TIPS FOR JOB SEEKERS
Imagine you’re a PM for Spotify. How would you increase revenue 5 times in the next 5 years?
This question clearly asks you to put yourself in the shoes of a Product Manager for Spotify and propose a growth strategy to quintuple the company’s revenue in the next five years. At first, the question may seem intimidating as it requires strategic thinking, understanding of the business and its audience, as well as product development.
Here are key points to consider while answering the question:
User base growth: Finding ways to increase the number of users on the platform.
Increasing revenue per user: Looking for ways to increase the amount each user pays.
Partnership and collaborations: Exploring strategic partnerships that could lead to revenue growth.
New revenue streams: Introduction of new features or exploring other possible sources that could generate income.
The key to answering this question is to clearly articulate your strategy to grow each part of the business and demonstrate a good understanding of the company’s current user base, potential customers and business context.
Answer Example
Increasing user base: Spotify could penetrate into new geographies, targeting countries with strong potential in the digital music market that Spotify currently doesn’t serve. This would involve understanding the music preferences, payment infrastructure, legal and copyright landscapes of these potential markets.
Improving User monetization: We can increase revenue from existing users by creating new premium features. For example, by introducing a special feature allowing users to attend virtual concerts or exclusive artist meet-ups, which users can get access to by paying extra.
Strategic Partnerships Could mainly function in two ways: firstly, partnering with mobile or internet service providers; offering Spotify as part of value-added services can help reduce the cost barrier that is often associated with the subscription model. Secondly, partnerships with artists; by launching exclusive music or concert releases could also attract their committed fan base to our platform.
New Revenue Streams: Spotify can consider introducing a platform for independent artists to connect with fans, where artists can host live shows, premier new songs, and earn revenue through fan donations. This not only encourages new and upcoming talent but also acts as a new revenue channel for Spotify, taking a small commission per transaction.
Photo by the author.
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