Most organizations use bloated methods to prioritize products and features of tech products. They spend weeks (and sometimes months) trying to come up with the perfect formula to determine what they should spend their time on.
Resource allocation is important. But at some point, too much analysis and debate ends up hurting the organization in the long run. There is no way to have a perfect answer or a perfect ranking of product features.
Pragmatism is important. Is it better to do the “right” thing or the actionable thing? Most of the time, it is better to be actionable.
This is why I focus on real, quantifiable business measures of success to prioritize products in a method I call Practical Business Value. Marketing and tech leaders should only focus on 3 key categories:
- What do customers want?
- What is the real, financial value?
- What are the technical dependencies?
That is it.
Don’t reinvent the wheel and don’t turn every decision in to a science project. Understand what your customers want and need from you, determine what is technically possible and technically advisable and factor in the cost and benefit. Use effective financial metrics like breakeven and return on investment.
Then get to work.