I am trying to put together a single framework for feature prioritization. I have read a number of articles and blogs on this topic.
A number of product managers argue that it is very easy for new product managers to get sucked into thinking that feature prioritization is the most important function of a product manager. I agree with this argument. I believe that every product manager should have a broad view and have to be on top of a number of functions. But feature prioritization is still a function of product manager and there has to be a method for performing this!!
There seem to be a number of frameworks and approaches used by different product managers.
1) Assigning weightage to different attributes and prioritizing based on the score.
2) 2×2 matrix on the lines of BCG matrix with difficult of implementation (time, cost, risk, etc.) on x-axis and business value on the y-axis.
3) Matrix based on frequency of usage by holding up usage against personas.
4) 2×2 matrix with difficulty of implementation on x-axis and importance on y-axis.
So, which is the best method? I guess it differs from company to company. While one method might work well for a company, the others might not. If you were a newbie product manager, what method would you start with? Do you start with one and then cycle through the rest as you face difficulties with a particular model?
I would love to hear your thoughts on this!
In the next blog of the series, I will outline which model I would use and why.