Learning to do case studies

Introduction:

Are you looking to get into the field of product management? Do you want to ace your upcoming job interviews and land a position at one of the top companies out there? Well, then it’s essential that you figure out how to approach product management case studies. In this blog post, we’ll explore everything from what a case study is and why they’re important in the world of product management jobs, as well as some tips for solving them effectively. So read on for a comprehensive guide on nailing those PM interview questions!

We’ll start by explaining what exactly case studies are and how they can be used in product management job roles. A case study is simply an in-depth look into a particular problem, situation or business process. By analyzing the details of a case, you can gain insight into trends and patterns that can be used to make more informed decisions in product management jobs. Companies typically ask potential candidates to solve a case study during job interviews as it helps employers get an idea of how well applicants think on their feet and if they have the necessary analytical skills required for the role. 

Why are case studies used in interviews?

Case studies are an important part of the product management interview process as they provide employers with a way to evaluate your problem-solving abilities. By using case studies, employers can gauge how well applicants think strategically and use their knowledge to come up with creative solutions for issues related to product management. Additionally, it allows them to assess how well you comprehend the product development cycle, the market trends in the industry and how you would handle any unexpected problems that arise. Ultimately, employers want to hire individuals who are capable of making sound decisions and have the ability to think critically when facing complex issues. Therefore, being able to effectively solve case studies is essential if you want to ace your job interview and secure your dream position in product management!

Where to start? 

Now that you know why case studies are important in product management job interviews, let’s talk about how to approach them. The first step is to understand the problem clearly. Read through the case study thoroughly and identify the key points of interest. Be sure to note any assumptions or insights made out by the interviewer, as these will be essential in helping you formulate an effective solution. Once you have a good understanding of the situation, it’s time to start breaking down the problem into smaller pieces and analyze each one separately. This can help give you a better idea of what your options are and which ones might work best for the given circumstance.

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Case study example:

Question

XYZ Finance is the pioneer of bespoke solutions for SME seeking to achieve long-term, sustainable growth. XYZ has become the principal financing institution for SMEs in the region. Our success is built on our simple and transparent process, our in-depth understanding of the local market, and our flexible financing programs. The next product we aim to launch is a Payments product, which allows SME customer to receive Payments (Payments Aggregation).

Case Study: Explain how you will deliver Payments capability (ability to accept Payments for SMEs) to customers. The case study should address the following elements:

1. What would the Payments proposition look like to customers? What would be the key features which would attract customers?
2. What are the various steps you would take from initial ideation until go-live to design and build the product?
3. Who would the key stakeholders be?
4. What would you build in-house vs. use 3rd party vendors to support in the delivery of the project?
5. How would you onboard clients to the product?
6. How would you service clients for the product once they have taken the product up?
7. How would you track success?

Useful information: a) XYZ already has a digital onboarding process where it can onboard SME clients for SME Loans b) XYZ already has a Mobile App and Web Portal where SME customers can log-in to view their loan balances and repayments c) XYZ does not have any Payments capability or expertise internally currently d) XYZ wants to be known for it’s fast and simple processes, where customers can access a range of products and services which benefit them in one place. e) XYZ brand is very important and we want to own the customer relationship and engagement for all products and services offered.

Answer

Product Development Process - New Product: Payment aggregation

Key Stakeholders:*

• Product Management
• Product Design
• Product Marketing
• Engineering
• Customer Success
• Sales
• Ensure you are involving the key stakeholders throughout each of the below activities to gain a shared understanding buy-in. The stakeholders that need to be involved will vary depending on the activity.

Activity 1: Identify the target customer segment

• “Small and medium sized entities in region X that accept (or want to accept) payments from their customers but don’t have the capabilities to do so in house.”

Activity 2: Develop the Product Vision & Strategy

• This will guide the long-term tactics for product development to ensure the product is meeting the business goals.
• Product Vision: “We believe in a world where small and medium-sized businesses can offer a super fast and simple payment experience to their customers, for minimal costs with no administrative efforts.“
• Product Strategy:
• Create a product vision board that outlines the following:
• Customer needs
• Product Opportunity
• Business Goals

Activity 3: Validate the Opportunity

• Why? The product team needs to determine that this is a problem that actually needs to be solved for enough customers that they’d be willing to pay for it.
• How? Perform customer validation interviews and analyze existing product data
• Recommended steps:
• Card sorting survey: Send a survey to all existing customers asking them to rank the following opportunities in order of most helpful to their business (NOTE: only list activities that XYZ could potentially offer in the future):
• Outsourced accounting
• Payment solution
• Escrow payments
• Crypto payments
• BNPL integration
• 3rd party Customer service support
• Generative user interviews: Recruit 5-7 participants from the target customer segment as defined in Activity 1 and ask them to walk through the third party software tools they currently use in their business, how they like/dislike them and areas they still need help.
• Distill the findings from the survey and user interviews to determine how the payment solution opportunity ranked relative to other outsourced third party activities. Of those businesses already using a third party payment solution, how did they review it and would they be willing to switch.
• If the findings are positive for the payment solution opportunity, continue onto Activity 4.
• If the findings are negative for the payment solution opportunity, be willing to drop the idea and loop back to another opportunity that is more promising and also can meet the business goals.

Activity 4: Identify the key product metrics to track success

• Product Metric 1: # of payments per customer / month (signals active users and retention)
• Product Metric 2: New customer acquisition (assumption: this is a business goal)

Activity 5: Brainstorm Solutions

• Should we Build, Buy or Partner to offer a solution?
• XYZ does not have any Payments capability or expertise internally currently so it’s likely too costly to build a payments solution internally (assumption)
• There are many simple and fast payment solutions that exist today that we could buy or partner with to offer this solution within the XYZ platform.
• Recommendation: Acquire an existing payment solution that our current customers or target customers use today at a price that allows us to be profitable in the long-term.
• Determine Pricing ModelHow will we make money on this product while aligning with our strategy?
• Recommendation:Charge a % of each transaction and reduce price as the # of transactions increase per customer
• For existing or potential loan customers, offer product at a discounted price

Activity 6: Experiment through user research

• Concept testing: Rapidly develop prototypes with existing payment solutions to determine optimal solution

Activity 7: Select the optimal solution to acquire

• Based on the results of user testing and purchase negotiations, select the optimal payment provider to acquire
• Assumption: We acquired ABC payment provider

Activity 8: Integrate the solution

• Contract with ABC payment provider’s engineering resources to integrate the solution into XYZ’s existing platform
• Test with customers as small iterations are delivered.

Activity 9: Go to market with the selected solution

• Launch the new product with XYZ’s branding and platform integration; this includes:
• Marketing page
• Product help page
• Tutorials
• Bundle the product with the existing offering as well as a-la-carte

Activity 10: Support Solution

• Establish a customer support process for the new product and ensure all personnel are trained on the new product
• Create a FAQ and how-to videos for the product page

Activity 11: Iterate on Solution based on customer feedback

• Keep a product team dedicated to the new product to perform the following:
• Address bugs as they come up in priority order
• Continuous customer testing
• Develop new features as customer feedback is received
• Enhance the usability of the product based on quant and qual data 

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Where to find help (websites that solve case studies): 

If you’re looking for help with product management case studies, there are numerous sources available to assist you in finding the right solution. From online courses and programs to forums and blogs, it can often be overwhelming as to where to start. To make the search easier, this article provides a comprehensive guide on where to find helpful resources when working on product management case studies.

1) https://abidal.simple.ink/: one of the many personal portfolios of Product experts (here is another one) that include actual case studies including the questions, answers, and steps to solve the case study.

2) passtheproduct.io: This website is a product management subscription agency that offers access to over 50 case studies and also personalized assistance with case studies.

3) tryexponent.com: a website that offers product management courses, live offerings and on-demand resources. this website is great for product management case studies as it offers learning and support through live webinars, blog posts and videos. 

Conclusion:

Working on product management case studies can be a daunting task but with the help of the resources listed above, you’ll be able to easily find solutions and learn more about product management. Whether you’re looking for assistance with a specific case study or want to gain better insight into the entire process of product management, these websites provide everything you need. Give them a try today and trust your success in product management!