Entrepreneur · 1 August 2022

The Ultimate Guide for Your Business to Make Money on TikTok

how to make money on tiktok

There is no doubt that Tiktok has forever changed the way people consume digital content. In turn, businesses are scrambling to fully utilise the potential of the platform to reach their target audience. While some use TikTok to gain visibility and new customers, others have even turned TikToking into their full-time business. There is huge potential to make some serious revenues if you have the right know-how.

In this article, we will take a detailed look at different opportunities to give you some ideas on how to make money on TikTok. 

Create a Tiktok Pro Account

Creating a Pro TikTok account is not only essential for making money, but it’s also absolutely free. There are two types of pro accounts, business and creator. Choose the one that fits your needs but be aware that you can change the type of account later should you wish. 

Having a pro account gives you access to the analytics of your TikTok account which is vital to see if you are doing is working. Using the data available, you will have a better understanding of who your audience actually is, what content they are engaging with and also what time of the day are they most frequently using the app. 

Set up your Pro account and on your profile page, tap the three dots icon on the right, and select “Manage Account.” Then select “Switch to Business Account” and choose Business or Creator. It’s as simple as that. 

Understand How to Create Captivating Content

It’s estimated that Tiktok users spent between 44-52 daily minutes per user on the app in 2021, more than any other social media platform so you have a potential audience that is truly dedicated to the app. On the other hand, there are more than 1 million unique videos viewed each day, so it can be a challenge to stand out amongst the crowd. 

Knowing how to create captivating content is the most important thing you can do to reach your target audience. For example, perhaps you are a small bakery and want to use TikTok to promote your business. Why not, it’s free! Get comfortable and creative with filming, using filters and editing your cupcake TikToks. Editing is incredibly important in creating interesting content. 

You may think your content is interesting enough on its own, and maybe it is, but you have an enormous amount of competition on TikTok so you will have to go the extra mile and enhance your videos. 

Utilise Hashtags Correctly

Now that you have created and edited your video to stand out, it’s time to select your hashtags. Yet again, this is incredibly important on TikTok. Hashtags are a massive part of TikTok’s successful growth and a major influence on their ever-more-powerful algorithm. 

Essentially, the TikTok algorithm uses your hashtags to identify what your content is about and also what users might be interested in it. There are two different strategies you can use. First, target a very specific, niche audience that is related to your business or content. The second option is using trending hashtags to reach a broader audience. 

There are varying opinions on which is best but of course, there is no reason you cannot try both and see which one gets your business or content the most traction. You can see which hashtags are trending by selecting the discover tab and then tapping trends at the top of your screen. 

use music to make money

Select the Right Music and Sounds for Your Content 

Most users don’t realise that TikTok was initially created to be a lip-syncing music app. It’s obviously evolved into much more than that since 2017, but the music still plays a huge part in finding success on Tiktok.

Here is some illuminating data directly from the TikTok website. When brands feature songs that TikTokers like in their videos:

  • 68% of users say they remember the brand better.
  • 58% say they feel a stronger connection to the brand.
  • 58% of users also say they’re more likely to talk about the brand or share the ad.
  • 62% say they’re curious to learn more about the brand.
To find out which songs and sounds are trending, tap the + icon, then tap Sounds on the Record Video page. Here you will find a list of the top trending sounds. If you want to narrow down to the sounds that are trending with your particular audience, utilize your TikTok Analytics. (more on this later)

Post Your Content Regularly and at the Correct Time

This one is simple but also very important. Because you already set up your Pro account, open up your analytics and take a look at what times of day your audience is most active. Use this information to decide when you should post and make sure you post regularly as active engagement is a major signal to the TikTok algorithm.

To maximise the value and reach of your content, it is imperative to frequently create and post fresh content. If possible, post 1-4 times a day during the peak hours of your audience’s active hours. If you find that you have certain content that is more successful, you can always pay to boost that post to reach a broader audience. 

Interact With Your Audience

It may seem obvious, but interacting with your followers, responding to their comments and also leaving comments on their TikTok is also very important. This will not only add a personal touch to your brand or business, but is also crucial for the TikTok algorithm to take notice.

TikTok has added some unique features that make it easier and more fun than ever to interact with other TikTokers. A recent addition called Stich allows you to clip and incorporate snippets from other TikTokers’ videos into your own.  They have also introduced Duets, a tool that allows you to post your video side-by-side with a video from another TikToker. Basically, it’s a split-screen with two videos playing at the same time.

Most importantly, be authentic with your audience. According to research by Flamingo, 56% of users and 67% of creators feel closer to brands they see on TikTok – particularly when they publish human, unpolished content. User opinions of a brand or business also increase when they participate in TikTok trends and hashtag challenges. If you to participate in TikTok trends or hashtag challenges, be sure they are in alignment with your brand values and message. 

Pay for Ads on TikTok

If you are a business owner, buying ads on TikTok can be a lucrative path to explore. As usual, TikTok makes it super simple to set up. Let’s go over the basics here but you can visit the TikTok Help Centre for a more in-depth dive. 

First, you must select the campaign advertising objective and ad group. Once you’ve done this, you will be directed to an Ad creation page. First, you need to select an Ad name for your own reference. It will not appear in your ad. Second, select the ad format. TikTok only supports video ads so just select a video. Third, upload your media. If you need help creating your ad, TikTok has templates and Smart Video to assist you. 

After you have uploaded your media, you will need to select a thumbnail. You can select up to 8 keyframes. After that, it will time to enter the text that will appear on your ad such as your display name, any text you want to appear in your ad, your profile/brand image, and most importantly your Call to Action (CTA). CTA’s tell your audience what you want them to do and gives them a click-through button to do so. Some examples are: “Shop Now”, “Get Quote”, “Subscribe”, and “Visit Store.” As suggested earlier, if you choose to purchase ads on TikTok, it’s highly recommended you visit the TikTok Help Centre.

make money using TikTok

Partner with an Influencer

This is a marketing strategy as old as marketing itself. Find someone famous with influence and pay them to promote your business or brand. Most recently, the term has been coined “Influencer Marketing” and it is a booming business. 

There are 4 types of influencers, based on the number of followers they have. Nano-influencers (10,000 followers or less), Micro-influencers (10,000-100,000 followers), Macro-influencers (100,000-1 million), and Mega-influencers (more than 1 million). 

Obviously, the cost of partnering with influencers varies drastically depending on the size of their following. Smaller influencers might simply accept free products from you that they will then promote on their TikTok, while Mega-influencers can charge thousands of pounds per post. If you are considering partnering with an influencer, do your research and find one that best fits your brand and then negotiate the terms of the campaign with them. 

Become an Influencer


 
TAGS:

ABOUT THE EXPERT

Business Law & Compliance