CRED launches a new influencer marketing campaign to create buzz around its luxury travel venture
With CRED escapes, the curated travel platform plans to offer stays and experiences to its users and has used influencer marketing to promote the same.
Aiming to create a new escape for users, fintech company CRED has now ventured into the luxury travel space with CRED escapes.
It is a curated travel platform that offers stays, experiences and other privileges that include room upgrades, access to theme parks, spa credits, among others and has more than 300 hotels and resorts listed on its platform across 50 destinations. In a YouTube video, CRED explained what its new segment will offer.
The company will be collaborating with travel partners and hotel brands to create travel experiences for users.
To spread the word, it has turned to influencer marketing and has released six short-form videos so far with digital creators like José Covaco, Ashik Aseem, Sharan Nair, Varun Aditya, Soumesh Pandey, and Mansi Ugale.
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The campaign shows the chosen lot recapping their travel experiences with a humorous start that will leave you wondering ‘how did they get into the situation?’ While it has an awkward beginning, it further moves onto the picturesque view that the influencers are camping out at.
Its viral campaigns have previously featured many big names in India including Rahul Dravid, Anil Kapoor, Madhuri Dixit, Neeraj Chopra and more with their ad spends going into major events like Indian Premier League (IPL).
However, these massive marketing expenses have resulted in losses for the company. Having incurred a net loss of INR 1,279 Cr in FY22, up 2.4X year-on-year, it is now seemingly trying to create more revenue streams.
The company started as a credit card bill payments app and has since ventured into CRED Pay (for utility payments), CRED Mint (P2P lending), CRED Store, CRED Cash (for loans), Scan and Pay UPI payment, CRED Flash (buy now pay later service).
The luxury tourism market in India is projected to grow to a size of $18 billion by 2024. With its foray into the luxury travel space right in time for summer, the company could be enticing its high credit score users.