Prioritization techniques help product managers determine the order in which features, tasks, or initiatives should be addressed based on their relative importance and impact. Here are some commonly used prioritization techniques, along with real-time examples:
- MoSCoW Method:
- Must-Have: Features or tasks that are critical and must be delivered to meet minimum requirements or user expectations.
- Should-Have: Important features that are not essential but add significant value and improve the user experience.
- Could-Have: Features that are desirable but not critical. They can be considered if resources and time permit.
- Won’t-Have: Features that are low priority and can be deferred or eliminated.
Example: Prioritizing features for a mobile banking app:
- Must-Have: Account balance check, fund transfer, bill payment.
- Should-Have: Transaction history, ATM locator.
- Could-Have: Personal finance management tools, customized notifications.
- Won’t-Have: Integration with non-essential third-party services.
- Weighted Scoring Model:
- Assign a weight or score to each feature or task based on predefined criteria, such as customer impact, business value, technical feasibility, or strategic alignment. Multiply the scores with the weights to calculate a total score for each item, and prioritize them accordingly.
Example: Prioritizing new product features:
- Customer Impact (Weight: 40%): How much value the feature delivers to customers.
- Business Value (Weight: 30%): The potential revenue or cost savings associated with the feature.
- Technical Feasibility (Weight: 20%): The complexity and resources required for implementation.
- Strategic Alignment (Weight: 10%): How well the feature aligns with the overall product strategy.
- Kano Model:
- Categorize features into three groups based on their impact on customer satisfaction: Must-Have, Performance, and Excitement.
- Must-Have: Basic features that are expected by customers and provide minimal satisfaction when present or dissatisfaction when absent.
- Performance: Features that directly impact customer satisfaction. The more of these features, the higher the satisfaction.
- Excitement: Surprising or innovative features that go beyond customer expectations, generating delight and differentiation.
Example: Prioritizing features for a gaming console:
- Must-Have: Basic game controls, multiplayer capability.
- Performance: High-definition graphics, smooth gameplay.
- Excitement: Virtual reality integration, voice command features.
- Impact vs. Effort Matrix:
- Plot features or tasks on a matrix based on their potential impact or value and the effort or resources required for implementation.
- High-impact, low-effort items are prioritized first, followed by high-impact, high-effort items. Low-impact items with high effort can be deprioritized or reconsidered.
Example: Prioritizing website optimization tasks:
- High Impact, Low Effort: Optimizing images, improving page load speed.
- High Impact, High Effort: Redesigning the user interface, implementing advanced personalization.
- Low Impact, High Effort: Adding minor visual enhancements.
- Cost of Delay:
- Assess the cost or impact of delaying the implementation of a feature or task. Prioritize items with higher potential costs of delay, such as missed market opportunities, revenue loss, or customer dissatisfaction.
Example: Prioritizing new feature development for a software product:
- Features with time-sensitive market opportunities or competitive advantage.
- Features that address critical user pain points or customer requests.
- Features that align with upcoming marketing campaigns or business initiatives.
These prioritization techniques provide structured approaches for product managers to make informed decisions about which features or tasks to focus on. The choice of technique depends on the specific context, objectives, and constraints of the product and organization. It’s important to involve stakeholders, gather data, and adapt the prioritization approach based on real-time information and changing circumstances.