Effective prioritization is crucial for product managers. It helps allocate resources to the most valuable work and ensures the product is developed efficiently. Keep reading to learn more about prioritization and how it benefits stakeholders and aligns with business goals.
Prioritization is an important aspect of product management because it helps ensure that the needs of different stakeholders are balanced. Stakeholders in a product development project may include customers, users, and the business.
By prioritizing tasks and features, product managers can ensure that the product roadmap aligns with business goals and meets the needs of its target audience. This helps ensure that the product is developed in a way that delivers value to customers and the business.
Effective prioritization also helps product managers balance the competing demands of different stakeholders. For example, a customer may request a specific feature, while the business may prioritize a different feature based on its potential impact on revenue. By prioritizing work, product managers can ensure that the most important tasks and features are addressed first.
Overall, prioritization is a crucial aspect of product management because it helps product teams focus on the most impactful work and ensures that the product is developed in a way that delivers value to all stakeholders.
There are several methods that product managers can use to prioritize work in their product roadmap:
MoscoW Method
The MoSCoW method is a widely used technique for prioritizing work in product management. It is based on the idea of dividing work items into four categories:
- Must-have: These are items that must be completed in order for the project to be successful. They are considered the highest priority.
- Should-have: These are items that are important, but not as critical as must-haves. They should be completed if possible, but can be delayed if necessary.
- Could-have: These are items that would be nice to have, but are not essential to the success of the project. They can be completed if time and resources allow, but are not a high priority.
- Won’t-have (for now): These are items that will not be completed in the current project, but may be considered for future work.
By using the MoSCoW method, product managers can prioritize work based on its importance and feasibility. This helps ensure that resources are allocated to the most valuable tasks and features and that the product is developed in the most efficient and effective manner possible.
The KANO model
The KANO model is a customer-centric approach to prioritizing product features. It is based on the idea that there are three types of product features:
- Basic features: These are features that customers expect a product to have in order to function properly. They are necessary for the product to meet minimum customer expectations.
- Performance features: These are features that enhance the product’s functionality and contribute to customer satisfaction. They are not necessarily expected, but they add value to the product.
- Excitement features: These are features that delight customers and exceed their expectations. They are not essential to the product’s functionality, but they contribute significantly to customer satisfaction.
By using the KANO model, product managers can prioritize features based on their impact on customer satisfaction. Basic features should be given the highest priority because they are necessary for the product to function properly. Performance and excitement features can be prioritized based on their potential impact on customer satisfaction and the resources required to implement them.
The KANO model can be used in conjunction with other prioritization techniques, such as the MoSCoW method or weighted scoring, to help product managers make informed decisions about which features to prioritize. It is a useful tool for product managers because it helps ensure that the product is developed in a way that meets the needs and expectations of customers.
Weighted scoring
When it comes to prioritizing your product roadmap, weighted scoring can be an effective method to determine which items should take priority..
This technique involves assigning a score to each item on the roadmap based on its perceived importance and feasibility. The scores are then totaled, and the items are ranked according to their overall score. By using weighted scoring, you can make informed decisions about which items to tackle first and allocate resources accordingly.
There are many different factors that you might consider when assigning scores for weighted scoring. Some common factors include:
- Impact: How significant will the impact of this item be on the overall product or business?
- Effort: How much work will be required to complete this item?
- Urgency: How pressing is it that this item be completed?
- Dependencies: Are there any other items on the roadmap that must be completed before this one can begin?
- Risk: What are the potential risks associated with completing this item?
You can assign weights to these different factors based on their importance to your business or project. For example, you might assign a higher weight to impact and a lower weight to effort, depending on your priorities. Ultimately, the factors you choose to measure will depend on the specific needs and goals of your product or business.
Value vs. effort matrix
To create a value vs. effort matrix, start by plotting each item on your product roadmap on a grid. The x-axis represents the expected value of the item to the business, while the y-axis represents the effort required to implement it.
Items that fall into the top right quadrant are high value, low effort tasks that should be prioritized first. These are the low-hanging fruit that will provide the most significant return on investment. On the other hand, items that fall into the bottom left quadrant are low value, high effort tasks that may not be worth the time and resources required to complete them.
By using a value vs. effort matrix, product managers can make informed decisions about which items to prioritize and allocate resources accordingly. This can help ensure that the work being done is aligned with the overall goals and priorities of the business.
Of course, it’s worth noting that value and effort are subjective measures, and different organizations may place different values on different tasks. The key is to be deliberate and transparent about your decision-making process, so that everyone is on the same page and working towards the same goals.
Impact/effort matrix
Like a value vs. effort matrix, it plots each item on a grid based on its potential impact and the effort required to implement it.
The x-axis of the matrix represents the effort required to complete the task, while the y-axis represents the potential impact on the product and the business. Tasks that fall into the top right quadrant are high impact, low effort tasks that should be prioritized first. These are the tasks that will have the greatest impact on the product and the business and will be relatively easy to complete.
On the other hand, tasks that fall into the bottom left quadrant are low impact, high effort tasks that may not be worth the time and resources required to complete them. By using an impact/effort matrix, product managers can make informed decisions about which tasks to prioritize and allocate resources accordingly.
Like a value vs. effort matrix, it’s worth noting that impact and effort are subjective measures, and different organizations may place different values on different tasks. The key is to be deliberate and transparent about your decision-making process, so that everyone is on the same page and working towards the same goals.
In practice
Here are three common software features that might need to be prioritized in an imaginary project, along with an example of how they could be prioritized using a value-effort matrix:
- A feature that allows users to customize their profiles: This feature might be considered high value because it could increase user engagement and retention. It might be considered low effort because it would only require a few days of development time.
- A feature that integrates with a popular third-party service: This feature might be considered high value because it could attract new users and increase usage of the software. It might be considered high effort because it would require a significant amount of development time and resources to integrate with the third-party service.
- A feature that allows users to track their progress over time: This feature might be considered medium value because it could be useful for some users, but may not be a priority for everyone. It might be considered low effort because it would only require a few days of development time.
Using a value-effort matrix, these features could be plotted on a grid as follows:
| Effort | Low | Medium | High |
|---|---|---|---|
| Value | 1 | 2 | 3 |
In this example, the feature that allows users to customize their profiles would be considered the highest priority because it has high value and low effort. The feature that integrates with a third-party service would be considered the second highest priority because it has high value but also high effort. The feature that allows users to track their progress would be considered the third highest priority because it has medium value and low effort.
Conclussion
By using these methods, product managers can effectively prioritize work on their product roadmap and ensure that resources are allocated to the most valuable tasks and features.
In conclusion, prioritization is an essential skill for any product manager. By using tools like weighted scoring, value vs. effort matrices, and impact/effort matrices, you can make informed decisions about which tasks to prioritize and allocate your resources accordingly.
There are many other prioritization methods out there, and finding the right one for your team and product will depend on your specific needs and goals. I hope that this post has given you a good starting point for exploring different prioritization techniques, and we encourage you to continue your learning journey by exploring the other posts on my blog.
By staying up to date with the latest best practices and techniques, you can continuously improve your ability to prioritize and drive value for your business.
So why wait? Start exploring my blog today and take your prioritization skills to the next level!
