What metrics would you use to evaluate Bilt's rewards program for credit card spending?

Introduction

Evaluating Bilt's rewards program for credit card spending requires a comprehensive approach to product success metrics. To address this challenge effectively, I'll follow a structured framework that covers core metrics, supporting indicators, and risk factors while considering all key stakeholders. This approach will help us gain a holistic understanding of the program's performance and identify areas for improvement.

Step 1

Product Context

Bilt's rewards program is a loyalty initiative designed to incentivize credit card spending while offering unique benefits related to rent payments. The program allows users to earn points on rent payments without fees, as well as on everyday purchases. These points can be redeemed for travel, fitness classes, and even towards a down payment on a home.

Key stakeholders include:

1. Cardholders: Seeking valuable rewards and benefits
2. Bilt: Aiming to increase card usage and customer loyalty
3. Property management companies: Looking to simplify rent collection
4. Partner businesses: Offering redemption options for Bilt points

User flow:

1. Sign up for Bilt Mastercard
2. Use card for rent payments and everyday purchases
3. Earn points on transactions
4. Redeem points for various rewards

The program fits into Bilt's broader strategy of becoming the go-to financial solution for renters, differentiating itself from competitors by focusing on rent-related benefits. Compared to traditional rewards programs, Bilt's offering is unique in its emphasis on rent payments and housing-related perks.

Product Lifecycle Stage: Growth phase - The program is gaining traction but still has room for expansion and refinement.