Happy Monday!

In this week's Growth Element newsletter, we have an exciting growth story to share about - Cred, an Indian fintech startup that achieved remarkable success in a short period.

Cred, founded in 2018, disrupted the credit card payment industry with its innovative approach to rewarding responsible credit behaviour.

Growth Framework used by CRED

• Acquisition - Acquiring “niche” users on a scale

• Activation - Offer seamless product navigation and a one-click payment experience

• Retention - Rewards program "Cred Coins" used to build the platform's stickiness and bring users back.

• Referral - Exclusive community to increase customer loyalty and create a buzz around. It worked as a catalyst for Acquisition.

• Trust Signals - Lastly, collaborations with high-end influencers, celebs and partnerships with big-known brands.

Let's take a closer look at how Cred achieved such impressive growth:

Targeted Customer Acquisition

Cred focused on acquiring niche users, specifically highly creditworthy individuals. Creating an exclusive membership program attracted users who were more likely to pay credit card bills on time. This approach reduced default risks and improved partnerships with banks.

User-Centric Experience

Cred prioritized creating a user-friendly platform. Their sleek mobile app, intuitive interface, and seamless payment experience made credit card bill payments simple and convenient.

They also provided personalized recommendations to enhance customer satisfaction and engagement.

Innovative Rewards Program

Cred introduced a unique rewards program incentivized users to make timely credit card payments. Users earned "Cred Coins" that could be redeemed for exclusive rewards such as discounts, cashback, and premium services.

This gamification strategy encouraged users to stay creditworthy and actively use the platform.

Community Building

Cred fostered a sense of community by creating an exclusive platform for creditworthy individuals. Users could interact with peers, discuss credit-related topics, seek advice, and engage in meaningful conversations.

This community-driven approach increased user loyalty and generated positive word-of-mouth.

Branding and Partnerships

Cred invested in building a strong brand image through targeted marketing campaigns. They collaborated with high-profile celebrities and influencers, enhancing their credibility and attracting a diverse user base.

Additionally, partnerships with renowned brands allowed users to access exclusive offers and experiences.

Conclusion

In less than four years, Cred's strategies paid off, resulting in them controlling 22% of all credit card payments in India every month.

Cred's success story inspires, demonstrating the power of targeted customer acquisition, a user-centric experience, an innovative rewards program, community building, and strategic branding.

Have a fantastic week!

Thanks,
Chintan Maisuria

P.S. Come say hi on Twitter and Linkedin 👋🏼