How to Improve Better.com: A Structured Approach to Product Management Interview Questions
Introduction
In the competitive landscape of product management, particularly within companies like the FAANG group, mastering structured problem-solving is crucial. This blog delves into the art of tackling real-world interview questions that assess your product sensibility and strategic thinking. We’ll specifically explore the question: “How would you improve Better.com?”
Drawing on strategies from ‘Decode and Conquer: Answers to Product Management Interviews,’ we’ll craft an answer that showcases your problem-solving skills and insightful understanding of user needs in the digital product space.
Detailed Guide on Framework Application
Picking the Right Framework
The CIRCLES Method™ provides a comprehensive structure to dissect and address various aspects of a product’s functionality and user experience. CIRCLES stands for:
- Comprehend: Understand the context and identify users and their pain points.
- Identify: Report user needs clearly.
- Report: Prioritize problems to tackle.
- Cut through prioritization: List potential solutions.
- List solutions: Evaluate trade-offs.
- Evaluate trade-offs: Summarize your approach.
- Summarize:
Comprehend and Identify
Better.com is a digital platform that simplifies the home-buying and loan process. Users are prospective home buyers and refinancers. Their pain points include complex mortgage processes and lack of transparency in terms and fees.
Report User Needs
A young couple seeking a mortgage might be overwhelmed by jargon and fine print, leading to frustration and withdrawal from the process.
Cut Through Prioritization
Using the 80/20 rule, simplifying the language and process would benefit the largest user base and have the greatest impact.
List Solutions
- Interactive glossaries
- Personalized walkthroughs of the borrowing process
- Real-time chat support with financial advisors
Evaluate Trade-offs
Interactive glossaries take time to build but offer long-term educational value. Real-time support, while valuable, increases operational costs.
Summarize Your Approach
Prioritize simplifying language and processes. This will increase customer satisfaction and potentially lead to higher conversion rates.
Fact Checks and Assumptions
Understanding the digital home loan market and its audience is crucial. Simplifying the mortgage process is assumed to increase customer satisfaction and conversion rates.
Effective Communication Tips
Communicate with confidence and clarity. Maintain a structured narrative and emphasize how proposed changes align with user needs.
Conclusion
Structured approaches like the CIRCLES Method™ help candidates present well-grounded, user-centric solutions. Consistent practice and a deep understanding of product design will equip aspiring PMs to convert complex problems into impactful solutions. Remember: prioritize user needs and balance them against business goals for a holistic approach to product improvement.