Tap into earnings on TikTok.
TikTok, the popular app designed for sharing short-form videos, has upward of 1 billion monthly active users. According to one statistic, the average user opens the app eight times a day, spending an average of 52 minutes per day on the platform.
Such an engaged user base provides a great opportunity for savvy users with large followings to earn money. “Short-form content is consumed a lot faster than traditional video content, so the amount of videos consumed is much higher,” says Adam Enfroy, founder of AdamEnfroy.com, an entrepreneur who teaches others how to grow their influence online. “This makes it lucrative because of the faster view counts and subscriber growth.”
From selling sponsored content to promoting your own products or services, soliciting donations, and benefiting from the app’s own income-producing services, there are a variety of ways to make money on TikTok. When it comes to just how much you can earn, the sky is the limit. But there is hard work involved, and not every TikToker can make a lucrative living on the platform.
For aspiring entrepreneurs, Enfroy offers these insights on the different ways to make money on TikTok.
Sell sponsored content.
One of the best ways to make money on TikTok is through partnerships with major brands. But to land sponsorship deals, TikTokers need to first build their audience base. This involves a lot of work, from posting multiple times per day to harnessing TikTok trends and new features. Some experts estimate you need at least 10,000 followers to start pitching any potential sponsors (but the more followers you have, the more likely you can get a sponsorship deal).
“Since RPMs (ad revenue per thousand impressions) are very low on the platform — 2 to 4 cents per 1,000 views — you need a ton of views to make money with ad revenue,” Enfroy says. “Therefore, it makes more sense to build up a large following and sell sponsored content.”
Use short-form videos to promote products.
You can also use TikTok to promote your own products through short-form videos, which are typically one to three minutes in length.
Enfroy’s team uploads daily short-form videos, which highlight their online entrepreneurship expertise and business software on Instagram, TikTok and YouTube with the aim of building brand awareness and encouraging people to buy their business software.
According to Enfroy, his team has seen a major uptick in digital sales by amplifying their branding with short-form content.
Cash in on the Creator Fund.
The Creator Fund is a TikTok program that helps support innovative creators (people who regularly create or share videos on the app) by giving them a payout as their following grows. TikTok users must apply for the Creator Fund, and there are some requirements. You must be at least 18, have at least 10,000 followers and have received 100,000 video views in the span of 30 days, among other requirements. According to HootSuite, you can expect to make anywhere between $20 and $40 for a million views. Although it may not be the most lucrative route to making money on TikTok, it is another way of diversifying your income on the platform.
Use TikTok as a door to other online marketing opportunities.
In addition to making money on TikTok, you can use the app to direct new users to other marketing channels, from your own blog to your YouTube channel, where you might be able to close the deal or score some conversions.
“Tiktok is the entry point of online marketing,” according to Enfroy. “It is the largest pool of new users to find that can trickle down into your other marketing channels like blogs, YouTube channels and other social accounts,” he adds.
Ask for donations with Life Gifting.
Yes, you can even use TikTok to directly ask users for donations. With the app’s Live Gifts feature, you can solicit donations while you’re livestreaming on the platform. However, you should note that your donations will come in the form of virtual coins that users choose, which eventually (after several more exchanges) can be traded for actual currency. Again, this isn’t going to be your golden ticket, but it’s another way to grow your revenue on the platform.
Use the platform to find new opportunities.
Personalities like Addison Rae, a social media celebrity, actress, dancer and singer, got their start on TikTok. Rae’s strategy of using the platform to spotlight her talent might be something others who have a talent can replicate.
“She has done well on every other platform — even better than on TikTok — and is now a household name in the U.S.,” writes Enfroy on his website. “The influencer also got invited by the well-known talk show host Jimmy Fallon and even bagged her own Netflix show recently.”
Work with influencers to market your products and services.
Even if you’re not a TikTok guru, you can still harness the platform’s money-making power by connecting with an influencer (or multiple influencers) to market your products and services. In other words, if you have something to sell, you might look into working with TikTokers to sell it with the help of their influence and promotion. This, of course, involves strong networking skills.
“It’s a great platform for e-commerce brands to build brand awareness and work with influencers to market their products,” Enfroy says.
How to make money on TikTok:
— Sell sponsored content.
— Use short-form videos to promote products.
— Cash in on the Creator Fund.
— Use TikTok as a door to other online marketing opportunities.
— Ask for donations with Life Gifting.
— Use the platform to find new opportunities.
— Work with influencers to market your product or services.
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