Hitchcock Michalski was invited to assist in the development of Sparkle's MVP and was instrumental in developing the concept, from a business and brand point of view, from the first whiteboard session.

Insight:

Small and Medium Enterprises (SMEs) play a major role in most economies, particularly in developing countries. SMEs account for the majority of businesses worldwide and are important contributors to job creation and global economic development. They represent about 90% of businesses and more than 50% of employment worldwide.

Formal SMEs contribute up to 40% of national income (GDP) in emerging economies. These numbers are significantly higher when informal SMEs are included. According to our estimates, 600 million jobs will be needed by 2030 to absorb the growing global workforce, which makes SME development a high priority for many governments around the world.

In emerging markets, most formal jobs are generated by SMEs, which create 7 out of 10 jobs. However, access to finance is a key constraint to SME growth, it is the second most cited obstacle facing SMEs to grow their businesses in emerging markets and developing countries. Source: Worldbank.

In line with this insight, in Nigeria, SMEs are a neglected segment. The economy is not designed to assist and sustain them.

Introducing Sparkle - a smartphone based, digital platform aimed at SMEs.

An entrepreneurial ecosystem, offering financial services and complementary innovation, encouraging constant learning and development, aimed at stimulating and sustaining entrepreneurial and economic growth within Sub-Saharan Africa. Revolutionary. Accessible. Transparent. Smart.

So what is Sparkle?

Technology and the redefinition of old economic models driving the economic growth of Nigeria
A platform of constant learning and entrepreneurial growth
A scalable ecosystem
Not seeking to own the customer, but rather to be part of his daily story
Facilitating and encouraging a growth mindset
Helping people become who they are capable of becoming
Giving premium personal service to a multitude of people
Redefining the business landscape, quality not limited to the privileged few
Levelling the playing field for all Nigerians, democratising access, helping SMEs create their own luck

Data driven. Know the customer.

Hitchcock Michalski created a Brand Positioning for Sparkle that defined their most distinct leverage in the market that they could become famous for.

"Bringing together a community of co-entrepreneurs, connecting them to an ever-evolving ecosystem. Enabling access and sharing of meaningful solutions, co-created. Where robust businesses can be built that secure a brighter future for everyone."

We then used this Brand Positioning to inspire great design. We went about determining the Sparkle customer journey when designing the mobile application:

Building consumer personas:

Using research to determine the process used as consumers first visit the site, through research, purchase, and ongoing engagement.

Aligning consumer goals with the journey:

The consumer comes to the site to solve a problem or answer a question. Determine the path they take (or should take) to find what they want.

Categorising touchpoints:

Match the touchpoints the customer visits with the relevant stage of their journey. This may include multiple touchpoints to complete a process (account opening). The key is to simplify each stage as much as possible to eliminate abandonment.

Measuring results:

Where do potential customers diverge from the path you had intended? Where do they leave the process altogether? What is the rate of goal completion compared to the number of consumers who started a process?

Repair and replace:

Determine where friction occurs and prioritise solutions to avoid abandonment, long processes, etc. "It's not about the technology you use to serve your customers, but about how you use technology to make your customers feel like Number 1. It's all about making banking convenient, easier, accessible and rewarding for your customers".

Return on investment

Sparkle officially launched its platform on the Play and App stores in June 2020. By Jan 2021 they had 20 000 clients, by February 2021 they kicked off Beta testing for Sparkle Business. Hitchcock Michalski was present from the first whiteboard meeting and sat with the client team in conceptualising the MVP. We developed a brand that was unique within their market ecosystem from a strategic offering and a visual point of view. Sparkle has had a CAGR of 223% within its first year of operation, in terms of customer growth and in terms of total deposits, a CAGR of 51%.