Tips to Prioritize the Features of a Product
No matter how big or little your business is, there are always a lot of different viewpoints and suggestions for the next feature to add to your product. In order to optimise the worth of suggested concepts, a prioritisation procedure needs to be put in place.
It’s a difficult process, though, because a lot of stakeholders will want to know that the correct product feature is being developed to guarantee profitability. These are six suggestions for selecting a product feature that complements your company.
Tips to prioritize the features of a product
Remember your business goals
A right product manager will ensure that new features align with the broader business strategy and the product plan. This might involve making sure that all parties are in agreement and reminding stakeholders of the direction of a product. It will be simpler to gather solid product ideas and win over key stakeholders if you do this.
Ensure ideas are complete
Ideas can come from a variety of sources. You can get ideas from every team in your business, conduct concept tests, or get feedback from your clients. Whatever the source, it’s critical to make sure concepts are communicated clearly. For example, a feature can be proposed without a justification for its necessity. Finding out how a feature would improve a product overall may require following up with that individual.
Merge duplicate ideas
People will frequently offer ideas that are similar to one another, so you might wish to merge them to shorten your list of original ideas. However, you should proceed with caution. It is not desirable to combine similar concepts and lose specific specifics. Subsequent concepts are grouped underneath the main idea. This allows you to retain valuable information that may be used to assess the need for a certain product feature.
Use a scoring system
It’s time to start assigning a rank to each concept. Product managers ought to take into account a minimum of two metrics: impact and effort. Idea A, for instance, might have a significant impact, but it might also be more expensive and yield a lower return on investment than Idea B. It will be simpler to reject or accept ideas if the impact and effort of each product idea are thoroughly understood and ranked.
Select an idea
You ought to have a better idea of which product features will benefit the organisation the most when you’ve finished the grading system. Occasionally, difficult choices must be taken, particularly when stakeholders disagree on the best course of action. Nevertheless, in order for the team to perform concept testing and determine precisely what has to be built, a call for promoting an idea to a product feature needs to be made.
Provide feedback to stakeholders
Those who submit suggestions will be curious as to why they were turned down. It is crucial to explain this, as it fosters communication and increases internal openness in an organization. You may clarify why an idea was turned down and then confirm the direction and placement of the product by using the scoring system.
What are Product Features? Definition, Examples and Types
A product feature is an attribute or function that adds value to the customer base of the product. It may consist of features, functional components, or performance enhancements. Products are made up of their features, and product managers are aware that adding the proper features can increase adoption rates and provide a positive return on investment. If the right research and prioritization are done, it might be easier to balance consumer pleasure and product vision. In this article, we will learn what is Product Feature, how to define product features, its components, types, examples and some tips to Prioritize the features of a Product.
What is Product Features?
Table of Content
- What is Product Feature?
- How to Define Product Features
- What are Product Features in Marketing?
- Why are Product Features Important?
- What are Features and Benefits of a Product?
- Product Features Vs Benefits
- Product Features Vs Epics, User Stories, and Requirements
- Product feature Components
- Types of Products Features
- Product Features Example
- Tips to Prioritize the Features of a Product
- Conclusion: Product Features
- Product Features – FAQs
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