What should Facebook's strategy be for the next 2 years?

Certainly, I'll provide a detailed, strategic answer to the question "What should Facebook's strategy be for the next 2 years?" from the perspective of a seasoned VP of Product interviewing for a senior product leadership role. I'll follow the structure and guidelines you've provided.

Introduction

Facebook, now part of Meta, stands at a critical juncture in its evolution. As we look to shape the company's strategy for the next two years, we must consider the changing landscape of social media, emerging technologies, and evolving user behaviors. Our key business objectives will be to maintain user engagement, drive revenue growth, and position the company for long-term success in the evolving digital ecosystem.

In addressing this strategic challenge, I'll outline a comprehensive approach that covers market analysis, product vision, prioritization of initiatives, execution planning, and risk management. My goal is to present a strategy that not only addresses immediate market needs but also sets the foundation for Facebook's continued leadership in the social media and technology space.

Step 1

Clarify the Strategic Goals (3-4 minutes)

• Based on recent market trends, I'm seeing a shift towards more private, ephemeral content sharing and increased focus on video. Could you confirm if these align with Facebook's internal data on user behavior changes?

Why it matters: Determines if we need to pivot our core product features Expected answer: Confirmation of these trends, possibly with additional nuances Impact on approach: Would influence our product roadmap to prioritize features supporting these behaviors

• Considering the broader Meta ecosystem, how crucial is Facebook's role in driving adoption of metaverse technologies and AR/VR experiences?

Why it matters: Affects the balance between maintaining core social media functions and innovating for future platforms Expected answer: Facebook remains crucial but needs to evolve to support metaverse initiatives Impact on approach: Would determine resource allocation between traditional features and next-gen experiences

• Given the increasing regulatory scrutiny on social media platforms, how much emphasis should our strategy place on privacy and data protection initiatives?

Why it matters: Influences our approach to feature development and data utilization Expected answer: High priority, with specific areas of focus identified Impact on approach: Would necessitate a privacy-first approach in all new features and potentially revisiting existing ones

• In terms of monetization, are we looking to diversify revenue streams beyond advertising, perhaps into areas like e-commerce or digital goods?

Why it matters: Shapes our product strategy and potential new feature development Expected answer: Yes, with specific target areas identified Impact on approach: Would guide the development of new monetization features and partnerships

Based on the hypothetical answers to these questions, I'll proceed with the following key assumptions:

1. User behavior is shifting towards more private, video-centric content.
2. Facebook needs to balance its core social media functions with supporting Meta's metaverse vision.
3. Privacy and data protection are top priorities in all strategic initiatives.
4. There's a push to diversify revenue streams beyond traditional advertising.