Initially, influencers and businesses used Instagram and Facebook to make money on social media. Now, a new platform has come along and changed everything. Of course, this is TikTok. Whether you keep up to date with the news or have children who just won’t stop talking about the platform, TikTok is now everywhere. As a result, here’s a guide with everything you need to know about making money on the platform.
Opportunities on TikTok
Firstly, it’s important to address the most important question. Yes, you can make money on TikTok. However, you need to be aware that the competition is stiff, and you’ll need to be creative. You might read stories about people who make thousands per post, but these people generally have millions of followers and years of expearience in the field.
If you’re reading this as a business, the good news is that TikTok recently announced a shopping feature like other social media platforms. In other words, you can sell products on the platform. Customers can tap your products and purchase items without even leaving the app. Especially if you have a Shopify store, the integration is simple and a great way to generate extra sales.
As an individual, you can make money by partnering with businesses and either getting paid for sponsored posts or getting commission for sales you generate. If you’re to choose this strategy, you should partner only with companies for which you’re genuinely passionate. If you don’t like the products, this will show in the content (and you won’t want to create content for the brand).
Likewise, getting to the point where brands want to develop a relationship with you is an incredible feeling. However, this doesn’t mean that you can just abandon everything that you’ve done so far. If you’re constantly selling, people will soon get annoyed because that’s not why they followed your page. Bear in mind that you’ll need to continue posting non-sponsored content to keep your audience engaged.
As a business, you’re on the other side of this relationship. In the same way, choose an influencer that loves your brand. When influencers love a brand, the content is more genuine, and they will go further to help.
To get started, research influencers in your niche. For example, a brand selling gardening products should partner with a gardening influencer. With the market how it is these days, there are influencers in all sorts of niches from crocheting to running. With some digging, you’ll find somebody with an audience that matches your own. If your products are good enough, they’ll also love partnering with you.
If you’re an individual, it’s also important to know that TikTok has a creator fund for those creating great content. So long as you meet the requirements, you could get a slice of the $200 million set aside for those who are creative and inspirational. To qualify for funding from TikTok directly, you’ll need to have at least 10,000 followers and 100,000 video views over the last month.
Tips for Earning Money on TikTok
- Find the balance between advertising/promoting and adding value to the audience
- Work with an advanced digital marketing agency like King Kong for expert help
- Always be transparent as an influencer working with brands or a brand working with influencers
- Keep an eye on the competition (NEVER copy!)
- Add value to your audience and make them want to return
- Consistently upload even at the beginning when everything seems slow
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