TikTok, the platform that started out as a source of entertainment for its huge audience has now become a potential source of income for content creators.
TikTok is a remarkable video-sharing app that allows users to create and watch short-form videos from various niches like comedy, education, lifestyle, and more. Statistics show that TikTok has over 1 billion active users. This social channel has introduced various avenues for creators to turn their passion into profit by monetizing their TikTok accounts. Think of popular creators like Charli D’amelio, Addison Rae, and Bella Poarch.
If you’re yet to crack the code on how to make money on TikTok, you’ve come to the right place.
In this guide, we will show you five ways to monetize your TikTok account and share some tips and best practices to help you succeed. Let’s get started!
5 Ways to Make Money on TikTok
Before we dive into how to monetize TikTok, it’s important to mention that consistency and high-quality content are important to your success as a TikTok creator. Be intentional about giving your TikTok audience value. You also want to prioritize creating original content. Create the type of content that highlights your uniqueness and stands out from what the crowd is doing.
Now, let’s talk about some interesting TikTok monetization tools!
1. Live streaming on TikTok
One of the most effective ways to monetize TikTok is through live streaming. Live streams allow you to broadcast in real time so that your active followers can interact with you.
You can earn money from your live streams by receiving virtual gifts from your viewers. These gifts are purchased by viewers using TikTok coins, which are bought with real money. Here’s what they look like:
You can then convert coin gifts into “diamonds” which can be exchanged for actual money.
Use TikTok live to host interactive sessions, answer questions, and showcase your talent. You need to have at least 1,000 TikTok followers before you’re able to start live streaming. You can access the live streaming feature by tapping the plus icon at the bottom of the screen and selecting the “Live” option. See the screenshot below:
Before going live on TikTok it’s advisable to plan your content. You should have a clear theme, talking points, or activities planned. That’s how you can keep your stream engaging. Do some research so you’ll have a better idea of what interests your audience. Simply looking at similar accounts in your niche can give you great ideas for exclusive content.
Also, schedule your live streams in advance and promote them on your other social media platforms. This will help you build enough anticipation for your livestream. You can even share some teasers about your upcoming session. Engage with your viewers by asking and answering questions, responding to comments, and giving shoutouts.
Provide value to your viewers by sharing your skills, knowledge, opinions, or stories. This way, it’ll be easy to encourage your viewers to send you gifts. They’ll likely be more willing to oblige when they’re convinced that your session was worthwhile.
Finally, you can also leverage creator collaborations to reach new audiences on your livestream and boost engagement, potentially leading to more virtual gifts.
2. TikTok Creativity Program
Another way to make money on TikTok is by joining the TikTok Creativity Program. TikTok’s creativity program aims to reward select creators who share high-quality, original visual content.
To join the TikTok Creativity Program, you need to have at least 10,000 followers and a minimum of 100,000 authentic video views in the last 30 days. Typically, you’ll be paid based on your video views and engagement metrics. You can only join this program with a personal account– business accounts won’t qualify.
You also need to be in a location where the TikTok Creativity Program Beta is accessible. If you’re in the US, UK, France, Brazil, Germany, Japan, and Korea, you should have access to this feature.
You can apply for the program by filling out a form on the TikTok website. First, you need to navigate to the TikTok Creativity program in the app. This will be under the “creator tools” section.
Follow the prompts after clicking, submit your application, and wait for an approval notification.
To ace the TikTok Creativity Program, be sure to follow the guidelines and requirements specified for the challenge or campaign you’re participating in. Doing otherwise could get you disqualified. See the screenshot below:
You should also be original and creative in your content. Even if you look through the internet for inspiration, remember to infuse your personality into the content you share. Use relevant hashtags and keywords to increase your visibility and reach. Also, remember to tell your followers that you’re participating in the program so they can support you by engaging with your content.
3. Set up a TikTok shop
If you have your own products or services to sell, you can set up a TikTok shop and use your TikTok page as a marketing channel. The TikTok shopping feature allows displaying products directly within the platform, eliminating the need to direct viewers elsewhere. Here’s an illustration from TikTok:
TikTok also allows you to host live streams where you run a product showcase. Viewers can click on any product they want and buy immediately. See the example below:
Additionally, you can share shoppable videos— typically, your TikTok audience can click on product tags within your feed videos to learn more and purchase directly.
You can only operate a TikTok shop with a verified business account. When using TikTok shop, ensure that you choose products that are relevant to your niche or audience. You can create engaging and educational videos that showcase the features and benefits of your products. Include clear and compelling call-to-actions in your videos and bio, so that users are prompted to make a purchase.
Don’t hesitate to offer discounts, coupons, or free shipping to entice loyal followers to buy from you.
Finally, prioritize providing excellent customer service and responding to queries, feedback, and reviews. You don’t want to risk getting a bad review, which could turn potential customers away.
4. Participate in affiliate programs
Affiliate marketing is another effective TikTok monetization strategy. As an affiliate marketer, promote products or services from other brands using referral links and earn commissions for every sale or conversion that you generate.
You can partner with brands that are relevant to your niche and audience and share your affiliate links in your videos or bio. Consider working with multiple relevant brands to offer a wider range of products to your audience.
However, make sure that the relationship feels authentic. For example, you can partner with an eCommerce brand for an affiliate program to promote products that align with your brand. And it’s not just about physical products. Affiliate marketing is also a common SaaS marketing strategy. That means you can also partner with software companies to promote their products.
You can find potential affiliate partners on the TikTok creator marketplace. Also, platforms like Commission Junction, ShareASale, and ClickBank connect you with various brands and their affiliate programs.
A simple Google search can also help you find affiliate programs you can maximize. Simply type “affiliate program + your target niche or product type,” and you’ll find suitable affiliate referral programs. See the example below:
The affiliate products you promote should provide value to your audience. Affiliate marketing might sometimes mean that you’ll give product reviews. These reviews should be unbiased.
Also, be honest and transparent about your affiliate relationship and disclose that you are using affiliate links. This is a requirement from the Federal Trade Commission (FTC). Additionally, note that thorough research and understanding of the affiliate product are crucial for responsible product promotions.
Finally, create authentic and engaging videos that demonstrate how the products or services can solve your followers’ problems or improve their lives.
5. TikTok Ads
TikTok offers a robust advertising solution called TikTok Ads Manager, which allows you to create, manage, and track your ad campaigns. Additionally, TikTok Business serves as a comprehensive resource center providing various tools and insights for advertisers.
TikTok gives you access to various ad formats for your specific needs and objectives. Here are some popular options to consider:
- In-feed ads: short video ads that blend into users’ feeds, appearing alongside organic content on the “For You” or “Following” pages.
- Brand Takeover ads: Visually appealing image or video ads that display for a brief 5 seconds when users open the app.
- Branded Hashtag Challenge ads: Spark user engagement by inviting them to participate in a sponsored challenge where they share content with a particular hashtag.
- Branded Effects ads: Allows you to create branded stickers, filters, or lenses that users can incorporate into their videos.
When running TikTok ads, it’s crucial to clearly define your target audience, campaign goals, and budget. Understanding who you want to reach, what you aim to achieve, and how much you’re willing to invest lays the foundation for a successful campaign.
Conclusion
Monetizing TikTok requires dedication, creativity, and strategic planning. First, it’s important to note that building a loyal audience and fostering meaningful connections are fundamental to long-term success on TikTok.
That said, some key ways to monetize TikTok as a creator include: live streaming, participating in TikTok’s creativity program, setting up a TikTok shop, running affiliate programs, and using TikTok ads.
Putting these strategies to work can help you transform your regular TikTok account into a money-making hub. You can experiment with different methods, track your results, and stick to what works best for you. Good Luck!
Author Bio:
Eli is the Content Manager of Crunch Marketing. The company works with enterprise SaaS clients, helping them scale lead generation globally across EMEA, APAC, and other regions.