The term 'Collect Your Blue Ribbon' is a phrase that is often used to encourage people to strive for excellence and success. It is a metaphor for achieving a goal or winning a competition. The three-letter solution for this term is 'WIN'. This phrase is often used to motivate people to work hard and strive for success, as it implies that if they put in the effort, they will be rewarded with a blue ribbon, which is a symbol of accomplishment.