Scenario:

You’ve just joined the Paynest product team, and your first task is to define, prioritize, and oversee the development of new products and features that will drive growth and enhance employee well-being. Your ultimate goal is to align these initiatives with Paynest’s mission: improving operational efficiency for companies while empowering their employees with better financial well-being.

Your Responsibilities:

• Craft a Product Strategy: Develop and execute a clear, data-driven product strategy. This will include gathering insights from Paynest's internal teams and customers to ensure your decisions are well-informed and impactful.
• Collaborate Cross-Functionally: Work closely with leadership, tech teams, and other departments to identify strategic opportunities and translate them into high-value products and features.
• Adapt to Market Trends: Stay ahead of market dynamics, including emerging trends, consumer behavior, and regulatory shifts, and adjust the product roadmap accordingly.

Based on this scenario, please provide a comprehensive plan that outlines your approach to fulfilling these responsibilities. Be sure to consider any strategic initiatives or frameworks you would use to ensure Paynest’s continued growth and mission alignment.

Your Key Objectives

• Increase MRR: Drive consistent revenue growth by launching impactful products and features that companies and employees find valuable.
• Increase Employee Activation Rate: Ensure more than 75% of employees actively use Paynest’s offerings, contributing to higher engagement and satisfaction.
• Increase MAU: Achieve more than 50% MAU from the active user base by focusing on user retention and sustained value delivery.

Case Study Deliverables

• Answers to the following questions:
  • KPIs: What are the most critical KPIs to measure the success of new products and features?
  • Criteria for New Products: How will you evaluate and prioritize new product or feature ideas? What criteria will you use to determine which initiatives move forward?
  • Challenges: What do you believe will be the biggest challenge Paynest will face in reaching its goals?
• A Framework for Evaluating New Product Ideas: Develop a clear framework for assessing potential products and features. This should include key evaluation criteria such as market demand, competitive differentiation, revenue potential, and user engagement impact.
• Product Spec - Don’t write one out, but what are the key elements that a product spec should include in your opinion
• Quarterly KPIs and Objectives for Your First Year: Outline the KPIs and key milestones you would track over the next 12 months.
  • How will you measure progress and success each quarter?
  • What critical support do you anticipate needing from the rest of the Paynest team to achieve these goals?

Format

Whatever you are most comfortable with: Notion, Powerpoint, Word, etc. We care less about the format and more about the content!