Magicpin takes on CRED's rewards programme, which gives 'Cred coins' to users paying their credit card bills via the platform
NEW DELHI :
Offline discovery and rewards platform Magicpin, owned by Samast Technologies, latest ad, featuring actor Vijay Raaz, is a clever spoof of CRED's viral celebrity campaign.
Magicpin takes on CRED's rewards programme, which gives "Cred coins" to users paying their credit card bills via the platform. The insight that drove the ad was that most CRED users have lakhs of points, but don't seem to know how or where to redeem them.
In the ad, "Bread", the parodied version of CRED, is accused of distracting customers with its "quirky" brand communications as they tend to worry about how to use the "coins" they have accumulated as rewards points. The Magicpin ad is evidently a copy of CRED when it comes to execution and set design.
Magicpin, with a user base of five million, has played on this insight to take a dig at CRED and contrasted it with its own rewards programme, which the brand says has a wider range of options for their users to expend points—food (including dining out and home delivery), fashion, grocery, and e-commerce platforms.
The ad film, which has already garnered 2.7 million YouTube views since 16 April, has been crafted by Songfest, an agency led by music director Gaurav Dagaonkar.
Magicpin’s core value proposition is rewards and savings for its consumers and growth for its retailer partners said Anshoo Sharma, co-founder and chief executive officer, Magicpin.
"When we saw the very successful campaign by another brand highlighting ‘cashback and rewards’ as their core message, we knew that this was something on which we have a massive edge. The proof of this is the success of the campaign itself, just on the first day, we’ve been seen by millions of people and our search traffic has gone up by 5X," he added.
Sharma said that unlike some fintech companies where rewards were a marketing activity, for Magicpin, it was deeply embedded into the core value proposition of matching users and partners.