Product Prioritization Frameworks in 2023: A Deep Dive into the 6 Most Common Approach

Deciding on certain features of a product, build type or anything that has to deal with different aspects of a soon-to-be-released item falls under the category of product prioritization framework. 

Factually speaking, a prioritization framework is an amalgamation of a systematic & data-driven approach to evaluating ideas, continuous improvements, stakeholder management, product alignment strategy, and tons of other things. 

You might be in the thick of it, dealing with an isolated group of prioritization methods, without even realizing that it’s part of a bigger product prioritization matrix or vice versa. 

This post highlights the basics of different product prioritization frameworks, the ideology behind them, and the steps that form the product prioritization framework in the first place.

Let’s get started.

Product Prioritization Framework and Steps Involved In It

Product prioritization is a critical aspect of product management, where decisions are made on which features or initiatives to focus on first, considering limited resources and competing demands. 

A product prioritization framework is a systematic approach that helps product managers, including beginners, make informed decisions about what to prioritize in their product roadmap. 

1. Define Product Goals and Objectives: 

The first step in any product prioritization framework is to establish clear product goals and objectives. This includes understanding the vision and mission of the product, identifying the target market, and defining key metrics or KPIs that align with the overall business strategy.

2. Gather and Analyze Data: 

Data-driven decision-making is essential in product prioritization. 

Collect and analyze relevant data such as customer feedback, market research, user analytics, and business metrics to inform your prioritization process. 

This helps you to understand customer needs, market trends, and the potential impact of different initiatives on your product’s success.

3. Evaluate Ideas and Features: 

As a product manager, you may have multiple ideas and features in your backlog. 

Evaluate each idea or feature based on various criteria such as customer value, business value, technical feasibility, and strategic alignment. 

Use techniques like the prioritization matrix, scoring models, or cost-benefit analysis to objectively assess and rank different ideas or features.

4. Consider Resources and Constraints: 

Product prioritization also requires taking into account the available resources and constraints, such as budget, time, and team capacity. 

Evaluate the feasibility of implementing each idea or feature within the available resources and constraints. 

It helps with making realistic decisions based on what is achievable within your product development limitations.

5. Align with Product Strategy: 

Your product strategy should serve as a guiding framework for prioritization. 

Ensure that the prioritized ideas or features align with your product strategy and contribute to achieving the product goals and objectives. 

This helps you maintain consistency and coherence in your product roadmap, ensuring that initiatives are in line with the long-term vision of the product.

6. Involve Stakeholders: 

Product prioritization is not solely the responsibility of the product manager. 

Involve relevant stakeholders such as customers, cross-functional teams, executives, and other key decision-makers in the process. 

Gather feedback, perspectives, and insights from different stakeholders to ensure a holistic view of the prioritization process and make informed decisions collectively.

7. Continuously Review and Refine: 

Product prioritization is an iterative process. 

Regularly review and refine your prioritization decisions based on feedback, data, and changing market dynamics. 

Be open to learning, adapt your prioritization approach as needed, and continuously optimize your product roadmap to maximize value.

8. Communicate and Execute: 

Once you have prioritized your ideas or features, communicate the decisions clearly to your team, stakeholders, and other relevant parties. 

Ensure that everyone understands the rationale behind the prioritization and the expected outcomes. 

Execute the prioritized initiatives in a structured and coordinated manner, tracking progress against set goals and making adjustments as needed.

6 Different Product Prioritization Framework and Prioritization Methods That You Need To Know

There are several types of product prioritization frameworks, each with its unique approach and use cases. 

1. Value vs. Effort Matrix: 

This framework involves plotting potential product ideas or features on a matrix with one axis representing the value or impact of the idea, and the other axis representing the effort or resources required to implement it. 

Product managers can categorize ideas or features into different quadrants based on their position on the matrix, such as low effort, high value (quick wins), high effort, high value (strategic initiatives), low effort, low value (low-hanging fruits), and high effort, low value (low priority). 

This framework is useful when product managers want to prioritize ideas or features based on their potential impact and the resources needed to implement them.

2. Kano Model: 

The Kano Model is a customer-centric framework that categorizes product features into three categories: basic, performance, and delight. 

Basic features are considered essential by customers and are expected to be present in the product, while performance features are those that enhance customer satisfaction linearly. 

Delight features, on the other hand, are unexpected features that exceed customer expectations and create a positive surprise. 

The Kano Model helps product managers understand the perceived value of different features by customers and prioritize them accordingly. 

Basic features need to be implemented first, followed by performance features, and then delight features to create a wow factor.

3. RICE Scoring Model: 

RICE stands for Reach, Impact, Confidence, and Effort. 

This model involves assigning scores to different product ideas or features based on these four criteria and calculating an overall score to prioritize them. 

Reach refers to the number of customers or users that would be impacted by the idea, impact refers to the potential impact or value of the idea, confidence represents the level of certainty in estimating the impact, and the effort represents the resources required to implement the idea. 

Product managers can calculate the RICE score for each idea or feature and prioritize them based on the highest scores, indicating the most valuable and feasible initiatives.

4. Weighted Scoring Model: 

This framework involves assigning weights to different criteria based on their importance and scoring product ideas or features against those criteria. 

Criteria can vary depending on the product and business context, such as customer value, business value, technical feasibility, strategic alignment, and market opportunity. 

Product managers can then multiply the scores with the respective weights and calculate a weighted score for each idea or feature. 

The higher the weighted score, the higher the priority of the idea or feature. Of all the prioritization methods, this framework allows product managers to customize the prioritization criteria based on their specific product and business needs.

5. Impact vs. Effort Bubble Chart: 

As one of the popular and overly simple prioritization methods, this approach involves plotting product ideas or features on a bubble chart with one axis representing the potential impact or value of the idea and the other axis representing the effort or resources required to implement it. 

Each bubble represents an idea or feature, and the size of the bubble can represent additional information, such as the estimated cost, revenue potential, or customer feedback. 

Product managers can visually assess the positioning of the bubbles on the chart to prioritize ideas or features that have the highest impact with the least effort.

6. MoSCoW Prioritization Framework: 

The MoSCoW prioritization framework is a simple and effective method for prioritizing product features based on their importance. 

The acronym MoSCoW stands for Must-have, Should-have, Could-have, and Won’t-have. 

The framework categorizes features based on their criticality and ensures that the most essential ones are prioritized first. 

Product Prioritization Methods Key Highlights & Use Cases 

MoSCoW Prioritization Framework:

Advantages:

• Simple and easy to understand.
• Provides a clear distinction between must-have, should-have, could-have, and won’t-have features.
• Helps prioritize critical features first, ensuring the most essential ones are addressed.

Use Cases:

• Useful when there are many features to prioritize and need to focus on the most critical ones.
• Suitable for early-stage product development where prioritization needs to be quick and straightforward.

Kano Model Prioritization Framework:

Advantages:

• A customer-centric approach: focuses on customer needs and expectations.
• Helps differentiate a product by identifying delighters that exceed customer expectations.
• Provides insights into customer satisfaction and user experience.

Use Cases:

• Suitable when there is a need to understand customer needs and align product features accordingly.
• Useful for improving customer satisfaction and loyalty by delivering delightful features.

RICE Prioritization Framework:

Advantages:

• A data-driven approach: considers reach, impact, confidence, and effort.
• Provides a quantitative method to prioritize features based on data and metrics.
• Helps prioritize initiatives based on potential business impact.

Use Cases:

• Suitable when there is a need to prioritize initiatives based on data and quantifiable metrics.
• Useful for making informed decisions based on measurable criteria.

Weighted Scoring Prioritization Framework:

Advantages:

• A flexible approach: allows the customization of criteria and weights based on specific needs.
• Provides a structured approach to prioritize features based on multiple criteria.
• Allows for easy comparison and ranking of features.

Use Cases:

• Suitable when there are multiple criteria to consider and decision-makers need a structured approach.
• Useful for aligning priorities with strategic goals and business objectives.

Value vs. Complexity Prioritization Framework:

Advantages:

• Balances business value with implementation complexity.
• Helps prioritize features based on their feasibility and impact on the business.
• Provides insights into the trade-offs between value and complexity.

Use Cases:

• Suitable when there is a need to balance the business value of a feature with its implementation complexity.
• Useful for making decisions that consider both customer value and resource constraints.

Agile Prioritization Framework:

Advantages:

• An adaptive and flexible approach: allows for continuous review and adjustment of priorities.
• Responsive to changing market dynamics and feedback from customers and stakeholders.
• Provides flexibility to prioritize based on the most up-to-date information.

Use Cases:

• Suitable when there is a need for flexibility and adaptability in a rapidly changing market.
• Useful for Agile development methodologies where priorities need to be continuously reviewed and adjusted.

Conclusion:

In summary, different product prioritization frameworks have their unique advantages and use cases. The choice of framework depends on factors such as product goals, customer needs, available resources, and market dynamics. Product managers should carefully evaluate the frameworks and select the one that best aligns with their specific requirements and priorities.

FAQs

What are the product prioritization matrix and its advantages?

A product prioritization matrix, also known as a product prioritization grid or matrix, is a visual tool used by product managers to evaluate and prioritize features or initiatives based on multiple criteria.

It typically involves plotting features or initiatives on a two-dimensional matrix, with each axis representing a specific criterion or parameter. 

The product manager then assesses and scores each feature or initiative based on these criteria and their relative importance to the product strategy and goals.

The advantages of using a product prioritization matrix include:

Clear Visualization: 

Product prioritization matrices provide a visual representation of the relative prioritization of features or initiatives. 

This makes it easy to understand and communicate the prioritization decisions to stakeholders, including team members, executives, and other stakeholders.

Objective Decision-Making: 

Product prioritization matrices provide a structured approach to evaluating and scoring features or initiatives based on predefined criteria. 

This helps product managers make more objective and data-driven decisions, rather than relying solely on subjective opinions or gut feelings.

Criteria Customization: 

Product prioritization matrices can be customized to reflect the specific criteria that are most relevant to the product and its strategic goals. 

It allows product managers to align the prioritization process with the unique needs and requirements of their product and organization.

Prioritization Consistency: 

Product prioritization matrices provide a consistent framework for evaluating and prioritizing features or initiatives. 

This aspect helps to ensure that the same criteria and scoring approaches are applied consistently across different features or initiatives, reducing biases, and ensuring a fair and consistent prioritization process.

Strategic Alignment: 

Product prioritization matrices help product managers align the prioritization decisions with the strategic goals and objectives of the product and the organization. 

It ensures that the features or initiatives that are prioritized are in line with the overall product vision and strategy and contribute to the long-term success of the product.