The hugely popular social and video-making platform TikTok in a few years of its launch has grown to become a real money-spinner. And when I say ‘real money‘, I’m sure talking about making some cool money going up to good seven figures. Yeah, you read me right. Only last year, Addison Rae Easterling, and a few other TikTok celebrities earned as much as $5 million and more on the TikTok platform.
Since the invention of the internet, Social media has become a revenue source for many. A social influencer on Instagram, Twitter, or Facebook could earn a good income by promoting brands or products to the ever-hungry consumers. TikTok however is the fastest growing of these business-friendly social apps with its unique features like the TikTok money calculators that give an estimate of how much money any public TikTok account makes.
So, if you have lost your source of income as a result of the recent global health crisis, or you’re simply searching for new sources of revenue and earning opportunities, TikTok might just be the way to go.
But how can one make money on the TikTok platform?
Firstly: Create your brand
Anyone who ever took a marketing class knows the basics, and it’s the same for any business you start. Who are you, and who will love your product (target market)? For TikTok, this means you should have an idea of the type of videos you’ll post, and be consistent. Will your videos be entertaining and funny? Or are you looking for a romantic, ethereal vibe? How do you want people (and companies looking for influencers) to see you?
Secondly: Post enticing content
Post content that people want to watch. Like all social media platforms, you’re only as good as your content. Being a social influencer, whether it’s on Instagram, Twitter or TikTok requires a lot of work. Your content must be fresh, interesting, unique, and updated. This means multiple new videos, every day.
Thirdly: Grow your audience
This is probably the most important step, and it comes from doing Step 1 and Step 2 really well. Remember Easterling? She has over 54 million followers on TikTok. Estimates range from 10,000 to as many as a million followers are needed before you can really be able to monetize your account. The best way to get followers is to understand what your target market wants to see and upload quality content to them multiple times a day.
Now that you have a large following on TikTok, you can begin the business of making money proper. Here are some five ways to earn that desired income.
You’ve probably heard the term ‘social influencers’ before, and influencer marketing similar on all social platforms. Companies hire influencers to use their videos to promote their products/services/brand, in hopes of generating sales. One of the biggest influencer campaigns on TikTok has been Mucinex, which worked with several influencers to promote its product in the time between Halloween and the flu season. In the various videos, influencers wake up looking like goofy zombies. Then, they grab Mucinex. After that, the videos cut to the influencers looking fabulous and dressed for the club. The idea is that Mucinex can help you recover in time for a weekend party, even if you feel like death.
Loren Gray, who earned $2.6 million last year with over 45 million followers, landed a major Revlon deal, where she creates content for the company’s TikTok account and Revlon-sponsored posts for hers.
Once you become a wildly popular TikTok star, you can create your own line of makeup products, like Item Beauty, by Easterling.
Use your stardom to launch your Music / Artist / Actress Career: Baby Ariel, with 34 million TikTok followers, was the first individual to surpass the 20-million-followers mark on Musical.ly (now TikTok), and her fame has only grown from there. Ariels’ fame has led to multiple gigs on Disney Channel and Nickelodeon TV shows.
Tiktok ads platform
Just like Facebook and Instagram ads, you can Google right now, “TikTok ads” and sign up for access to their ads platform.
It is pretty self-explanatory if you’ve ever run paid traffic before, so if your market’s on TikTok, it might be worth you creating a few ads, putting some budget toward experimenting there and seeing what happens.
Maybe you can sell more of your products through TikTok!
Some creators on TikTok have millions of followers and sometimes this happens really fast and overnight for that creator. It’s like having a business land in their lap.
You could step in and offer services to help them with their content strategy, their creative strategy, maybe managing offers and deals that come their way.
So if you have that background in production or storytelling, you could definitely apply that to offering management services to TikTok creators.
If you are an expert on all things TikTok, many are in need of your guidance. With this still being a relatively new social platform, people will pay money to hire you as a consultant to help them create their strategy, build their brand, and boost their followers.
While many are making money and enjoying fame through TikTok – its fast-growing popularity is being challenged by accusations of censorship, privacy, and safety concerns.
Regardless, originality and creativity are the two key ways to make some good money using TikTok. Want to make six to seven figures on TikTok? Keep an open mind, and of course, think and work smarter.