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The questions about the possibility of making money on TikTok didn’t take long before it started to surface. This is usually the priority for content creators and brands. If they can’t make money on the app, then it might not be worth their time. Thankfully, the answer to the question is a big yes. Although TikTok was explicitly built for monetization to provide creators with a stream of income. So, the company doesn’t pay creators or even offer to monetize their content on the platform. It is, however, very commercial-friendly. So making money on this app isn’t just a possibility; it is a reality. You only need to be creative in using the app; that’s all. Then you can start to secure brand deals and sponsorships, especially if you have large followership.
You would expect that people look out for other sources of income and potential earnings due to the coronavirus’s effect on the earnings of individuals. Social media has been a significant helper as the number of influencers on platforms such as Facebook, Twitter, and Instagram continue to rise. The case is the same for TikTok. It is also a social media platform that you can make money from, but how?
If you already have an account, here are some of the best ways to monetize your account on TikTok.
Promote your business
This is an effective use of TikTok and is probably an easier way of using TikTok and making money. The good thing here is, you don’t have to get a large number of followers or become an influencer first. You only need to have a business that you are into already, then promote your business and product for free on the TikTok platform. Similarly, it works if you’re a service-rendering business too. It’s about promoting yourself and what you do to the people on TikTok. The best part is that it doesn’t matter what business you are into or the service you are rendering.
All you need to do is be creative about making fun videos related to your business, product, or service that you render and post these videos consistently on TikTok. While TikTok isn’t paying you directly for posting anything on the platform, you are able to attract more customers to your business through the videos that you post on TikTok. Guess what? People will easily make referrals for your business once the need arises because you’re already in their head with your constant videos. You can as well post these videos on other social media platforms to give your business more reach.
Even if your product or service that you render can’t possibly be translated into videos, you can still attract people’s attention by consistently posting creative, funny, or entertaining videos. Then after the videos, you have some frames pitching your service or product to end the video.
Influencer marketing isn’t anything new in the world of social media. Just as it was mentioned before, it is one of the surest ways to make money through social media. Today, many companies hire influencers to market and promote their brand, product, and services to generate sales. Influencer marketing is now a common social media marketing technique, and you can capitalize on it too, especially if you have a large number of followers on TikTok. To do this, you need to:
- Create a brand for yourself: this is the first step to being recognized. People have to know you for something. This means that you need to have your niche and target market, then you start to create exciting videos for your brand. You begin to get more followers as you do this consistently.
- Post interesting content regularly: there are two constants here; you must be regular and consistent at posting content. Your video content has to be unique and consistently funny or entertaining. This will increase your relevance to your audience.
- Get more followers: your followers tend to increase almost automatically if you follow the first two steps. However, the point is, brands and businesses won’t reach out to you on TikTok if you don’t have a large number of people following you on this platform.
Live to stream
Even without the money from brand marketing, creative content creators on TikTok can still earn money from this platform, thanks to the users. This system is simple, even though exchange rates may differ at different times. Here, the TikTok users purchase coins through the in-app purchases with their monies. Then they tip the TikTok creators with these coins. This is them saying ‘thank you’ to the content creator, with a token, for giving them good live content. TikTok then gives 80% of this tip to the content creator doing the live stream and boosting their account. This will then send a signal to brands that the account has more influence and can be targeted by brands.
While it isn’t a fortune that everyone will/can get, it is still a source of income through TikTok. Also, the money is not in the form of cash but digital gifts; however, you can easily convert it to cash.
TikTok consultancy is a simple way to make money from TikTok. All you need is your knowledge of TikTok and how things work on this platform, and you can make money with it. TikTok is a social media platform that is still relatively new, and many people don’t know many things about how it works, so they will be willing to pay for you to be their consultant to help them boost their followers, build their brand, and also create a marketing strategy that works for them.
Generally, monetizing social media accounts is something that many people have looked into, and more people are doing. With TikTok, it is probably easier. It is safe to say that apart from being a consultant where you’ll need knowledge, your success on TikTok has to do with your creativity and consistency level. If you’re creative, people will be willing to pay for your creativity, whether brands or individuals (followers).
Tobias Foster is a journalist and editor at Topbritishessays, where they provide college essay help and dissertation services. He has more than five years’ work experience and big ambitions. Philosophy, marketing, and business are his passion, and he has a wealth of knowledge in that field. He is a master of his craft.