What is product prioritization?
Product prioritization is the process of deciding which products or features to work on first. This is often a difficult decision to make, as there are usually many factors to consider.
There are a few common methods for product prioritization. One popular method is to prioritize products or features based on their impact on the business. For example, a product that will generate a lot of revenue or save the company a lot of money may get a higher priority than a product that has less of an impact.
Another common method is to prioritize based on customer needs. You can do this by surveying customers or using other data to determine which products or features they want or need the most.
Once you have a prioritized list of products or features, it’s important to re-evaluate it on a regular basis. This is because customer needs and business objectives can change over time, so what was a high priority at one point might not be as important later.
Why is prioritization key to product success?
Prioritization is key to product success for a number of reasons. First, it ensures that the most important features and functions are developed and delivered first. This is especially important in the early stages of product development when the team is trying to learn as much as possible about the product and its potential users.
Second, prioritization helps to focus the team’s efforts and avoid scope creep. By setting priorities, the team can stay focused on the most important aspects of the product and not get sidetracked by less important details.
Third, prioritization can help to improve the product’s chances of success by ensuring that the right features get delivered to the market at the right time. This can be particularly important in fast-moving markets where competition constantly changes.
Fourth, prioritization can help improve a product’s financial performance by ensuring that the most critical features get developed first and that less important features get deferred to later versions. This can save the company money in development costs and also help to improve the product’s chances of success in the market.
Finally, prioritization is essential because it helps to ensure that the team is working on the most important things at any given time. This can help to improve the team’s morale and also help to avoid burnout.
Choosing the right product prioritization framework:
There are a lot of different prioritization frameworks out there, and it can be tough to decide which one is right for your product. Here are some factors to consider when choosing a prioritization framework:
- The nature of your product: Some frameworks are better suited for products with a lot of features. In contrast, others are better for products with a smaller feature set.
- The size of your team: Some frameworks require a lot of input from different team members, while others can get employed with a smaller team.
- The time frame you’re working with: Some frameworks are better for short-term projects, while others are better for long-term planning.
- Your company’s culture: Some frameworks are more rigid and structured, while others are more flexible. You’ll need to decide what will work best for your team and your company culture.
- The resources you have available: Some frameworks are more resource-intensive than others. If you’re working with limited resources, you’ll need to choose a framework that doesn’t require a lot of extra time and effort.
Once you’ve considered all of these factors, you should have a good idea of which prioritization framework will work best for your product.
The key is to select a framework that fits your specific needs and objectives. There is no one-size-fits-all solution, so take the time to understand your options and choose the framework that makes the most sense for your product.
Difference between qualitative and quantitative product prioritization frameworks:
There are two main types of product prioritization frameworks: qualitative and quantitative. Qualitative frameworks focus on customer feedback and input to prioritize features, while quantitative frameworks focus on data-driven decision-making.
So, what’s the difference between the two? Let’s take a closer look.
Qualitative frameworks:
Qualitative frameworks focus on customer feedback and input to prioritize features. This means that stakeholders can weigh what they think is most important. The product team can use this information to make decisions.
Advantages:
-Stakeholders feel like they have a say in the product’s development
-Can be used to validate assumptions about customer needs
Disadvantages:
-Can be time-consuming
-Can be subjective
Quantitative frameworks:
Quantitative frameworks focus on data-driven decision-making. This means that product teams can use data to prioritize features.
Advantages:
-Can be faster than qualitative frameworks
-Can be more objective
Disadvantages:
-May not take into account all customer needs
-Can be complex to set up
So, which framework is proper for you? It depends on your product and your team. A quantitative framework may be a good option if you want to move quickly and prioritize features based on data. If you want to make sure all stakeholders have a say in the product’s development, a qualitative framework may be a better choice.
Top product prioritization frameworks and how do they work?
- The MoSCoW method:
The MoSCoW method is a popular framework for product prioritization. MoSCoW stands for Must have, Should have, Could have, and Won’t have.
Must have items are the absolute essentials that the product must have in order to be successful. Should have items are important, but you can sacrifice it if necessary. Could have items are nice-to-haves, but are not essential. Won’t have items are things that the product can do without.
- The Eisenhower Matrix:
The Eisenhower Matrix is a framework for prioritizing tasks based on urgency and importance. Urgent tasks are those that need to get done immediately, while important tasks are those that are important to the overall goal.
Tasks can further get categorized as Quadrant 1 (urgent and important), Quadrant 2 (important but not urgent), Quadrant 3 (urgent but not important), and Quadrant 4 (not urgent and not important).
- Story mapping:
Story mapping is a visual way to prioritize products. It starts with the user story, or the goal that the user is trying to achieve. Then, it breaks down the steps that the user would need to take to achieve that goal. Finally, it maps out the different features or elements needed to support those steps.
This framework is helpful because it allows you to see the big picture and identify what is most important. It can also help you to see where there might be gaps in the user story.
- Kano Model:
Another popular framework is known as the Kano model. This model is different in that it does not start with the user story. Instead, it starts with the features or elements of the product.
The Kano model then ranks those features or elements based on how important they are to the user. This can help identify which features are most important to the user and which can be scaled back or removed.
- ICE:
ICE is an acronym for impact, confidence, and ease. To prioritize using this framework, you’ll need to consider each factor and assign a score. The product with the highest score is your top priority.
The impact is the potential for the product to make a positive difference. If a product has a high impact, it means it has the potential to make a big impact, either in terms of revenue or in terms of customer satisfaction.
Confidence is a measure of how confident you are that the product will be successful. If you’re not confident in a product’s success, it’s probably not worth pursuing.
Ease is a measure of how easy it will be to implement the product. If a product is easy to implement, it means it will require less investment of time and resources.
