Product prioritization template

As product teams begin to get new projects up and running, they need a single source of truth: one place where they can meet as a team and create product plans that are clear, stable, and keep everyone on the same page.

Enter: Mural’s product prioritization framework template — which features a method of creating consistent principles, metrics, and strategies that help teams decide how they are going to work on their latest assignment.

What is a prioritization framework?

Also called a product management prioritization framework, a product prioritization framework is a way for product teams to come together and set clear expectations on how to build and work on a product plan. Product prioritization is an important step in the product creation process because it helps teams stay focused, know what they’re supposed to be working on, and track progress.

Why should you use a product prioritization framework?

Building products is a complex process. It can get even more complicated if there isn’t a dedicated place to house important logistical objects like goals, priorities, business objectives, and more. Poor teamwork — which includes teams that just can’t seem to figure out priorities — can often lead to burnout, according to Mural’s Teamwork Research Report. In fact, “45% of knowledge workers say it leads to employee turnover.” Product prioritization frameworks provide a single workspace designed to help your team score and prioritize features based on their strategic value.

There are a lot of different frameworks to choose from, like Kano models and RICE templates, so evaluate your project and experiment with the different types of frameworks available to you. What’s important is that you find a framework that your team will use consistently to keep everyone up to date and fits with your project. You can start a new product plan here.

Benefits of using a product prioritization matrix

• Prioritization frameworks help teams effectively focus on key objectives.

• You’re set up to efficiently allocate your team’s time and resources.

• When using a product prioritization framework, you make better, strategic decisions.

How to use Mural’s product prioritization framework

Step 1: Define objectives

Clearly lay out what your team wants to achieve with your product, listing out criteria like business goals, user needs, or strategic targets.

Step 2: Gather and document ideas

List all potential product features, improvements, or projects you’d like to include in your plan. Then, start documenting relevant details like estimated costs, impacts, and dependencies.

Step 3: Choose a framework

Select a product prioritization framework that fits your needs. There are several to choose from, like RICE, MoSCoW, Kano model, Value vs. Effort matrix, and Weighted scoring.

Step 4: Evaluate and Score

Use your chosen framework to evaluate and score each feature or project based on the specific criteria of that framework. For example, if using the RICE framework, measure your product features based on potential reach, impact, confidence, and effort.

Step 5: Plan and Execute

Create a product roadmap that reflects the prioritized features and projects you’ve evaluated.

Step 6: Monitor and Adjust

Track the progress of the prioritized features and assess their impact, adjusting your timeline and prioritizing as needed to stay aligned with your overarching project goals.

Tips on using Mural’s product prioritization framework

• Keep it clear: Avoid unnecessary complexity and language so everyone stays on the same page.

• Involve relevant stakeholders: Be sure to collaborate with subject matter experts and team members who are directly involved in the process.

• Regularly tidy your mural: Continually refine your document as needed to reflect updates and capture important feedback using comments and sticky notes.