Buy a Feature
Buy a feature: an engaging and strategic method for product prioritization
A method where users "purchase" product features with a limited budget to prioritize based on perceived value.
GOAL
Prioritize product features based on perceived value by simulating a purchasing process with participants using a fictitious budget.
TOPIC:
DIFFICULTY:
Easy
Among the various frameworks available to product managers facing the challenge of effectively prioritising their product features, "Buy a Feature" is an innovative and engaging method that gathers valuable feedback from customers and stakeholders.
What is this approach?
"Buy a Feature" simulates a purchasing process, where participants receive a fictitious budget and "purchase" the desired features from a proposed list. The features with the highest spending are considered the most prioritised, providing the product team with a clear view of the expectations and needs of their market.
How does "Buy a Feature" work?
Create a list of features: The first step is to define a comprehensive list of the features or product improvements you want to receive feedback on. The list should be broad enough to cover all areas of interest but manageable sufficient to overwhelm participants.
Assign a price to each feature: The price of each feature should reflect the estimated development cost, complexity, or other relevant factors. This "pricing" mechanism simulates the real world, where resources are limited, and each choice has a price.
Distribute the budget to the participants: Provide each participant with a fictitious budget of virtual money. The budget amount should be calibrated to encourage collaboration and negotiation among the participants without allowing anyone to purchase all the features on their own.
Have participants "buy" the features: Participants are free to spend their budget as they see fit, purchasing the features they believe are most important and valuable. During this process, observing their interactions, discussions, and purchasing strategies is essential.
Analyze the results and discuss with the participants: Once the purchases are complete, it is time to analyze the data and discuss the participants' decisions. This step allows you to understand the motivations behind their choices, identify any areas of disagreement, and delve deeper into market priorities.
Benefits of "Buy a Feature"
Identify the most important features for customers: This method clearly and objectively identifies which features are truly desired and appreciated by customers, providing a solid basis for defining development priorities.
Encourage collaboration and discussion: The "purchasing" process stimulates collaboration among participants, encouraging them to discuss, negotiate, and find shared solutions. This approach brings out different perspectives and builds a more substantial consensus on priorities.
Gain insights into customer decision-making: Observing how participants spend their budgets and interact with each other provides valuable insights into their decision-making process. This information can be used to improve understanding of customer behaviour and optimise marketing and communication strategies.
An engaging and fun method: "Buy a Feature" stands out for its engaging and entertaining nature. Participants are likelier to stay active and motivated throughout the process, providing more honest and in-depth feedback.
Overall, "Buy a Feature" is a valuable method for product prioritisation. It offers a combination of engagement, helpful information, and a strategic view of market expectations.
