What innovative rewards could we add to Lunar's cashback program to increase customer engagement?

Introduction

To increase customer engagement in Lunar's cashback program, we need to explore innovative rewards that align with user needs and market trends. I'll analyze the current program, identify key user segments, and propose creative solutions that enhance the value proposition for our customers.

Step 1

Clarifying Questions (5 mins)

• Looking at the cashback landscape, I'm thinking Lunar might be facing increased competition. Could you share insights on our market position and how we compare to major competitors in terms of cashback rates and user satisfaction?

Why it matters: Determines if we need to focus on differentiation or matching competitor offerings Expected answer: Middle-tier position with average cashback rates but room for improvement in user satisfaction Impact on approach: Would focus on unique value propositions beyond just cashback percentages

• Considering the evolving fintech space, I'm curious about our user demographics. Can you provide information on our primary user base - are we targeting millennials, Gen Z, or a broader age range?

Why it matters: Influences the types of rewards and engagement strategies we should consider Expected answer: Primarily millennials and young professionals Impact on approach: Would tailor rewards to experiences and brands popular with this demographic

• Given the importance of data in personalization, I'm wondering about our current capabilities. What level of user data do we currently collect and utilize for personalization in our cashback program?

Why it matters: Determines the feasibility of implementing highly personalized rewards Expected answer: Basic transaction data and some demographic information, but limited behavioral insights Impact on approach: Would consider solutions to enhance data collection and utilization for better personalization

• Thinking about the broader financial ecosystem, I'm curious about Lunar's partnerships. Can you share information on our current partner network for the cashback program and any strategic areas we're looking to expand?

Why it matters: Identifies potential for new reward categories and partnership opportunities Expected answer: Strong partnerships in retail and dining, looking to expand in travel and wellness sectors Impact on approach: Would focus on innovative rewards in underserved categories and strengthening existing partnerships