Here’s how:
In the world of product management, there are many ways to prioritize features. The first step is to figure out which features are most important to the success of your product. In order to do this, you should be able to answer the following questions:
- What problem does [feature] solve for our users?
- What problems does [feature] solve for our customers?
- How does [feature] make our product better than what it was before?
Once you’ve answered these questions, you can start prioritizing your features. This can be done in several ways:
- Prioritize based on user experience (how easy something is to use).
- Prioritize based on customer experience (how happy customers will be with this feature).
- Prioritize based on how much value it adds to your product’s success as a whole (what makes it stand out from competitors).
We will help you understand how to correctly prioritize tasks, features, and other elements in the product management process so that you don’t lose another night of sleep worrying about it.
HOW SHOULD YOU PRIORITIZE FEATURES DURING PRODUCT MANAGEMENT?
Instead of focusing on what you want to build, think about what your customers need and what they’ll appreciate most. This will help you come up with a list of features that are really important for customers—and then prioritize those features over others.
When it comes to prioritizing features, there’s no right or wrong way. But here are some tips for getting started.
- Look at what your users want and need, and then use that information to guide your feature decisions.
- Be aware of the size of your product—know how much time and money it takes to build a feature and make sure that whatever you’re building is worth the effort (and budget).
- Consider whether the chosen feature will help grow your user base or improve engagement with existing users.
We have tried many methodologies of product prioritization and listed the most effective ones below.
EFFECTIVE METHODOLOGIES OF PRODUCT MANAGEMENT
Product management is a tricky field, and it’s important to be able to make the right decision when it comes to prioritizing products. Luckily, there are a few different methods that can help you make that decision. Since having more options increases your ability to adapt, let’s examine these 5 various methods:
- Kano Model
- RICE
- ICE
- MoSCoW method
- Lean Prioritization
KANO MODEL
- The Product Owner is accountable for defining the product vision and ensuring that the team adheres to it at all times. The Product Owner must be able to articulate the needs of their customers and will provide regular status updates on any changes they deem necessary. They also have ownership over prioritization decisions and are responsible for ensuring alignment with stakeholders throughout the process.
- The Development Team plays a critical role in achieving success within this process as they are responsible for developing features and enhancements that meet customer needs while balancing business requirements with technical constraints such as memory usage or performance metrics. The Development Team works closely with both end users and stakeholders throughout each sprint cycle where they develop feature stories which are prioritized based on user feedback during testing sessions conducted once per iteration cycle (typically every two weeks).
Kano is a product management tool that allows you to track everything from ideas to customer feedback. It has built-in analytics so that you can measure your progress against set goals and metrics at any time during the development process. You can also set up custom KPIs (Key Performance Indicators) based on any metric or other data points that interest you!
RICE Model
The RICE model is a product management model that can be used to help you manage your products.
R-Reactive: When you launch a product, it’s important to launch with an alert and plan for how you’ll react to feedback from your users.
I-Investigate: Once you’ve launched your product, it’s important to find out what people are saying about it so that you can make changes if necessary. This could include listening in on conversations or using tools such as Google Analytics or Mixpanel to get real-time information about your users’ experience with your product.
C-Create: Once you have investigated your product, it’s time to create new features based on user feedback. This could mean adding new features or changing existing ones based on user requests or needs.
E-Evaluate: After creating new features or changing existing ones based on user requests or needs, evaluate whether the changes have been successful in improving the overall experience of using those features by talking to more people who use them regularly.
ICE MODEL
The ICE model is one way to help you understand what differentiates each type of product manager from others. ICE stands for “Initiate, Coordinate, Execute.” It’s a way of thinking about your team members’ roles that can help you determine how well they’re working together, and whether or not it fits with what your company needs.
When you use the ICE model, you’ll see that each role has specific responsibilities: Initiating means taking action on ideas; Coordinate means getting everyone involved in the process; Executing means getting things done quickly (and effortlessly!).
ICE has been applied successfully across a wide variety of industries, from software applications to fast-food restaurants.
MOSCOW METHOD
Moscow is a product management framework that helps you prioritize, track, and measure your company’s efforts to build products that customers love. It comes from the idea of “mindset-driven development”—the idea that product managers can make better decisions about where to focus their efforts by thinking about their own mental models of the world.
The name Moscow stands for “from concept to user, to value.” It’s a model for thinking about products from the perspective of users (concept), who are in the best position to understand the needs of their customers — and iteratively develop features based on those needs (user). Then there’s “making it work” — making sure that your product actually works as intended so that it delivers value (value). Finally, you have “what else?” — what else could this feature add? How can we take this product further?
Using Moscow as a framework will help you identify where your team should focus at any given time. It’ll also help you make sure that each step of the process is being followed, ensuring that no steps get skipped over or glossed over.
LEAN METHOD
Lean methodologies are methods for improving an organization’s efficiency and effectiveness by identifying waste and making changes. In order to implement a Lean method, you’ll need a strong understanding of operations, as well as the ability to work with your team members to develop new processes and systems that are more effective. You’ll also need the ability to communicate clearly with others in your organization about these changes.
In order to do this, you need to know what’s important. To accomplish this, we start by asking: “What are our goals?” This will help inform the way you label your features and tasks. After all, if you have a goal of building a great product for users, then it’s important to make sure that every feature or task supports that goal as much as possible. Once we’ve determined what goals we want our product to support, we can begin prioritizing features and tasks based on their impact on those goals.
CONCLUSION
As a product manager, you need to know what the minimum viable product is for your product, and what features need to be prioritized for development in order to release it on time and within budget. This can be a stumbling block for new product managers but, with a bit of organization and communication, prioritization should not be a difficult endeavor.
