How can Zeta (California) improve its credit card rewards program to better attract millennial customers?

Introduction

To improve Zeta's credit card rewards program for millennial customers in California, we need to understand their unique needs, pain points, and preferences. I'll analyze the current program, identify key areas for improvement, and propose targeted solutions that resonate with this demographic. Let's dive in.

Step 1

Clarifying Questions (5 mins)

• Looking at the product context, I'm thinking about Zeta's current market position. Could you share some insights on Zeta's current market share among millennial credit card users in California compared to major competitors?

Why it matters: Determines if we need to focus on acquisition or retention strategies. Expected answer: Zeta has a 10% market share, trailing behind major players. Impact on approach: Would prioritize differentiation and aggressive acquisition tactics.

• Considering user behavior, I'm curious about the primary use cases for Zeta's credit card among millennials. What are the top 3 spending categories for this demographic using our card?

Why it matters: Helps tailor rewards to match actual usage patterns. Expected answer: Dining, travel, and online shopping are the top categories. Impact on approach: Would focus on enhancing rewards in these specific areas.

• Regarding pain points, I'm wondering about the current satisfaction levels with our rewards program. What's the Net Promoter Score (NPS) for our millennial customers in California, and how does it compare to industry benchmarks?

Why it matters: Identifies the urgency and scale of improvements needed. Expected answer: NPS of 30, below the industry average of 40 for this demographic. Impact on approach: Would prioritize addressing major pain points to boost satisfaction.

• Thinking about company alignment, I'd like to understand our broader strategic goals. What are Zeta's key performance indicators (KPIs) for the credit card business over the next 12-18 months?

Why it matters: Ensures our improvements align with overall business objectives. Expected answer: Increase millennial customer base by 25% and boost average spend by 15%. Impact on approach: Would focus on both acquisition and engagement strategies.