Strategies for Earning Money on TikTok in 2023
Strategies for Earning Money on TikTok in 2023. TikTok possesses the ability to make you reflect: How did the preceding hour elapse unnoticed as you become absorbed in an unending flow of bite-sized videos showcasing choreographed dance challenges, mind-bending illusions, makeup tutorials, endearing giggling infants, amusing pranks, and a multitude of other captivating content?
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Moreover, have you ever pondered over the methods employed by TikTokers to generate income from their presence on the platform? Does the prospect of shifting from a passive observer to an active content creator intrigue you? Allow me to shed light on the essential information you need to be aware of:
How to get paid on TikTok
- Promote your business and captivate fresh clientele
- Secure sponsorships
- Utilize TikTok’s ‘Creator Fund’ to leverage its benefits
1. Promote your business and captivate fresh clientele
Imagine having hobbies that not only bring you joy but also generate income. Whether it’s selling products online, offering consulting services, or monetizing your YouTube channel, these activities can provide you with a financial boost. By leveraging TikTok, you can expand your reach and attract a larger audience of potential buyers, clients, or viewers.
Keira Jones (@thekeirajones), a TikToker based in Phoenix and an experienced brand manager and advisor, attests to the power of TikTok as a traffic-driving tool. She believes it can effectively direct people to other platforms like your website, email list, or YouTube channel.
Connie Rietdyk (@conniegooglequeen), a TikToker from Orlando, relies heavily on TikTok as her primary source of income. In the past, she worked as a website design and search engine optimization consultant on the side, but the earnings were mediocre, barely covering an extra bill.
However, when Rietdyk found herself without a job after her contract at a call center ended in May 2021 and faced delays in receiving unemployment benefits, she decided to tap into TikTok’s potential. Initially, she had only used the platform for personal content consumption and posting.
Rietdyk began sharing valuable small-business tips related to website design and SEO on TikTok. Starting with around 200 followers in May 2021, her following has now grown to over 21,000, with some of her followers becoming paying clients.
By September 2021, Rietdyk estimated that 80% of her income was generated through TikTok referrals. Since May, she has earned nearly $11,000, with an impressive $4,600 earned in July alone. This income has proven sufficient to cover all her bills and even save some money. If you’re curious about the earning potential of TikTok, these figures should give you a rough idea.
2. Secure sponsorships
Did you know that a recent study in 2022 conducted by TikTok Marketing Science Global Shopping Ad Products revealed that 61% of TikTok users actively participate in e-commerce activities on the platform? Additionally, the study found that 48% of TikTok users express their interest in shopping on or through TikTok within the next three months. These statistics demonstrate the existence of a receptive consumer base on TikTok, leading brands to seek out content creators who can connect them with potential customers.
If you frequently create TikTok posts centered around a specific topic, like dog care for instance, you may attract the attention of dog food brands and leash manufacturers who want to tap into your audience of dog lovers. These companies might reach out to you, seeking your assistance.
The collaboration process can take different forms. One possibility is that the company sends you a complimentary product, such as a dog toy, and asks you to mention it in one of your TikTok videos. Alternatively, you might agree to promote the toy, but only if the company compensates you as well.
Another approach could involve establishing a formal contract with the company, outlining a specific number of posts about the toy in exchange for an agreed-upon payment. In some cases, you might even take the initiative and reach out to companies yourself, proposing a similar arrangement, especially if you already use and endorse their products.
These sponsorships serve as the primary source of income for individuals like Jones, who monetize their personal TikTok accounts by sharing marketing tips. Jones explains that brands offering marketing tools approach her either because she naturally discusses their products or because they recognize her audience’s interest.
Jones started attracting brand collaborations when she reached around 15,000 followers. In the world of sponsorships, the number of followers you have can be just as important as having a specific niche, such as dog care or online marketing. (We’ll explore finding your niche in more detail later on.)
As Jones highlights, the more specialized your content is, the greater the likelihood of brands reaching out to you. On the other hand, general lifestyle influencers are less likely to secure sponsorships since their audiences often have broad and vague interests, making them less appealing to potential sponsors.
It’s important to mention that any branded content must be clearly disclosed, usually by including specific hashtags in the description, such as #ad or #sponsored.
3. Utilize TikTok’s ‘Creator Fund’ to leverage its benefits
According to Jones, the Creator Fund on TikTok can be described as a financial pool that is distributed among participants. To qualify for this fund, you need to meet certain criteria such as having a minimum of 10,000 followers, receiving at least 100,000 video views in the last 30 days, and being 18 years or older.
The exact amount of money you can earn from the Creator Fund is uncertain. TikTok’s Creator Fund page states that several factors, including video views, engagement, and adherence to guidelines and terms of service, contribute to the calculation of funds for videos within the program.
However, unless you consistently produce successful content and put in significant effort, Jones suggests that the Creator Fund is unlikely to become your main source of income. Personally, she earns only a few dollars or cents per day through the Creator Fund, which she considers coffee money. Nevertheless, despite the modest earnings, she finds it enjoyable to see her efforts being rewarded in some way.
Elevating Your TikTok Earnings: Effective Strategies to Maximize Income
If you think you can capitalize on TikTok’s growing popularity, now is the ideal time to give it a try. As Jones claims, “TikTok is the future.” In a few years, numerous people will lament not having started sooner.
However, if your goal is to earn money on TikTok, it is essential to take into account the following suggestions.
Find your niche
To make earning money on TikTok easier, it’s crucial to focus on a specific niche rather than posting a wide variety of content. According to Jones, determining the niche you want to grow in is essential.
If your goal is to use TikTok to support another gig, let the industry associated with that gig be your guide. Alternatively, if you’re aiming for sponsorships, consider the audience you want to attract.
Conduct thorough research on your chosen niche and actively engage with its community. Follow Rietdyk’s advice and search for relevant videos and accounts on TikTok related to the subject. Be sure to “like” and comment on the content you find.
By engaging with such content, you train TikTok to present you with similar content that aligns with your interests. As a result, when you start posting your own content, TikTok is more likely to showcase it to a relevant audience.
For example, let’s say you specialize in creating jewelry and intend to use TikTok to direct viewers to your Etsy page. You may also have plans to feature sponsored content in the future.
Search for and follow TikTokers who share an interest in jewelry and actively engage with their posts. TikTok will prioritize showing you more content from similar TikTokers. Consequently, when you start posting your content, it will likely be seen by the precise audience you desire — people who appreciate jewelry.
Rietdyk emphasizes the importance of engaging with others, building a community, and sharing relevant content before attempting to sell your products. Therefore, consider posting how-to videos or providing advice initially.
She highlights the significance of not promoting your offerings to a cold audience. Instead, focus on providing substantial value for free before even considering asking for anyone’s money.
Keeping in line with the previously mentioned ideas, it is important to stay true to yourself. Rietdyk highlights the significance of authenticity and warns against any hint of insincerity. He believes that TikTokers possess a remarkable ability to recognize whether someone’s actions are driven solely by a desire for validation.
When it comes to sponsored content, Jones advises endorsing only the products that you genuinely use and have a true affection for. She shares her practice of declining partnerships with products that do not meet these criteria.
Additionally, Jones points out that excessive promotion of multiple products can lead to audience annoyance and create a perception of exploitation. It is crucial to find a balance and avoid making your followers feel used.
Jones cautions against solely focusing on the pursuit of financial gain when embarking on a TikTok journey, stressing that such a narrow objective is unlikely to yield success. Instead, she underscores the significance of prioritizing the satisfaction of your audience, just as you would on any other social media platform. According to Jones, when you genuinely cater to the needs and desires of your audience, they will naturally gravitate toward you and be more inclined to follow your content.
Rietdyk further highlights the importance of cultivating a positive atmosphere on TikTok. She suggests establishing realistic and achievable goals, such as a specific sales target or income milestone. Additionally, Rietdyk recommends acknowledging and celebrating every accomplishment along the way, no matter how small, as a means of nurturing motivation and a sense of fulfillment.
Exploring Different Approaches to Earn Money
If TikTok isn’t your preferred way to earn money, here are some alternative avenues worth exploring:
- If you’re open to other video platforms, why not try your luck on YouTube? Discover various methods to monetize your content and potentially earn an income.
- Gamers can delve into the possibilities of earning on Twitch, a platform specifically designed for gaming enthusiasts.
- If decluttering is your passion, you might consider selling items online or generating income through platforms like eBay.
- For those already inclined towards writing, the world of blogging offers an opportunity to explore. Learn how to monetize your content and potentially turn your passion into a source of income.
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