Feature prioritization is a common challenge for a lot of product managers. Which features should be higher up on the roadmap? How do you convince engineers and other team members involved on which features should be built first?
Something that has helped me get through this challenge is categorizing different features idea/ requests into the following categories.
- Metric Movers – features that help your product move towards a specific goal and help pay the bills.
- Customer Requests – common requests you received by customers through support tickets and product reviews.
- Delight – features that help improve your product’s user experience and help increase user engagement and retention.
- Strategic – features that help further align your product with the company’s strategic vision and direction.
After splitting different features into the above categories I usually give a weighted benefit/cost score of 1 – 5 for each category and feature. Then calculate an overall score out of a 100 to rank each feature. You can do this via an excel spreadsheet or a tool like ProductPlan, which I use to creating my roadmaps. A example of ranked features would look as follows:
Splitting different features into the above categories has been a great tool that has helped my team makes sense of which product feature should be built first. Adam Nash, the CEO of Wealthfront has a great blog post on this process that I highly recommend you check out.