The product manager gets various ideas from stakeholders, executives, customers, and the sales team. But more than getting the ideas, the challenge is to choose the right one. As more failures are due to wrong ideas compared to lack of ideas. Here comes in picture feature prioritization.
Feature prioritization is the planning of features team needs to work on priority based on product strategy. It is one of the challenging tasks as product managers have to complete it without any market surveys or data available that also within limited time and cost. There are various tips to do feature prioritization. We will be sharing some of the important techniques a manager should follow while prioritizing by keeping the product roadmap in mind.
1 The MoSCoW Method
This technique is used to prioritize what’s important and what’s not. It mainly means
Must have- The most vital features. These are the features that you cannot miss in a product. Such as safety features and legally required features.
Should have- High priority features. These are the required ones but they will not cause any disaster If missed in a product.
Could have- Possible or optional feature. These are the features that will be added as per the resource availability. If possible, it’s nice to add them.
Won’t have- Not required ones feature. But it doesn’t mean they are trash or will never be introduced. Won’t have features are those which can be delayed they will be in the picture but not now.
2 Categorize Feature
To keep things objective is better to view every feature through various lenses such as
Viability- Check the feature at what percentage of it helps in your roadmap, strategy, and market requirement. Get a clearer view of the effect of a feature in a larger system by communicating with higher executives.
Feasibility-Measures the compatibility of features technically. Are they within the reach or not to produce, based on resources and tools?
Desirability- Go through various means to know how desirable the feature is for your customers. To know you can discuss with a marketer, researchers, sales team, and designers, etc to validate the desirability.
3 RICE Method
R- Reaches many people as possible. Check at every interval the number of people this feature affects.
The I-Impact project has made on the individual is reached. Measure with the below-mentioned scale as there is not a particular tool to measure impact.
0.5-low impact and
C- Confidence helps when you are not sure about your decisions. So always have your confidence as it’s the reason sometimes to win the losing race
E- Effort you and your team put in the project effort directly affects the impact, reach, and also confidence. So it’s necessary to measure it beforehand.
By working on these 3 key techniques any product manager can successfully prioritize the feature and work out the product release following the product roadmap within time and cost limit.