As a Product Manager, it's essential to keep your product moving forward and growing. However, with limited resources and a large backlog, many Product Managers find it challenging to determine which initiatives to focus on. This is where product prioritization comes in.
Prioritization ensures that the most critical projects are given the necessary attention and resources.
In this article, we’ll explore four product prioritization frameworks that can help you identify and prioritize your product initiatives, namely the RICE prioritization framework, buy-a-feature framework, Kano model, and the MoSCoW Method.
RICE Scoring
The RICE prioritization framework was created by the head of growth at Intercom, Sean Ellis. The acronym RICE stands for Reach, Impact, Confidence, and Effort. Each letter results in a score between 1 and 10 for each initiative, which is then multiplied to provide an overall RICE score. Reach measures the number of customers impacted. Impact measures the potential for impact, i.e., the likelihood of the initiative having an effect. Confidence measures the certainty that the initiative will be successful. Effort measures the amount of resources needed to complete the initiative. The framework is easy to understand and can be used by Product Managers to prioritize initiatives quickly.
Buy-a-Feature Framework
The buy-a-feature framework uses a game-like approach to arrive at prioritization. It allows customers to buy features with a limited budget. With the money being limited, customers must decide which features are most valuable to them. This framework is beneficial as it provides Product Managers with insights into what customers value most, which helps them prioritize the right features in the product backlog.
Kano Model
The Kano Model prioritization framework is built on the premise that customer satisfaction is a driving factor in prioritizing features. It involves assessing user expectations through three categories: basic, performance, and excitement. Basic features refer to must-have criteria, while performance features represent the desired features that will translate into customer satisfaction. Excitement features refer to those features that delight the customer. The Kano model can be used by Product Managers to understand customer needs and prioritize features using data-backed insights.
MoSCoW Method
The MoSCoW Method prioritizes feature development based on four categories: Must-have, Should-have, Could-have, and Won't have. The Must-have features are those that are crucial to the product's success and must be developed in the given release cycle. Should-have features are those that are essential for meeting the needs of the target audience. Could-have features are those that are desirable but not necessary for a successful product release. Won't have features are those that were once necessary but could now be dropped without having a negative impact. This framework helps Product Managers to prioritize their initiatives based on a timely manner.
Product prioritization is a crucial part of product management. The frameworks mentioned in this article can provide Product Managers with insights into what initiatives require priority and can provide guidance on how to prioritize these initiatives.
Product Managers need to choose the frameworks that fit with their organization and product, which will ultimately help them make the right decisions and build a product that their customers will cherish.
Each framework mentioned in this article has its strengths and weaknesses. Still, by considering each framework's benefits, Product Managers can develop a successful prioritization plan and lead their product towards growth and success.
