If you're an aspiring influencer or simply very active on social media, you've probably already got a TikTok. Even if you don't, you've probably heard your friends or family talk about it.
They've probably even tried to persuade you to appear in a video with them to try out a new dance routine or create a comedy skit.
Regardless of how you first heard about it, there's no denying that TikTok is being talked about more than Facebook these days, and thanks to the app's popularity, it doesn't appear to be going away anytime soon.
TikTok, like its social media predecessors, began as a fun way for teenagers to post 15-second videos of comedy skits and dance routines. However, over the last few years, the platform has expanded to include users of all ages and has evolved into a social marketing tool with millions of followers.
As a result, many TikTok stars have achieved levels of fame and financial stability that have prompted entrepreneurs and aspiring artists to jump on board in the hope of achieving similar results.
Users who create content on TikTok are fortunate to receive a large number of views and quickly go viral, allowing many of them to monetize their channels in various ways. As a result, everyone is racing to stake their claim on this new gold mine and make some money.
Unfortunately, as with everything else in life, not every marketing strategy you employ is guaranteed to generate revenue on the platform. For some, it may take years of experimentation to discover the best way to monetize your space.
Of course, if you want to learn how to monetize your account, there are plenty of “influencer gurus” out there eager to assist the next generation of TikTokers in reaching their financial goals.
Elise Darma, a content marketer who provides resources on how to grow your business on platforms such as Instagram and YouTube, is one such guru.
If you're a TikTok content creator looking to monetize your work, Darma currently runs a website and a YouTube channel with classes to help you get there. So far, she's identified six ways to make money on the platform.
Growing Accounts and Selling Them
Darma claims that people first make money on TikTok by growing accounts and then selling them. Essentially, you begin by selecting an exciting niche and creating entertaining content that will ideally go viral and attract a following.
Which will then ideally translate into customers for your product. Even if you don't have anything to sell, this practice will help you reach out to brands in your niche's industry, and if you can sell your TikTok profile to them, you'll be able to make some money.
TikTok Live is another option for selling your products. Simply put, you can launch and sell products and hold an auction while live streaming.
This practice is ideal for creators who want to build a following around a specific topic and build a community, with the possibility of selling that account to brands looking to reach your established following.
Another excellent way to monetize your channel is through donations. Like on Twitch, you can go live and collect donations from viewers. In terms of monetization, the typical format is as follows: Users on TikTok can go into your profile and buy something called coins.
When a creator goes live, their followers can send them coins in exchange for their hard work in creating the content. You usually get about a hundred coins for the low price of $1.39. A creator can then transform that coin into a diamond, which can be converted into cash via PayPal.
Manage Influencer Campaigns
Managing a campaign for an influencer can be just as lucrative as having your channel on Instagram. In this case, you act as a go-between for a TikTok creator and a brand that wants to collaborate with them.
You can charge a reasonable service fee to manage these campaigns just for being a coordinator. If you develop your resume to the point where you can manage multiple campaigns, all of those service fees will eventually add up to a reasonable income that you can put towards your wallet.
TikTok's Advertising Platform
Another way to make money on TikTok is through its advertising platform. You're running paid traffic to attract followers to your channel, which will hopefully lead to them purchasing products from your business, similar to Facebook and Instagram ads.
Remember that, like any other TikTok advertising campaign, this will require money to launch, so you may want to set aside a large enough budget to allow for flexibility when experimenting with this to see what works best for you.
Another way to make money on TikTok is to provide management services to the app's creators.
Though it may not appear so from the other side of the camera, some TikTok creators gain millions of followers quickly and are overwhelmed when they appear to become business owners overnight.
This is an excellent time to step in and offer your assistance with their content and creative strategies, as well as managing the offers and deals that come their way.
If you have any experience in management, marketing, or both, management service is a worthwhile venture to consider if you want to make money on TikTok.