The Exemplar Case
At my previous role as Product Manager for a SaaS platform targeting SMBs, we observed a concerning trend: a rapidly growing competitor was gaining significant market share, despite our product having a broader feature set.
My primary task was to conduct a deep-dive analysis into their strategy and product to understand their rapid adoption and identify actionable insights to strengthen our competitive position in the SMB segment.
I initiated a comprehensive competitive intelligence project. This involved subscribing to their free trials and demo accounts to meticulously map out their user journey, focusing on onboarding, core workflows, and ease-of-use. I also analyzed their marketing messaging, pricing strategies, and customer reviews across major review platforms (e.g., G2, Capterra) to pinpoint their perceived value proposition. Crucially, I conducted interviews with several potential customers who ultimately chose the competitor's solution to understand their decision-making criteria. My analysis revealed their strength lay in an incredibly simplified, intuitive onboarding process and a laser-focus on one or two critical pain points for SMBs, making their solution appear less daunting and quicker to value, complemented by a strong referral program.
Based on these findings, I presented a strategic recommendation to leadership. We implemented a 'streamlined' version of our product tailored for SMBs, simplifying the UI and prioritizing core functionalities. We also completely revamped our onboarding experience to mirror the competitor's frictionless approach and launched a tiered referral program. These strategic adjustments led to a 15% increase in SMB user acquisition within two quarters, effectively blunting our competitor's growth in that segment and solidifying our market position.
Deconstruct the Answer: The STAR Method
The STAR method is a structured way to answer behavioral interview questions by providing concrete examples of your experiences. It stands for:
- Situation: Describe the background or context of the event or challenge.
- Task: Explain your responsibility or role in that situation.
- Action: Detail the specific steps you took to address the situation.
- Result: Share the outcomes of your actions and what you learned.
The Situation described in the exemplar story was: (1)
The Task the Product Manager had to accomplish was: (2)
The key Actions taken by the Product Manager included: (3)
The Result of these actions was: (4)
Describe a situation where you conducted a deep-dive analysis of a competitor's product or strategy. What key insights did you gain, and how did those insights directly inform or influence the strategy for your own product or team?