Here at Product Gym, we receive multiple questions on a daily basis. One question that stood out which we had one of our lead instructors and Product Manager answer was:
How do you prioritize features in a new product, or at the release of an existing product?
“On the B2B sales cycle, we work to evaluate 3 revenue categories: new business, retention and upsell. By cataloging the sources of request for features, we can attach potential revenue to the features (Business Value). Keeping an eye on the percent progress of sales initiatives and churn risk / upsell willingness, we can properly weigh the value of new features against request priority from users (User Value). These two valuation scores are then contrasted with estimated effort and cost to build, and a prioritized list is presented to key stakeholders for context. Finally I make decisions about which priorities to address in what order, and get final stakeholder sign-off. We repeat the process on a quarterly basis, with monthly check-ins for reprioritization.”