IPL is a brand in itself, and it has helped numerous brands to built reputation. Due to this reason, every brand wants to be an official partner of this enormous league. Different brands are ready to pay a vast amount to associate themselves with IPL, and recently CRED has done the same. BCCI (1) recently announced CRED (2) as their official partner for IPL for the upcoming three years. According to the sources, CRED has paid a whopping 120 crores to BCCI for this deal (40 crores a Year). Still, people wonder why an already successful company is making such efforts to enhance their market value, and the answer is the same ‘Just because of the market value and popularity of IPL.’ IPL has helped many brands in the past, and it is still doing the same for many brands
What is CRED all about
Cred is an application that helps people to pay their credit card bills. This application offers numerous coupons (CRED COINS) to the user, and users can get a discount with the help of coupons while paying their bills. CRED aims to help people with good credit scores because they are generally considered a dedicated audience. Moreover, there are many other benefits that CRED application offers to its users. People can easily track their expenses and manage their transactions with the help of CRED.
Boost in Brand value
IPL (3) is a mega contest, and it has a huge fan base across the world. Players from different parts of the world come together and play for their respective teams. Due to this reason, IPL is broadcasted and watched in every aspect of the world. Being an official sponsor helps you attract a huge customer base because people know more about your product through advertisements. CRED has witnessed the same boost in its brand value, and now more people know about the application and features of the application.
A One-time Investment
Although 120 crore is a massive amount for being a sponsor, this will undoubtedly be a one-time investment because the return on investment is quite considerable. CRED has already witnessed a drastic change in the downloads from the past time, and IPL is still halfway around. CRED Powerplay is one of the most used words during the commentary in IPL, and it is quite evident that if you keep hearing a comment, you somehow feel attracted to it. In addition to this, offers available on the application helps to attract customers too. More proposals mean the company indeed gains more customers and more benefits.
Associating yourself with such a massive league helps you to earn lifetime goodwill. People will automatically start trusting you after such action. Apart from this, reliability is a serious concern for any application, and IPL will surely help CRED gain reliability in a short period. This goodwill will help CRED to make sudden required changes and offer more deals. These deals can be essential for both customers and the company as the company will get a profit, and users will get a discount. Moreover, rather than CRED, there are many other brands associated with IPL, and this will also help CRED gain reliability among other brands.
Comments by official authorities
Kunal Shah, Founder, and CEO of CRED, recently stated that
“IPL 2020 is kicking off the festive season this year, and at CRED, we surely wanted to make the extra party special for cricket lovers tuning in. As much as cricket is about discipline, it’s also a rewarding experience for players and the audience. By making credit card bill payments delightful, we incentivize every credit cardholder to watch the matches to make digital payments and improve their credit scores. so the celebration goes on the CRED app for our customers.”
Brijesh Patel, Chairman, IPL, said that
“We are delighted to have CRED as the ‘Official Partner’ of the IPL 2020 to 2022. IPL is a top sporting event in India and the world, and we are delighted to have a brand as unique and innovative as a CRED partner. we are sure that more people across the country will notice them as we embark on this exciting journey.”
Security and reliability
Indian Premier League offers security to the investor, and this security helps investors invest more money in IPL. More security automatically means more reliability and fewer trust issues. For a new investor, it is essential to have security and reliability. Hence, IPL is never short of investors because of trust. Every year different companies bid for being the official partner of IPL, and the one with the highest bid won the partnership of the IPL. Although, the Indian Premier League can terminate the contract according to the terms and conditions stated before.
To conclude, CRED has taken a great decision to invest in IPL, and the return on investment is expected to be more than the actual investment. Discounts and coupons can be an additional pillar for CRED to attract a strong customer base and increase profits. CRED application is easy to access, and it also offers you numerous benefits under one application, so it is easy to operate. Everyone can efficiently use CRED and make necessary changes according to their needs. As discussed, there are more Pros of CRED as compared to the Cons, and hence people can use CRED for better results while they pay their credit card bills and expenses.