Hey there!
Welcome to “Breaking into Product” - post #5.
If you are planning to enter (or have recently entered) the Product space, you will love our posts! With this series, we aim to share exclusive content and insights on preparing for product management interviews, common Q&A, interview preparation strategies, etc to help you ace your interviews.
“Tell me about your favorite product”
“What would you want to change about that product?”
It’s a high possibility that in one of your interview rounds, you would be asked about a product that you like the most. In many ways, this is similar to improving product questions. The best part about this question is - this is one part of the interview you can be, at least, 90% prepared.
PS - These questions can be asked in many different ways and can take many different turns as the interview progresses. Hence there are no dedicated steps to answer questions of this type but we outline steps to prepare.
The Preparation
Step 1 — Selecting the right Product
It is important to choose a product you have used amply because that would mean you know the product well. Many times, candidates choose a complicated product simply to show that they can solve complex problems but it almost always fires back, if they don’t know it well. Don’t pick a product because it might be “right” for the interview, rather choose the one that’s “right” for YOU.
It’s also important to remember that a product doesn’t have to always mean a software product. It can be a physical one too.
🧐 For example, you can love your office table, simply because it has enough space, is height adjustable, and is aesthetic. However, it is best to prepare for a physical and a software product to ensure that if you are specifically asked for one by the interviewer, it doesn’t throw you off.
Step 2 — What and how is the product solving a particular problem
Clearly outline what problem the product solves for the user and explain in simple words how it happens. If there are multiple problems/solutions, put them in bullet points and pick the one you would like to deep-dive.
🧐 For example, the height-adjustable office table:
When working from the office/home, the employees sit all day and do not get any physical activity or a chance to stretch. The height-adjustable table solves for giving employees a chance to stand, flex and work in parallel
Everybody is different and they all prefer table heights adjusted differently. So instead of manufacturing too many SKUs, the manufacturer could make one with height adjustability
Step 3 — Understand the key metrics of the product
The key metrics to include here are (This is not exhaustive):
Users/Traffic: A rough estimate of how many users the product has, or how they are acquiring users
Conversion: How effectively is a visitor/install converted to a user?
Engagement: Are users actively engaging with the product? And how often? (Posting, commenting, visiting, placing orders, etc)
Retention: How many users come back to the product? How often? What number of this metric is good enough?
Revenue: How many people are interested in buying the product? How much are they willing to pay?
Referral Rates: How many people are referred to the product by existing users? How often?
Cost: What are the costs involved in making & selling the product?
🧐 For example, for the height-adjustable office table, you can consider:
Total Addressable Market (TAM)
Market share (how many users out of the TAM are buying your product)
Engagement: How often are the users adjusting the positions or using the features in the table?
Retention: What % of users are coming back to use the feature again in a given period? The period to be considered for the table is the next working day
Referral: How many existing users are advocating this table to their friends? What is the Net Promoter Score?
PS - Not all metrics apply to all products. You have to pick the right metrics carefully.
Step 4 — Guesstimate the metrics
Occasionally, the interviewer might ask you to guesstimate one of the metrics from the above list. Check this post for the full approach on how to solve guesstimates:
🧐 For example, for the height adjustable table question, the interviewer might ask you to guesstimate the Total Addressable Market.
Step 5 — Mention the challenges, competitors, and tradeoffs
Once you understand the metrics, think about the following:
Challenges that the users face
Who are its competitor? How are they doing better?
Are there any obvious tradeoffs with the product?
🧐 For example, for the height-adjustable table, the following are the pointers
Challenges:
Difficulty in finding the right height spot every day
Availability of stock
Keeping the things on it stable while the height is changing
Takes up space when not in use and also
Competitors:
General tables
Multi-level tables
Height-adjustable laptop stand that can be used on a normal table
Trade-offs:
Cost
Space
Step 6 — Improving the product
This is where you apply the steps from the improvement question. Understand that of course not all steps might be relevant. You will have to pick one of the challenges - maybe the most common one.
Tips and Tricks:
Ensure that you communicate that the reason you like a product is your own opinion
Since you can pre-prepare for this part of the interview, try to come up with one “wow” factor. This will set you apart from other candidates
Do not complain that you need more research on the product. Yes, there is only so much you can assume but don’t go overboard with the fact that you don’t know. It is ultimately an interview, you are supposed to guess.
Be transparent about the trade-offs. It shows you are completely aware of what can be delivered and what can not be.
We hope this helps you approach such questions better. Feel free to reach out at thehustlers2021@gmail.com for any questions or guidance.
Will come back with another interesting post. Bye!