Top 8 Prioritization Framework For Product Management

Introduction

Product managers these days face many challenges at work. The major challenge of it is to prioritize the framework without any significant market research. It becomes difficult for them to determine how to prioritize features without valuable customer feedback. This also makes them irresolute if they are working on the right thing. Here, the prioritization framework comes in handy. It is a more scientific and logical way of prioritizing your work.

1. What is prioritization framework?
2. List of frameworks

1) What is prioritization framework?

Prioritization framework is a set of principles or a strategy that helps us decide what to work on next. It helps the organization determine if it works on the highest business value item and provides value to the customers. It helps to decide if our work contributes towards achieving the business objective and bringing our product to the market.

2) List of frameworks

Today in the market, several product frameworks are available to help you pacify your business activities. The most popular frameworks are:

• Kano Model

The kano model template processes prioritization down to two things, the satisfaction to customer and investment required. It focuses on increasing customer satisfaction and emphasizes on the investment required to implement it. It divides the feature into three categories, i.e. the basic features, the performance feature, and the exciting features. With everything divided into one of these groups, it is much easier to see where to lay more importance. This model is used in the earlier stage of a product with a constraint on the resources. It also identifies the customers’ features to be apathetic to and avoid any adverse reaction to the same.

• Rice

The rice prioritization framework is a traditional prioritization framework. It takes into consideration four factors namely reach, impact, confidence, and effort. It uses math and quantitatively evaluates the merit of each feature. It gives numerical scores based on which prioritization decision can be taken. It determines what will give you the most bangs for your buck.

• The Product Tree

The product tree is a simple framework that developed as a game to shape the product, so it matches the customer outcomes that will bring the highest value to the company. It ensures that no innovative ideas are left behind. Firstly, draw a tree on a large whiteboard and then ask the participants to mention some potential features and place it on the branches. This helps to determine which features need to be attended to first. It is highly collaborative, allowing you to tap directly into your customers’ insight without relying on a rigid survey.

• The MoSCoW Method

The MoSCoW method is a product prioritization framework, which allows us to determine what matters the most to our stakeholders and the customers. MoSCoW stands for Must-Have, Should-Have, Could-Have, and Won’t-Have features. Its power is in its simplicity. The items are weighted on their merits so that they are not mixed with other things. Must-Have is the features that have to be present and are non-negotiable. Should-Have is the ones that are important but not time-sensitive. Could-Have is a feature that is neither essential nor important to deliver within a period. They are a bonus if provided but do not have a great impact if left out. Wont-Have is the least critical features and not considered so vital.

• Story Mapping

It is also a product framework, which is simple to use. It emphasizes the opinion of the users rather than the stakeholders or the customers. Firstly, you create a series of categories that symbolize each stage of the user’s journey through your product. Using this, you can think about the way your customers move through your product from signing up, to set up their profile. You then place these tasks in order of relevance, from top to bottom. This helps you to prioritize the order of the features you will work on. It is quick and improves efficiency.

• Value vs Effort

Value vs Effort is another product management prioritization framework, which involves taking your list of features and initiatives and quantifying them, using value and effort scores. It can be used in any company in any industry. It leaves vague presumptions and assumptions out of the prioritization discussions. It is easy to use because it does not involve any complex formulas or models. In companies where resources are minimal, something as simple as a value vs effort analysis allows teams to focus only on the things that will have the biggest impact on their business and product goals.

Conclusion 

A product prioritization framework is a way to get everyone to the same terms to achieve the common goals of the organization. A collaborative process gives actionable results and information. It removes from the roots the ideas that are worthless. It helps to solve the product management puzzle by bringing all the pieces together.

If you wish to learn more about Product Management, our 6-month online PG Certificate Program in Product Management with IIM Indore is the reflect option for you! Check it out today.

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