Product prioritization in product management is essential if you want to satisfy your clients and make your business grow. In product prioritization, product managers prioritize what steps to take to deliver the best product value to the customer as fast as possible. In this process, we avoid time-wasting practices and only choose the most efficient actions in the provided variables.
Product prioritization frameworks are a set of rules which help us choose which steps to eliminate and where to shift our resources and workforce. They are vital as they enable us to deliver the best product to our customers in the quickest way. They help us decide the following things.
The bitter truth in making products is that you can never make a product that will satisfy the customer entirely. There will always be something missing in one way or another.
So, the best practice for product managers is to focus our team and resources on the most important step and go from there. So, it is very important to prioritize every step before we run out of funding or time.
The following are some of the best product prioritization frameworks that product managers can use to fulfill most of the customer's needs in the most efficient ways.
RICE framework was developed by the management team of Intercom. This is one of the best frameworks to prioritize ideas and steps to have the highest impact on making a product of any value. The four letters of this framework represent the following things.
Kano model is the set of rules that mainly prioritize customer needs and customer satisfaction. This model has two constraints. The first constraint is satisfied. In this, product manager, how pleased is the customer after implementing specific strategies.
The second thing is the functionality. How well the team has implemented a specific feature. Did we reach the expectations or not?
This method helps you divide the features into four priority-based groups based on what is essential to all the stakeholders and customers. There are the following groups.
This is a very innovative framework that can help you a lot to get creative ideas to reach the goal. In this process, you distribute the product features among your team and give them specific resources and budgets to implement the feature. When they will give you back the list, ask them why they spend on that feature.
Then, compare the list with the funds your customers are willing to spend on the total inventory.
This is a very innovative and easy way to have an idea about all the features of your product. In this method, you draw a tree on a whiteboard with the trunk representing features your product has already made, outermost branches representing features for a future update, and other branches representing features you currently have no knowledge of.
Then ask customers what features they might want to include or exclude.
In this framework, product features are viewed in the dimensions of value and risk. What will be the risk to the business value if we choose to eliminate certain features? There is no way to calculate the value of the feature, but the risk is classified into schedule risk, cost risk, functionality risk.
This framework includes coming up with ideal solutions and outcomes of the products and asking the customers about them and visualizing them in the form of graphs. Because customers do not always have good solutions to their problems, in this way, we secure an opportunity by viewing the satisfaction of a certain idea given to the customers.
It is one of the simplest frameworks which entirely focuses on the customer feedback and experiences rather than the opinions given by your team. In this, you get help in prioritizing the features by looking at the user feedback and experience from the start of the project to your current stage of development.
ICE models can help you go through the prioritization of the product in the fastest way possible. However, it is mostly not viable because it neglects the opportunity to get the right amount of data to make the decision.
If you are new to product prioritization, then this framework can be a perfect starting point. ICE stands for
This framework, with the help of the weighted drivers, will help you calculate the average score of all the features, and then you prioritize which features to invest your workforce and money in and which to eliminate. You use a simple method or complex management system to calculate the weighted score.
Product prioritization frameworks are methods to get everyone on the same page to achieve a common goal. They provide many possible solutions to a certain product, and you can choose which one fits you best. We hope this article has provided you with enough information about some of the best frameworks used in product prioritization.