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All PiggyVest users can attest that you always feel safe when you use their services. You know your money is safe, your account balance cannot disappear without an explanation, and your transactions cannot ‘hang’ without a prompt response from customer care. And above all, you feel like you are doing something good with your life. You are saving money on PiggyVest, which seems like the peak of financial responsibility.
Five years after their launch, On January 1st, 2022, PiggyVest brand paid their customers N242 billion in savings. How huge is that?! It may seem easy, but so many decisions go into making them stand out and amass a loyal customer base. Here are a few reasons why PiggyVest inspires strong brand loyalty:
So you have a product or service to offer people. One of the first rules of staying relevant in any business is – your core product/service must solve a real problem for your customers. PiggyVest, in its most simplified state, exists to make it easier for more young Nigerians to save money. You could save in a bank, or under your bed, but PiggyVest stands out with greater incentives and more attractive interest rates than traditional banks.
PiggyVest also knows that the majority of people only save with a goal in mind. Considering this, they created a target savings system that allows incremental savings over weeks or months, depending on user preference. This helps build a habit of saving and discipline in achieving financial goals at 9% interest annually.
They also considered another set of people who don’t want to save alone. They prefer to save with their friends or family members because they might have group vacation trips, some modern version of osusu (an old saving system much like peer-to-peer banking, where people, mostly women, contribute to save and generate interest. It’s still practiced in some parts of Nigeria.), or a financial need that can’t be solved singlehandedly, such as school fees or rent .
To make this work, PiggyVest created a group saving system that allows people to contribute towards a target savings.
Simply put, they designed features tailored to their client’s pain points, and who wouldn’t be loyal to a brand that cares about solving their problems?
On a cold saturday morning, when you wake up and your tummy starts grumbling, asking for breakfast. Just remember that mama akara is always there. She woke up at 4am, to grind the beans, mix the batter, season it, carry her pots and pan to your street corner, set up the fire and started frying the ever delicious akara… just for you! Talk about meeting a need at the perfect time.
This involves doing your part to ensure the safety of your customers. Safety begets loyalty, and safety comes from knowing the services are regulated by bigger, ‘serious’ bodies that represent power and can put punitive measures in place if something goes wrong.
PiggyVest is PCI DSS compliant. This means they are certified by the regulatory body of the payment card industry, having satisfied all their requirements. Giving up your card details to them and keeping your money with them is safe.
In summary, they won the trust of Nigerians by having links to the central bank, which has regulated traditional Nigerian banks for over 100 years.
Mama akara will always wash her hands before starting the cooking process. She will also thoroughly clean up before and after sales. She knows that if one person falls sick from eating her akara, that could spell the end of her business, so she takes the utmost care to ensure every step is as hygienic as possible. Talk about a superwoman!
PiggyVest, as a brand, has hacked the skill of relatability. In 2021, PiggyVest launched a blog detailing how they have helped Nigerians and GenZs become smarter with their money.
Nothing inspires brand loyalty like telling relatable stories to your customers and making them feel seen. Another example of where this plays out is seeing users get referred to by their names on the PiggyVest dashboard, with a short ‘good day’ message to boot!
It goes beyond saving. PiggyVest also publishes stories of people who have earned better, lost money, and made poor and good investment decisions. These stories are geared towards making readers make better financial choices without the fuss of a first-hand experience.
When banks disappoint us, it is often painful as it interferes with our quality of life.
PiggyVest stands out because they don’t MOVE like that.
Their customer service responses are quick. This helps reassure customers that they will always be heard, especially in moments of crisis and panic.
Trust mama akara to always call you by sweet names, speak your language, and even refer to you as ‘The best customer they have ever had’. She’s always happy to throw in extra akara and if you ever have any complaints about her akara, she is happy to fry you a fresh batch. If you know, you know.
When you open the PiggyVest app, you are greeted with their calming blue color. The welcome screen is beautifully designed, and once you log-in, every screen is well thought out and easy to navigate. They also use beautiful illustrations to help you understand every feature .
This ease of use retains more users who otherwise would not have the patience to use a more difficult app.
Mama akara is a user experience expert. She takes intentional like putting aluminium sheets around the hot oil to prevent it from splashing on customers. Also, she recruitss more hands, so you can get your order instantly and not have to wait and get frustrated. Now you can save your strength to shout at other drivers in traffic 😂. How cool is that?
The two reward systems PiggyVest uses that we will discuss are: Referral rewards and Piggy points. PiggyVest rewards its users through money earned by referrals and a point system that works like a game. Users earn points for good finance habits such as having more credits than debits and exercising restraint from breaking the piggy bank. At the end of the year, there is a WAEC score concept where users are assigned grades based on their financial habits. These are all built upon human psychology, inspiring users to save and invest more.
PiggyVest also integrates with other apps, such as the Pocket app. The Get Pocket app allows users to pay electricity bills, buy airtime, and perform daily transactions with just a click.
Your akara vendor adds one jara for all purchases above #200. Maybe one extra if you have a sweet mouth. They also ‘integrate’ by adding pap and bread to the menu. Smart move or not?
The best way to amass a loyal customer fan base is by retaining authenticity, solving your client’s problems, and making life easier. Most importantly, if you do all of the above listed steps consistently, you will earn the loyalty you deserve from your clients . Don’t start with the energy you can’t maintain. Loyalty can’t be bought, but it can only be earned.
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