{"id":5938,"date":"2021-06-21T13:55:05","date_gmt":"2021-06-21T08:25:05","guid":{"rendered":"https:\/\/razorpay.com\/blog\/?p=5938"},"modified":"2025-04-03T15:39:39","modified_gmt":"2025-04-03T10:09:39","slug":"why-your-indian-sme-business-needs-affiliate-marketing-to-increase-revenue","status":"publish","type":"post","link":"https:\/\/razorpay.com\/blog\/why-your-indian-sme-business-needs-affiliate-marketing-to-increase-revenue\/","title":{"rendered":"Why Your Indian SME Business Needs Affiliate Marketing to Increase Its Revenue"},"content":{"rendered":"\r\n

If there\u2019s one thing to learn from living through a global pandemic, it\u2019s that a lot can change in a year. In 2021, which McKinsey called the year of transition, necessity will indeed be the mother of invention. As many SMEs shut down in the aftermath of the pandemic in 2020, businesses that will dig their feet into the sand and double down on innovations will survive the storm this year.

If you are an Indian SME, the traditional ways of doing business may not be relevant anymore in the new business environment<\/a>. Opening up to newer revenue streams like affiliate marketing will not just get you to the next level of business growth, but also future-proof you.<\/p>\r\n

Three Ways to Generate Newer Revenue Streams for Your SME<\/span><\/h2>\r\n

Let\u2019s face it: being a sustainable SME is not easy! You need quick and recurring sales to stay afloat. This means, not only do you need loyal customers, but also a regular flow of new customers.<\/span><\/p>\r\n

How can a business achieve this delicate balance? There are actually multiple ways to do this:<\/span><\/p>\r\n

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  1. \r\n

    Crowdfund for Ideas from Your Existing Customers<\/span><\/h3>\r\n<\/li>\r\n<\/ol>\r\n

    Are you really selling exactly what your loyal buyers need? This is a difficult question to answer by yourself. The only person who has the right answer to this is your customer.\u00a0<\/span><\/p>\r\n

    Your existing customers know your product, and their feedback will tell you what more would they and other buyers like them would want from your business in the near future. This could mean changes in your existing offerings or building a whole new product too. Listen to them, and work on quickly building the new ideas to increase the probability of success for your newly created revenue streams.<\/span><\/p>\r\n

    Pros: <\/b>By going to the horse\u2019s mouth, you are ensuring that the solutions will <\/span>at least <\/span><\/i>satisfy your existing customers, if not the new ones.<\/span><\/p>\r\n

    Cons: <\/b>By essentially putting your customers in the driver\u2019s seat, you lose control of the speed of the implementation.<\/span><\/p>\r\n

    2. Aggressively Approach Going Digital<\/span><\/h3>\r\n

    If your business isn\u2019t online yet, now is the time to begin. Taking your business to the web will almost immediately take the reach of your small business to a larger audience. (from local to national and from national to global). Why not? You already have all the required conditions for these transformational steps.\u00a0<\/span><\/p>\r\n

    Pros: <\/b>Selling to a larger audience will definitely generate more revenue.<\/span><\/p>\r\n

    Cons: <\/b>You might have to make a significant investment in the infrastructure overhaul for the long term.<\/span><\/p>\r\n

    3. Go for Affiliate Marketing<\/span><\/h3>\r\n

    Affiliate marketing is a performance-based revenue creation technique. In the simplest terms, affiliate marketing is a way to earn money through commissions by recommending products you are affiliated with to your audience. You can use your existing properties to advertise or promote affiliate products and earn a fixed commission only when your buyers complete a purchase. Essentially, you are sharing revenue with your affiliates.<\/span><\/p>\r\n

    Just make sure that the products and services your business will promote is relevant to your customers and will add value to your current offer.<\/span><\/p>\r\n

    Pros: <\/b>Affiliate marketing is low-cost, flexible and convenient.<\/span><\/p>\r\n

    Cons: <\/b>Although an avenue for steady income, there is no guarantee on <\/span>how much<\/span><\/i> it is.<\/span><\/p>\r\n

    Why Affiliate Marketing is the Safest Way to Start Building Alternative Revenue Streams\u00a0<\/span><\/h2>\r\n