In the ever-evolving landscape of social media, TikTok stands out as a powerhouse, captivating audiences with its dynamic, short-form content. As the platform continues to surge in popularity, it becomes a fertile ground for revenue opportunities. Your TikTok marketing strategy should not only acknowledge but also capitalize on these opportunities to ensure a robust presence and financial success. In this comprehensive guide, we delve into the top strategies for how to make money on TikTok, providing updated insights that surpass the conventional approaches.
1. Join the TikTok Creativity Program/ Creator Fund
Since 2020, TikTok has empowered its most influential creators with the opportunity to monetize their content. As of December 16th, 2023, the Creator Fund in the US, UK, Germany, and France has been replaced with the Creativity Program. This shift aims to enhance creators’ earning potential, particularly for videos over a minute in duration. To become eligible, creators need a minimum of 10,000 followers and 100,000 views in the last 30 days. Earnings are tied to views and other engagement metrics, marking a significant avenue for revenue generation.
2. TikTok Ads
TikTok’s massive user base, with 67% of 18-19 year olds and 56% of 20-29 year olds, positions it as a formidable advertising platform, especially for targeting Gen Z. The platform provides a range of ad formats, including In-feed video, Brand takeover, and Hashtag challenges. Leveraging these tools allows brands to personalize targeting based on demographics, location, and interests, ensuring a strategic and impactful approach to advertising.
3. Collect Tips or Donations
TikTok introduces a tipping feature, enabling select creators to earn money directly from their audience. Fans can express gratitude by sending virtual gifts and coins, redeemable for TikTok’s digital currency. Creators can also integrate external tipping platforms like Tipeee, Ko-fi, and Buy Me a Coffee, enhancing the monetization potential of their TikTok endeavors.
4. Collaborate with a Creator
The importance of brand/creator collaborations is highlighted by research, with 33% of Gen Z and 28% of Millennials expressing appreciation for such content. TikTok’s Creator Marketplace facilitates connections between brands and content creators, emphasizing the importance of authentic collaborations for increased engagement. Strategically selecting influencers aligned with business goals ensures optimal results.
5. Try Affiliate Marketing
Affiliate marketing emerges as a lucrative avenue for creators and businesses to promote and sell products or services for a commission. Engaging videos that align with the target audience’s interests and preferences serve as powerful tools for promoting affiliate products. The absence of clickable links in video descriptions can be overcome by guiding followers to copy and paste URLs or enter special codes during checkout.
6. Grow and Sell TikTok Accounts
While organic growth demands time, purchasing established TikTok accounts offers an instant follower boost. Brands seeking to monetize through this approach should focus on niche topics, ensuring sustained engagement by the buyer. Due diligence is essential to verify engagement levels and audience alignment with brand goals, minimizing risks associated with account acquisition.
7. Create a Patreon Account
Patreon emerges as a potent platform for creators to generate revenue through exclusive memberships. TikTok serves as a valuable promotional tool for attracting patrons, and creators can strategically integrate links to their Patreon pages in videos or bios for seamless subscription sign-ups.
8. Sell Your Products and Merchandise
The age-old strategy of merchandising finds resonance on TikTok as well. Original artwork, quotes, or brand logos can be transformed into merchandise, showcased in tutorials or alongside trending content. Polls and direct audience engagement aid in identifying potential product offerings, with personal accounts leveraging ecommerce websites and business accounts integrating platforms like Shopify for streamlined transactions.
9. Set Up a TikTok Shop
The collaboration between TikTok and Shopify unlocks the TikTok Shopping feature, empowering brands and creators to become official merchants within the app. The TikTok Seller Center facilitates inventory management, order processing, and promotions, enhancing the overall shopping experience. Brands should ensure eligibility for this feature in their respective regions before signing up.
10. Offer Exclusive Content on TikTok
The introduction of TikTok Series in June 2023 revolutionizes content monetization, allowing creators to create exclusive content behind a paywall. Eligibility criteria include an account age of at least 30 days, 10,000 followers, and 1,000 views in the last 30 days. This feature enables creators to offer valuable educational content for a one-time fee, ranging from $0.99 to $189.99.
11. Provide Virtual Gifts
Monetization on TikTok extends to virtual gifts, allowing users to send tokens of appreciation that can be converted into actual currency. Creators can activate the gift option, enabling users to purchase coin packages ranging from $0.29 to $249.99. This interactive feature enhances viewer engagement and provides an additional revenue stream.
12. Host Live Events or Workshops
TikTok Live emerges as a dynamic avenue for revenue generation, with users sending live gifts during broadcasts. Creators can capitalize on this feature by delivering entertaining and valuable content, fostering a consistent viewer base. The potential for substantial earnings is exemplified by creators making $20-$300 per live session, reinforcing the viability of TikTok Live for monetization.
13. Offer Personalized Shoutouts
For creators with a substantial following, offering personalized shoutouts becomes a viable monetization strategy. Setting a price point based on trial and error allows creators to gauge market interest. Shoutouts can be integrated into live or feed videos, providing an additional revenue stream while fostering engagement.
14. Sell Digital Products
The digital era opens avenues for selling digital products on TikTok. Creators can establish a shop within the platform, promoting products through videos and linking to their shop in their profile. This streamlined approach facilitates sales and provides creators with a platform to showcase their digital offerings effectively.
In conclusion, TikTok’s multifaceted monetization strategies offer creators and businesses unprecedented opportunities to thrive in the digital landscape. By strategically implementing these strategies, you can unlock the full potential of TikTok as a lucrative platform for revenue generation. Stay ahead of the curve, embrace innovation, and embark on a journey to financial success with TikTok.
How to Make Money on TikTok FAQ:
Q: How many followers do you need on TikTok to make money? A: To join the Creator Fund, a minimum of 10,000 followers is required. For virtual gifts on TikTok Live, 1,000 followers are sufficient. However, tips and gifts from other video types mandate a minimum of 100,000 followers.
Q: How many views do you need on TikTok to make money? A: To qualify for the Creator Fund, a minimum of 100,000 views on videos within 30 days is necessary. Views are not a prerequisite for sharing links to products in videos or bios.
Q: How do you get paid on TikTok? A: Once eligibility criteria are met, earnings can be accessed through the Creator Fund Dashboard, visible about three days after video views. Withdrawals can be initiated 30 days after the month of earnings, with options for transferring funds to preferred payment methods like PayPal or Zelle.
