Business has only two functions-Marketing, and Innovation.
While we know how important marketing is for any brand, CRED has proved that through its practices. CRED's marketing strategies not only grabbed users' attention but also helped the firm rise from the ashes.
But let's first get to know what CRED does.
Founded by Kunal Shah in 2018, CRED is India's first platform that rewards its customers for paying bills. It is an Indian Fintech Start-up Company that goes by the tagline. 'Pay your credit card bills and receive rewards.'
CRED monetizes by selling spaces to brands on its mobile application and uses its massive user database to generate revenue.
CRED's marketing strategies were a game changer. The brand's solid yet consistent comeback took the company's status from a loss maker to a unicorn startup. From TV to Twitter, there was a massive buzz about CRED among people. Let's check out what steps CRED followed to reach the current stage.
With his consistent efforts on social media platforms such as Twitter and LinkedIn, Kunal Shah has successfully established his image as an inspirational personality. With this, he has gained the public's trust, which helped his fintech startup earn consumer confidence. Curating content around finance topics, sharing views about the startup community and interacting with other Twitter influencers have allowed him to set up a personal brand.
The brand's active presence on various social media platforms has significantly impacted its success. With a hold on Twitter marketing, CRED has increased its reach among consumers. Some marketing tactics include: Engaging with other brands' tweets after the viral 'Indiranagar ka Gunda' Ad, using celebrities to share and retweet their ads adds to the reach and many more.
CRED has a purpose behind every move. Each of the marketing strategies helped CRED earn an advantage in the market. Let's talk about a few examples.
Cake from CRED
In 2019, some of the existing customers of CRED received cakes in their offices. Creating a hum, the co-workers asked the customer who had sent this cake. Well, the answer was always CRED. The motive behind his campaign was to regain the existing customer base. This campaign helped CRED revive not only old customers but also acquire new customers.
These campaigns focused on creating an emotional appeal among the customers. One such campaign was to partner with GiveIndia and Bhumi to plant 500000 trees with the help of CRED users. Here, the customers had to install the app and choose the number of trees they wanted to grow.
CRED has left no stone unturned while exploring innovative marketing techniques, which has worked in their favour. The company exploited all the means of marketing, such as social media, personal branding, advertisements, and so on. From TV advertisements to content marketing, CRED went all good in its efforts to become the talk of the town. Let's talk about a few viral CRED Ad Campaigns.
'Indiranagar ka Gunda' Ad
CRED launched The particular Ad during The Great for Good campaign. The ad showcased Rahul Dravid getting stuck in traffic and shouting in public, 'Indiranagar ka Gunda hu main'. The implication was that getting rewards after paying credit card bills through CRED was absurd, just like saying Rahul Dravid has anger issues. The ad was top trending on Twitter.
From starring Madhuri Dixit to Anil Kapoor, CRED is famous for endorsing Famous 90's Celebrities in its advertisements. The reason is that CRED's target audience is Gen Y. This move shows innovative solutions to reach its niche.
Here, we come to the end of our case study on CRED's successful marketing strategies. We hope you noted various takeaways from the guide.
If you are a marketing enthusiast, we understand how intriguing it is to be a part of the team behind the brand's creative marketing.
An MBA in Digital Marketing can be a path to gain skills to ideate such viral campaigns and be a part of a company's innovative team. Ranked 2nd Best College in Kolkata, BIBS offers MBA in Digital Marketing with DMI Pro Certification. The program's curriculum is designed in collaboration with Global Industry Advisory Council (GIAC). The students can also explore global opportunities by going for an International Internship.
Be a Marketing Gunda with BIBS DMI Pro Certification!