Strategy Tip: Lean Product Canvas + SWOT
This article addresses how to practice Google strategy interivew questions. We start by giving you an more extensive framework to practice thinking strategically. Then we teach you how to narrow down the framework to a simple pros and cons list on the day of the interview so you can answer quickly and concisely.
While this article explains frameworks, don’t forget, you also need to (1) read a lot to understand and know trends (2) practice structured communication, (3) be able to answer your strategy question in 5 minutes or less and (4) also dive deeper (think 20 to 25 mins) as well.
Practice at Home
The Lean Canvas is a great way to practice for strategy questions. It helps you think (at a medium-deep level) through key aspects of business concepts: (1) Problem (2) Solution (3) Unique Value Proposition (High-Level Concept) (4) Customer Segments (Early Adopters) (5) Key Metrics (6) Channels (7) Cost Structures and (8) Revenue Streams.
Practice Makes Perfect
Here is a Google Doc worksheet you can make a copy of and start typing your answers to prompts as practice.
It however it is not the best structure to use on interview day. There are too many names and lists to remember. Can you really imagine remembering a list of 8 items on interview day with 5 to 15 mins left in an interview?
Interview Day
Instead, we recommend practice thinking about businesses through the Lean Product canvas as you practice at home for a few weeks but using S.W.O.T. (Strenghts, Weaknesses, Opportutnies & Threats) re-organized as Strengths + Opportunties vs Weaknesses +Threats in a Pros vs Cons list on actual interview day.
Imagine you get the prompt should X company do (or buy) Y?
You can ask clarifying quesitons and quickly gather your thoughts, but you need to answer without being too long-winded.
S.W.O.T.
Strengths
- Strong in X
- Experience in Y
- Market leader in Z
Weaknesses
- Failed in X
- Lacks Y Resources
- History of Z impacts flexibility in this space
Opportunities
- User behaviors are changing from X to Y
- Competitors have left X opening
- Technology recently enabled Z
Threats
- Competitor is strong in X
- Regulators are chasing Y right now
- Costs are likely high for Z
Now that you have that list, just present the clear reasons for moving forward against the reasons to stop or not move forward. If you can drop some recently reported item in any of the above buckets you can bolster your case further.
Pros
Strengths + Opportunties
Cons
Weaknesses + Threats
Getting an answer in 5 mins
This can help you get a strong answer out in 5 to 10 mins and then leave the interviewer to probe where they want more insights or move you forward.
Warning, be ready to calcuate total addressable market (TAM) either the user count or the total revenue. Since interviewers often ask strategy and analytics in the same session, be ready for the pivot.
If you find other frameworks like Porter’s Five Forces or the 4C’s Framework (Customer, Competition, Cost, and Capabilities) helpful, by all means, use them. But I have found most people get confused OR sound two robotic. The Pros and Cons list sounds more natrual, easy to follow and easy to remember under stress.
Why is speed so crucial?
The strategy question can come in several different forms. The quintisential question format is “Imagine you had 5 minutes with X CEO what would you recommend they do or buy next.” The question can be standalone with 5 or 25 minutes allowed to answer. You need to be prepared to pivot from short to long answers. So get good a quick answers and then being able to double click. Concise communication is key.
Additional Reading:
Concise Communication with Lean Canvas
Originally published on intrico.io
