Welcome back to the second part of our comprehensive guide on making money on TikTok in 2023. In our previous article, we discussed monetization and alternative revenue streams. Now, we’ll dive into more profitable strategies, including collaborations, sponsorships, and audience engagement. Get ready to take your TikTok earnings to the next level as we uncover valuable insights and actionable tips. Let’s explore the exciting world of making money on your TikTok in 2023 potential together!
3. Collaborate with an influencer
This strategy represents the opposite approach. If you are an established business aiming to expand your presence on TikTok and generate revenue, consider collaborating with an influencer whose content aligns with your brand.
According to Civic Science, 14% of individuals aged 18 to 24 and 11% of millennials made a purchase within the past six months based on a recommendation from a blogger or influencer. This indicates that influencers possess significant influence.
While we may not have precise data on the number of Swarovski earrings sold by Bella Poarch, it is safe to assume that the exposure to 9.4 million people was highly valuable for Swarovski.
Apart from utilizing TikTok’s official Creative Marketplace, you can also explore alternative methods. One option is to search for relevant hashtags that align with your business, such as #dentist, #faintinggoats, or #thrifting, and browse through the content associated with them. Alternatively, you can personally explore the app, liking the videos that appeal to you and disregarding or marking as “Not interested” the ones that don’t. TikTok’s algorithm is remarkably intelligent and will adapt to show you content tailored to your preferences.
When evaluating each creator’s page, it is essential to exercise caution. We are all familiar with the age-old narrative of influencers offering insincere apologies for non-racist behavior. Therefore, it is crucial to steer clear of problematic TikTokers. After all, it is now 2023, and we should be mindful of such concerns.
4. Sell products directly on TikTok
TikTok Shop presents brands with the chance to seamlessly incorporate e-commerce features directly within the app, effectively creating a digital storefront exclusive to your brand.
Additionally, brands have the option to collaborate with creators to promote and sell their products through their channels. You can effectively display and sell your products using various features such as TikTok videos, TikTok Live sessions, and the dedicated product showcase tab.
If you are a Seller, you are required to be situated in either the United Kingdom, mainland China, Hong Kong, or Indonesia. Additionally, you must be able to substantiate your location with a phone number from that particular region, present a certificate of incorporation for your business, and provide identification.
If you are a Creator, your account must maintain good standing, and you must fulfill the following criteria:
- Possess a minimum of 1,000 followers.
- Accumulate a minimum of 50 video views within the last 28 days.
- Be at least 18 years old.
- Have published a video on TikTok within the past 28 days.
5. Profit from affiliate programs
Creating your own merchandise is not a prerequisite for selling items on TikTok. Instead, you can utilize affiliate marketing links to earn a percentage from sales.
An example of this is #WaterTok influencer TayTayyMarie, who incorporates affiliate codes for water syrups in her captions. Furthermore, she includes a link in her bio that redirects users to an Amazon store containing her recommended products. Through these affiliate links, she can earn a commission on any purchases made.
Let’s say you are an avid user of #BookTok and enjoy sharing your favorite beach reads. It’s simple to establish an affiliate link that allows your followers to conveniently purchase all the books you recommend through Amazon. By including this affiliate link, your followers can easily click and shop, while you earn a percentage from the sales made through that particular link.
6. Produce promotional videos for your product or service
If you already have your own merchandise, showcasing it through TikToks is the most straightforward way to generate income. Create engaging TikToks that highlight your products or services, making sure to emphasize the unique details that set them apart. By effectively presenting your offerings, you can attract potential customers and increase the likelihood of making sales.
Be certain that your bio includes a link to your website.
7. Drive traffic with TikTok ads
Occasionally, investing money is necessary to achieve financial gains.
Whether your goal is to expand your TikTok following or redirect traffic from TikTok to your e-commerce site, relying solely on organic views may not always suffice. TikTok’s advertising platform continues to evolve and improve with each passing year, offering various options such as in-feed ads and branded hashtag challenges. These advertising features provide opportunities to reach a wider audience and enhance your marketing efforts, even though they involve a financial investment.
8. Provide premium paid content
TikTok is free for all, but beloved creators can entice followers to invest in VIP experiences.
TikTokers offer paid content, like on Patreon, giving a glimpse of what subscribers get. Even if a fraction pays for exclusive monthly videos or a supporters-only podcast, it adds up over time.
Consider paid features: live chats, exclusive Discord access, or a monthly video series for subscribers. TikTok can preview your paid course on Thinkific. Get creative and promote premium content using free content.
Experts at Big Little Feelings use TikTok to share parenting tips, directing viewers to their paid course.
Of course, that paid content had better be worth it, or you’ll lose subscribers as quickly as you gain them.
9. Offer advice to other brands and businesses
If you’ve mastered TikTok and consistently create captivating content that captivates and reaches the For You Page, consider using your expertise to assist other brands.
Talented TikTokers can showcase their own accounts as a portfolio, demonstrating their capabilities. Businesses are willing to pay generously to outsource social media content to someone youthful and trendy, who understands how to please the algorithm.
For instance, Lizza Prigozhina has transformed her TikTok skills into a business as the “queen of New York real-estate TikTok,” earning income by producing videos for realtors.
10. Receive gifts from your audience
Gifts serve as a means for viewers to express appreciation toward creators. Although the process may seem intricate, the end result is cash in your hands.
1. TikTok users buy “Coins” from TikTok, which they can use to purchase virtual Gifts.
2. While watching a Live stream or an impressive video, users can send these “gifts” to the creator. (Only creators who have enrolled in TikTok Creator Next access can receive gifts.)
3. These “gifts” are then converted into “diamonds,” and once a creator accumulates enough “diamonds,” they can exchange them for real money.
Two coins equate to one diamond, and each diamond holds a value of $0.05. Hence, a substantial and generous audience is crucial for gifts to become a significant financial opportunity.
11. Collect Tips
If you have joined TikTok Creator Next, you can enable the Tips function, assuming it is available in your location.
To utilize Tips, you need to set up a Stripe account. Once TikTok Tips is activated, your audience will see a Tips button. If they appreciate your content, they can tap the button to send a predetermined or custom tip amount.
12. Refer your friends
Here’s a strange yet inspiring fact: You can start making money on TikTok in 2023 without uploading any videos or having followers. Simply dive into the TikTok Rewards referral program.
Copy your unique referral link from your profile and share it with friends and contacts. When these friends join TikTok and start using it, you’ll receive reward points that can be redeemed later. Find out more about eligibility requirements here.
Additionally, TikTok users can earn TikTok Rewards by watching videos and participating in specific events listed on the Activities Page.
Last thought
The key to making money on TikTok in 2023 is the number of followers you have, not the number of videos. You need at least 10,000 followers to join the TikTok Creator Fund. Without an audience, it’s difficult to make money through the other methods listed above.
Therefore, prioritize creating high-quality videos that are engaging, entertaining, and informative to naturally increase your follower count and help you in making money in TikTok 2023.