Introduction
To enhance CIBC's Aventura travel rewards program for more flexible point redemption, we need to analyze the current system, identify pain points, and propose innovative solutions. I'll approach this by examining user segments, analyzing pain points, generating solutions, and prioritizing implementation strategies.
Step 1
Clarifying Questions
Why it matters: Determines the baseline flexibility and areas for improvement Expected answer: Limited to travel-related expenses with some restrictions Impact on approach: Would focus on expanding categories or easing restrictions
Why it matters: Indicates potential engagement issues or barriers to redemption Expected answer: 60% utilization rate, average redemption of 25,000 points Impact on approach: Would prioritize increasing engagement or lowering redemption thresholds
Why it matters: Identifies market positioning and opportunities for differentiation Expected answer: Middle of the pack, with room for improvement in flexibility Impact on approach: Would focus on innovative features to leapfrog competitors
Why it matters: Aligns solution with overall business strategy Expected answer: Focus on retention and increased usage among existing cardholders Impact on approach: Would emphasize features that encourage frequent, varied redemptions
At this point, you can ask interviewer to take a 1-minute break to organize your thoughts before diving into the next step.
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