In my role as a Product Associate at XYZ Tech, one significant contribution was developing and implementing a revitalization strategy for one of our legacy products, a project management tool that started lagging behind in the competitive market.
My process began with market research using tools like Google Surveys and SEMRush for competitor analysis. After understanding our strengths and weaknesses, we decided to differentiate our product by emphasizing superior customer support and integration capabilities with popular tools.
After aligning the team with the new strategic direction, I collaborated with the marketing department to revamp our communication strategy. This approach has resonated well with our targeted user segment, resulting in a 20% increase in new subscriptions and improving our customer retention rates by 15%. This instance shows how strategic product management can bring new life into existing products.