CRED'S GENIUS BUSINESS STRATEGY BEHIND ITS SUCCESS
USE CASE
CRED is a fintech unicorn start-up founded by Kunal Shah, who was also the founder of FreeCharge. As of today, it is valued at 2.2 billion US Dollars. CRED makes it easy and convenient for anyone to pay their credit card bills on time.
BUSINESS MODEL
CRED is currently focused on targeting its niche by aggressive marketing tactics and reward offerings. It has partnered with various brands, to whom they charge commission in exchange for giving them a space on the CRED App.
REVENUE MODEL
CRED is focused on rewarding users for making their Credit Card bill payments. The application uses AI systems that track every single activity such as Credit Card Payment journey, due date reminders, spend patterns, and other card usage statistics.
EVENT MARKETING
CRED has partnered with IPL as an associate sponsor.
They organize social media contests, marketing campaigns and ads. Thus brand gain more exposure and create trust among public.
VIRAL MARKETING MOVES - SENDING CAKES
In 2019, CRED attempted a customer acquisition move. It sent a cake to the user’s workplace, making every colleague eventually ask “who sent you this cake?” and thus generating guaranteed app downloads.
AD CAMPAIGNS OF CRED
CRED uses ads to create trust and enthusiasm for their product, then uses it to sell you something they think you need.
One such ad that made the whole of India go crazy on seeing Rahul Dravid as the “Indira Nagar Ka Gunda”.
CRED COMMUNITY
CRED has a community of taxpayers, and it is rewarding them for paying the taxes and bills on time. It only welcomes people with a credit score higher than 750. This approach is quickly making being on CRED a social symbol and a lot of people want to join CRED.
CRED COMMUNITY
CRED works by curating blogs related to Credit cards, General finance and Fintech on its website. On YouTube, it releases finance-related content under its CRED – On The Money series.
KUNAL SHAH – THE PERSONAL BRAND
Kunal Shah is the founder of Freecharge and CRED. He is one of the brightest figures in the Indian Start-Up Ecosystem and has an active presence on social media. He uses these mediums to share thought-provoking tweets as well as indulging in conversation with other entrepreneurs.
CRED is an innovative fintech company that aims to bring about a change in the mindset of Indians with respect to credit cards and personal finance. Liked this story? Interested in reading more about marketing strategies of other brands?