Cred – Business, Marketing Strategy Tips
Cred is a fintech unicorn startup founded by Kunal Shah. As of today, the headquarters of CRED is based out of Bengaluru, valued at 2.2 Billion US Dollars.
The motive behind finding this startup was to simply automate day to day transactions and help start the credit revolution, much like the US credit-dependent economy. As an organization, Cred, through its app, works on facilitating credit card transactions of its users and rewarding them with Cred Coins which in turn can be used within its app to redeem discounts and cashbacks.
In simple terms, Cred rewards its users for paying credit card bills and this is considered the best marketing strategies of CRED. But that’s not it, there are also several other marketing strategies of CRED.
Cred has partnered with the Indian Premier League (IPL) as an sponsor for upto back to back 3 seasons and most of the marketing activities done by Cred are also during the time IPL kicks off. They organize social media contests, marketing campaigns and advertisements. This helps the brand to gain more exposure and creates more trust among the general public.
Banking on Viral Marketing Moves
Viral marketing moments are doing brand related promotional activities by utilizing the latest trends and memes to gather instantaneous attention.
Sending Cakes – A Customer Acquisition Strategy using Existing Users
Imagine it’s your worst day going on and from nowhere you receive a cake as a reward for paying bills. Strange, isn’t it? Yes, that’s what Cred actually did. In 2019, Cred attempted this customer acquisition move where all it did was to send a cake to the user’s workplace, making every colleague eventually ask “who sent you this cake?” to which the user naturally replied, “Cred, it’s an app for paying bills” and thus generating guaranteed app downloads.
Cred Mega Jackpot Week Campaign
The concept behind this jackpot campaign was to offer its users a chance to participate in cred. As the name suggests, Mega Jackpot Week, Cred gave away seven different rewards such as Gold, Harley Davidson Fat Boys, brand-new iPhones for a decade, free flights for five years, a TATA Safari car, a complete home makeover and a Bitcoin. Isn’t it great!! And the best part is that by launching this jackpot campaign, cred increased its customer growth and the number of downloads were also increased.
Reference link- https://youtu.be/onhPG7CRgdE
Advertising Campaigns of Cred
Cred had released four different advertising commercials. As usual, Cred being Cred, the storylines revolved around portraying celebrities in their extremely abnormal behaviours. Very subtly done and hilarious and funny at the same time.