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40 views3 pages

Cred Case Study

Uploaded by

6s2pkggkrr
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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MANISH KUMAR 15 September 2024

CRED
A BUSINESS CASE STUDY ON REDEFINING CREDIT CARD PAYMENTS IN INDIA

OVERVIEW
• Founder: Kunal Shah

• Year of Foundation: 2018

• Previous Startups:
1.FreeCharge : A mobile
payment app.
2. PaisaBack: A cash back
and Discount App.

• CRED’s Top Competitors:


CheQ, Walnut, WiZi, BillDesk
and SBICards.

• In 2018, Kunal Shah identi ed an opportunity in


Introduction: India’s evolving digital nance sector.
Seizing the
Opportunity in a • Launched CRED as a loyalty program for
Changing Market rewarding timely credit card bill payments, aiming
to reshape personal nance in digital India.

Early Struggles: • Despite securing $30 million in funding, CRED


Finding its Footing initially struggled to attract users.

• It’s USP of rewarding on-time credit card


payments took time to resonate with a market
familiar with traditional loyalty programs.

• The main challenge was to e ectively


communicating the brand’s di erence and value to
potential users.
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MANISH KUMAR 15 September 2024

The Strategic Pivot: • Realising the need for more substantial o erings,
Adding Value Beyond CRED expanded to include bill tracking and
Rewards automated payments.

• This pivot addressed a key pain point - managing


multiple bills and due dates- enhancing CRED’s
appeal.

Marketing • CRED’s high-pro le marketing campaigns


Mastermind: Building featured celebrities like Jim Sarah and cricket
a Unique Brand
legend Rahul Dravid.
Identity

• The IPL 2021 ad campaign with Rahul Dravid as


“Indira Nagar Ka Gunda” went viral, igniting
curiosity and becoming a nation wide talking
point.

• Alongside this, the CRED PowerPlay Campaign


during IPL 2021 encouraged users to pay their
credit card bills during the power play overs. Users
stood a chance to win assured 100% cash back on
their bill payments, with winners also getting
featured on the Virtual Fan Box during the match.

• These Marketing strategies, characterised by


humour, engagement, and unique promotions, set
CRED apart from conventional ntech
advertising and also from it’s competitors.
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MANISH KUMAR 15 September 2024

• CRED focussed on seamless app design, making


Exceptional UI/UX:
bill payments easy and almost enjoyable.
The Key to Retention
• Integrated features like tracking expenditures,
viewing reward points and spin to win cash backs
in a simple use-friendly manner.

• Prioritised meaningful interactions, converting


routine nancial transactions into a pleasant
experience.

• Pivoting to include comprehensive services, high-


Rapid Growth:
Achieving Unicorn pro le marketing, and a user-centric approach
Status facilitated CRED’s rapid growth.

• Achieved a valuation of over $1 billion, solidifying


its place in the ntech sector.

• The Unicorn status was a testament to CRED’s


successful strategy, adaptability, and innovative
mindset.

Key Lessons from • Adaptability: Pivoting services when the original


CRED’s Journey model struggled to gain traction was crucial to
CRED;s success.

• Customer-Centric Approach: Addressing


user’s pain points and crafting an exceptional
experience drove engagement and loyalty.

• Innovation: Continuous improvement and a


willingness to rede ne its value proposition
helped CRED carve a niche in the market.

Conclusion • CRED’s success showcases the importance of


adaptability, visionary leadership, and a customer-
centric approach in a dynamic market.

• It’s journey highlights how agility and innovation


can lead to remarkable achievements in the
competitive ntech landscape.
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