With its impressive global reach, TikTok has secured its place as one of the biggest social networks worldwide. This remarkable status translates to an enormous potential audience that is likely to spend significant time scrolling through their TikTok feeds.
As per a study, it has been estimated that the platform will have 834.3 million monthly users worldwide in 2023. This remarkable statistic solidifies TikTok as an incredibly lucrative platform for creators, offering an unparalleled opportunity to captivate a vast audience and effectively convert them into potential customers.
Today, we’ll see how content creators and social media influencers build a personal brand on TikTok and see some strategies that can help you make hefty money.
Top 7 Strategies for Earning Money on TikTok in 2023
So are you looking to leverage TikTok’s massive user base for building your audience and recommending them some possible viral products? Here are the top 8 strategies for earning money on TikTok in 2023.
1. TikTok Rewards
TikTok Rewards is basically TikTok’s referral program that lets users earn real-time rewards by simply inviting them to join the platform. For joining the program you just have to ask your friends to join with a unique referral code offered by TikTok.
It is one of the simplest ways to monetize your TikTok account and it can be done by just following these 3 simple steps:
- Copy your unique referral link from your TikTok profile.
- Ask your friend who has never used TikTok to join the platform using your referral link.
- Earn rewards the moment they join the platform and create their account.
The TikTok Rewards participants can also take part in various activities such as watching videos and participating in events for earning rewards. Once a user accumulates a certain number of points the users can redeem them and enjoy the benefits.
2. TikTok Coins
TikTok Coins is an in-app currency of the platform that can be acquired in exchange for real money. These coins serve as a means to show appreciation to content creators by offering tips during their live streams, often in the form of expressive emojis.
The value of these coins varies based on the prevailing exchange rate. As the system is dynamic, the number of coins you can obtain for a dollar today may differ from what it would be tomorrow. It's important to note that the coins purchased on TikTok are non-refundable, so careful consideration should be given before making a purchase.
3. Tiktok Creator Funds
On July 22, 2020, TikTok announced its all-new Creator Fund, pledging 200 million U.S. dollars to encourage the creators on the platform. However, not everyone is eligible to earn money with the TikTok Creator Fund. Here are some checkboxes to tick off to prove your eligibility:
- Be a resident of the US, UK, France, Germany, Spain, or Italy.
- Be at least 18 years of age.
- Have at least 10,000 followers.
- Have a minimum of 100,000 video views in the last 30 days.
- Have a TikTok account that abides by TikTok Community Guidelines and Terms of Service.
If you fit the bill make sure to apply for the program and take the next step to become a TikTok star.
4. Affiliate Marketing
Again like any other social media platform you can use TikTok for advertising or recommending to your audience and earn money in the form of affiliate commissions.
TikTok affiliate marketing harnesses the power of TikTok as a platform to endorse advertisers' products and services, generating commissions or fees in return. This strategy capitalizes on the substantial follower base of TikTok publishers or content creators, either by promoting specific products or services or by raising brand visibility and recognition.
How Does Affiliate Marketing on TikTok Work?
Affiliate marketing on TikTok operates similarly to its counterparts on other social platforms. TikTok serves as a preferred selling venue for affiliate marketers, where they engage in promotional activities.
An affiliate transaction typically involves three, sometimes four, parties:
- The Product Creator (or Merchant) - The entity responsible for offering the product for sale and opting to utilize the affiliate marketing model. This could be a product manufacturer or a retailer leveraging affiliate marketing to sell their inventory.
- The Affiliate Network (optional) - Instead of directly engaging with affiliate marketers, certain product creators opt to collaborate with an affiliate network that acts as an intermediary. The network curates a collection of products from multiple creators and manages day-to-day interactions with affiliate marketers.
- The Affiliate Marketer - An individual who establishes a direct partnership with a product creator or an affiliate network to promote their products to their online audience, such as readers, viewers, or contacts. In the realm of TikTok affiliate marketing, the affiliate marketer showcases the affiliate products within their TikTok videos.
- The Consumer - The individual who ultimately purchases the affiliate product. In the context of TikTok affiliate marketing, the consumer is typically a viewer of the affiliate marketer's videos.
Now here’s a catch. You can skip the first two steps and directly start promoting products to generate affiliate income. Want to know how?
You can sign up to Shopper.com for free and instantly become an affiliate partner of over 25,000 brands.
Shopper.com is a platform designed for creators that streamlines the entire affiliate marketing process. It offers various resources and application programming interfaces (APIs) to content creators, which enables them to conduct e-commerce on any platform.
5. TikTok Creator Marketplace
TikTok offers a highly innovative avenue for creators to monetize their content known as the Creator Marketplace.
The Creator Marketplace serves as a platform that efficiently connects suitable brands with influencers, streamlining the partnership process for both parties involved. TikTok simplifies the creation of valuable sponsored content, making it incredibly accessible.
For brands seeking to launch affiliate marketing campaigns, the marketplace provides a browsing feature, enabling them to swiftly explore content generated by creators who are actively open to collaborations with brands.
In essence, the creator marketplace operates as an influencer agency, allowing both influencers and brands to express their interest in working together. This alleviates the potential awkwardness that marketers may encounter when approaching influencers on other platforms for influencer marketing purposes.
6. Selling Merchandise
Selling your own merchandise is another innovative approach for earning money through TikTok in 2023.
Regardless of whether you're a dancer, singer, comedian, or any other type of creator, you can create and sell merchandise to your dedicated fan base.
With a wide array of print-on-demand companies available, the options for merchandise are vast. You can offer items such as t-shirts, tote bags, pillowcases, hats, coffee mugs, stickers, notebooks, or even a combination of products.
Selling print-on-demand products extends beyond generating revenue. Having branded merchandise establishes a deeper connection between your fans and your work, and when your followers wear your merchandise, they inadvertently spread the word about your business.
The captivating aspect of marketing on TikTok lies in the unpredictable nature of virality. All it takes is one fortunate moment to skyrocket to viral fame, and that's precisely what makes TikTok marketing so enticing. That’s the case with Charli D'Amelio.
Back in 2019, while still attending high school, Charli D'Amelio embarked on her TikTok journey, captivating audiences with her dance videos filmed in her high school bathroom and bedroom. Today, she stands as one of the most renowned and prosperous stars on the platform.
Charli D'Amelio's success story not only stems from her viral fame but also from her astute utilization of her TikTok followership to sell merchandise. Leveraging her massive fan base, she capitalized on the opportunity to offer her devoted fans an exclusive line of merchandise.
7. Collect Tips
If you don't have a specific project in mind opting for a tipping platform can provide a quick and convenient method for accepting donations.
Tipping platforms offer a more personal approach to finance, akin to a traditional tip jar. Fans have the option to contribute any amount they desire, at any time they prefer, with no obligation to do so.
If this alternative resonates with you, here are a few excellent tipping platforms worth exploring:
- Tipeee: Tipeee stands out with its simplicity, as it doesn't offer subscriptions. Creators can create a dedicated page where their fans can directly "tip" them any desired amount, whenever they choose.
- Buy Me a Coffee: Built specifically for creators rather than businesses, Buy Me a Coffee prides itself on its user-friendly design. Followers are directed to a page where they can "buy" as many virtual "coffees" for the creator as they wish. These "coffees" represent $1 payments that are securely transferred to the creator through PayPal or online banking.
- Ko-fi: Ko-fi provides various options such as tips, memberships, and the ability to offer personalized content commissions, such as custom tutorials or video chats, to users.
These tipping platforms offer creators the opportunity to receive financial support directly from their fans, fostering a closer connection and allowing them to continue producing the content their audience loves.
8. Setting Up a TikTok Shop
Shopping recommendations from TikTok are a growing trend among many users on the platform.
That’s why TikTok recently introduced its own shopping integration to TikTok which makes it accessible for any creator to set up a TikTok shop on their profile.
By knowing how to drive more visitors to your TikTok shop, you can sell almost anything.
This also significantly boosts your overall discoverability and branding. Creators with TikTok shopping enabled have much greater chances of landing partnerships with brands.
Enabling TikTok Shopping is also pretty much straightforward, and you only need to follow a few simple steps to do the same.
It should however be noted that you need access to a business account to set up a TikTok shop.
There are also third-party apps with TikTok shopping integration enabled that can be downloaded from Google Play Store and Apple App Store.
9. Publish Sponsored Products from Different Brands
Sponsored posts where you come to an agreement with a brand to promote their product or services are a great way to generate consistent revenue on your TikTok account.
However, the only downside to this method of TikTok monetization is that you need to have a considerable number of followers on TikTok to get the maximum revenue.
So what exactly are sponsored posts on TikTok?
Basically, brands will pay you to create content that features their products and services.
When you share this on your TikTok feed, your followers, and new viewers that come across your content will both get to know about the brand, and its products or services.
So how do you get brands to collaborate with you for sponsored posts?
Well, there are two ways to do this - You can either focus on building your audience and wait for them to reach out to you, or approach the brands and pitch in your willingness to do sponsored content.
Don’t worry about the number of followers you currently have.
You can always find all kinds of different brands. While some of the established brands might be looking for TikTok accounts with 100K followers and above, there could also be smaller brands that are more than happy to work with smaller creators.
Tips for Budding TikTok Creators
Capitalizing on the money-making potential of TikTok can be a highly rewarding endeavor for dedicated creators. However, achieving success in this realm is not without its challenges, particularly for newcomers. Therefore, we aim to provide valuable insights by highlighting the three crucial tips that should shape your TikTok marketing strategy.
So, without wasting any more time, let's dive right into these invaluable tips.
Tip 1: Focus on Growing Your TikTok Followers
Increasing the number of followers you have consistently and on a regular basis is key to improving your TikTok account's growth. The higher your number of followers becomes, the more chances you have of landing an amazing brand sponsorship.
Internationally-renowned brands always check the potential reach you can have with endorsements before proceeding further and when you have 10K or more followers, they can be assured that their product will appear on at least 5,000 people or more. You could get really high payouts by associating with leading brands.
Tip 2: Create Your Brand and Sell Your Merchandise
As a creator, it is important that you build yourself as a brand, sell your merchandise, and associate with other brands for collaborations. Establishing yourself as a brand early can also help a lot in getting collaborations. Creators can also associate with brands that create custom merchandise that can then be sold to some of your loyal fans through TikTok.
Tip 3: Focus on Content That People Love to Watch
This is really important, especially if you are just growing out on TikTok. Knowing what content works, and what does not is essential for growth in every social media platform. You have to know what works so that you can make similar content and see a rapid growth spurt on your account.
Regularly upload videos that people watch also boosts the potential of getting that one video that goes viral and brings in hundreds of followers and thousands of views. TikTok will also promote content to more viewers if it's consistently bringing in more views, engagement, and overall traffic.
Tip 4: You Don't Always Have to Create Content to Make Money
In addition to creating fresh content regularly, you can also consider checking out some of the behind-the-scenes aspects of TikTok (especially if you are good at communication, administration, and management). There are always established influencers on the lookout for someone's assistance to manage their tons of followers. If you have the skills to optimize their content in a way that reaches the maximum number of people and brings in the most views, you can consider offering TikTok Management services.
While it benefits the influencer you are assisting the most, it does come with a lot of perks for you as well. As you will act as an intermediator between the influencer and the brands they collaborate with, you can gain more contacts in the industry, and gain insight into how influencers approach brands for possible collaborations. You can also sharpen your content strategy and brand-boosting skills, and earn money while learning new things as well.
By now, you would have realized that there are plenty of ways to earn money from TikTok, even without a dedicated monetization policy like what YouTube and Twitch have. With YouTube and Instagram rolling out features like Instagram Reels and YouTube Shorts, TikTok is also coming out with innovative changes that help creators earn from their content.
The time is just about right to start focusing on TikTok monetization opportunities and by the time when a full-fledged monetization policy comes into effect, you will be well-equipped to make money from TikTok. Follow the simple steps on how to make money from TikTok and you are guaranteed to walk away with the maximum savings.