects. Here are some very good practices to keep in mind when considering a subscription service as a way of making money on your TikTok.
- Promote your Patreon profile.
- Maintain a low cost of subscription.
- Create consistently new content.
- Lure your fans with amazing rewards.
6. TikTok Ads
With TikTok ads, you can drive traffic to your website, online store, as well as your TikTok shopping tab.
TikTok ads display in users’ Feeds and auto-plays just like any other video on TikTok. You can spend some amount of money to get paid ads, which will ensure your videos are spreading to audiences that desire your products.
You can also run in-field image ads to promote your product sales or you could perhaps get creative with TopView ads to increase your TikTok followers. In both cases applied, you are sure to make money on the social media platform.
7. Develop and Sell TikTok Accounts
With the right amount of following, you should be able to put that TikTok account on the market for sale.
Over time, most people have developed social media accounts and sold them out to make money. It is a TikTok monetization strategy that pays handsomely.
There are lots of creators and businesses out there that would love a headstart on TikTok. If you can successfully grow TikTok followings within a short period, you’ll have potential buyers reaching out to you.