This business figured out how to do what the world’s fiercest bowlers and hardest rivalry couldn’t — get Rahul Dravid to lose his cool.
CRED, the credit bill paying platform that is known for its one of a kind promotions, has rolled out its much-anticipated IPL advertisement. It is reminding individuals to cover their bills on schedule in the most engaging manner, by making the coolest ever cricketer lose his cool. CRED’s honest YouTube description is a cherry on the top. It reads, “Hi, this is Rahul Dravid writing the description for this video. Sorry, I lost my temper there. I am meditating these days.”
CRED, established in 2018 is the offspring of sequential business person and investor Kunal Shah (established Freecharge in 2010 and later sold it to Snapdeal for an incredible $450 million in 2015). The platform positions itself as a member-exclusive one-stop platform to manage credit bills and receive rewards for bill payments.
The prizes and advantages offered are of different structures, for example, discount coupons, event passes, gift vouchers, experiences and updates from various accomplice brands.
Since the 2020 edition, CRED has partnered with IPL very interestingly. The platform went ahead as an official league sponsor with BCCI and signed on as the official broadcast associate sponsor to contact the more extensive crowd with on-ground activations and marking; yet in addition guaranteed they gained by the advertisement breaks on the broadcast with a well-planned humorous TV campaign.
This isn’t a campaign that’s plain fun for the sake of it. There are real product metrics to move. Time spent on the app is built-in as a part of CRED’s marketing loop. CRED made the best marketing strategies by running its campaign to its targeted users on television. It reached out to its premium class of audience i.e the first-generation wealthy, by leveraging the HD feed only for the IPL matches – helping the brand to target the audience who is more likely to use credit cards. This was a well-strategized customer acquisition move by filtering out a segment of a non-relatable audience group. “In India, the community of the top 1-2 percent of the population is quite fragmented and Kunal is trying to bring them together with some curated experiences and services,” explains Amrish Rau, PayU India’s former CEO and an angel investor in Cred.
“Cred has built a high-trust community. For instance, if Tesla wants to launch in India, instead of going to showrooms across the country, the platform offers a community that has the potential to become possible buyers.”
CRED has been a very robust advertiser after the sponsorship with IPL 2020, especially leveraging broadcast. The clutter breaking and non-traditional marketing campaign around the ad-films received rave reviews within the marketing and advertising fraternity and was a massive hit amongst consumers. Especially, the creative approach along with a single objective messaging – ‘Download Now’ and execution were highly appreciated. The campaign also managed to stir social chatter around the films featuring celebrities and the brand bantering.
The campaigns were sort of the ‘leave your brains at home’ logic that was famously used for Hindi cinema masala potboilers. Every David Dhawan-Govinda film’s review had a line to this effect. That, for a movie, where our takeaway is entertainment… where we are not supposed to think.
In the case of CRED, the takeaways would be different. At a rudimentary level, they could be,
1. Be curious about CRED
2. Search for CRED online to know more
3. Ask around about CRED, with your friends or family
4. Download CRED
As an immediate aftereffect of the association, more than 100 million client visits occurred on the CRED Application during the IPL 2020 season. The platform figured out how to contact an enormous crowd base and furthermore made an interest about the item. As another player, the affiliation would likewise assist the stage with producing interest from brands who’d be interested to collaborate. CRED knows its audience well and with Not Everybody Gets It, looks to expand its sensibilities.
The ongoing pandemic and the lockdown have accelerated up the move to the digital medium even as physical products utilization has begun to get back to the before normal, exponentially. Digital services on CRED spiked in May and have held their levels since, even as utilization of physical products and encounters have gotten back to Feb-March levels as of August. Individuals have been spending more than 15 billion coins on CRED even all throughout the lockdown, and it’s just going up. We anticipate that this trend should proceed and predict a balance with customers turning around to acquisition of physical products and experiences as time passes by while proceeding to exploring the digital medium also.