How to Answer “What is your product management approach? How do you set goals?” in a Product Management Interview

Introduction

Aspiring product managers face a comprehensive interview process, especially when aiming to join top tech companies like those in FAANG. A common interview component is a discussion of product management approaches and goal-setting strategies. In this blog post, we dissect the question, “What is your product management approach? How do you set goals?”, and equip you with effective frameworks and strategies as outlined in ‘Decode and Conquer: Answers to Product Management Interviews’. By the end of this guide, you’ll gain insights that would not only help you craft compelling answers but also develop a product mindset that aligns with industry best practices.

Detailed Guide on Framework Application

Choosing the Right Framework: The SMART Goals Framework

For this type of question, one suitable framework is the ‘SMART’ goals framework. This acronym stands for Specific, Measurable, Achievable, Relevant, and Time-bound. It provides a structured approach to setting goals and is widely recognized across various industries.

Applying the SMART Framework to Product Management

Let’s delve into how to apply the SMART framework to craft a thoughtful response.

• Specific: Begin by defining clear objectives. As a PM, instead of saying you want to “increase user engagement”, state that you aim to “increase daily active users by 15% in Q2 by introducing a gamification feature”.
• Measurable: Attach metrics to your goals to track progress. For instance, “track a 15% increase in daily active users through the analytics dashboard and user feedback on the new feature”.
• Achievable: Ensure your goals are attainable given your resources and constraints. This may require industry knowledge to properly assess what can be reasonably accomplished. For example, a 15% growth might be ambitious, yet realistic if similar features saw a 10% growth in the past.
• Relevant: Your goals must align with overall business objectives and user needs. The gamification feature should be designed to enhance user engagement because research shows that users value interactive and rewarding experiences.
• Time-bound: Set time limits to create urgency and focus. For example, state that “the feature will be ready for beta testing by the end of Q1 and fully deployed in Q2”.

To approximate effectively, consider what you know about the software development cycle, your team’s capacity, and industry benchmarks.

Communicating Your Approach Effectively

When expressing your approach, it’s crucial to articulate your answer with confidence and clarity. Use clear examples and remember to speak to your personal experiences using the SMART framework in previous projects – this blends theoretical understanding with practical application.

Conclusion

In summary, the SMART goals framework provides a solid foundation for discussing product management approaches and goal setting. Remember to be specific, ensure goals are measurable, achievable, relevant, and time-bound. By adopting this structured approach, you can offer compelling answers that highlight your strategic thinking and align with the expectations of FAANG companies. Practice developing responses using this framework to build confidence and mastery.