Top Feature Prioritization Matrix Templates for 2024

Top Feature Prioritization Matrix Templates for 2024

What happens when endless feature requests are flying your way? Indecision. Don’t worry, you’re not alone. Been there, done that. And we’re here to tell you that things get easier once you start using a feature prioritization process.

We’ll make it even easier for you with a feature prioritization matrix template.

We don’t want to add more to your plate. We just want you to choose features that’ll genuinely enhance your product’s value.

This guide will help you confidently identify features that align with your product roadmap and goals and transform your feature backlog from a source of stress into a structured action plan.

We’ve packed it with clear, actionable strategies to help you feel in control and ready to target and execute the improvements your products require. No fluff, just the facts.

What is a feature prioritization matrix?

A feature prioritization matrix template is a tool that lets you step back and see which features are most important. This will help you decide on which ones should be developed first (and which ones can be delayed).

As a product manager, you lean on your product roadmap (if you’re not, you should be)!

Think of it like a roadmap for what to work on next and what’ll produce the best results for your product.

 A feature prioritization matrix template
A feature prioritization matrix template

Here’s how a feature prioritization matrix will help you (like we said, been there, done that):

  • Strategic focus: Use the matrix to zoom in on features that users will actually use.
  • Tailored approaches: ICE, Kano, or MoSCoW? Take your pick; just make sure the matrix fits your purpose.
  • Versatile fit: Even with the different matrices at your fingertips, you’ll have to tweak it to fit your needs. No problem. Frameworks like these are designed for bending.

Tokatab’s story** **is a great example.

They used the (P)RICE framework to rank features based on how many users it’d reach, their potential impact, and their confidence in these estimates. Oh, and the effort needed to build the app.

This approach helped them use their resources effectively and develop the features that mattered most to their users.

The bottom line is that feature prioritization matrices are the best way to spread your resources.

To see feature prioritization in action, check out our ”Fibery vs. X” comparison for a deeper dive.

Why should you use a feature prioritization matrix template?

Let’s just say it’s an easier path to decision-making.

A feature prioritization matrix sharpens your focus, helping you build what has a significant (measurable) impact. Using a template is like home cooking using Blue Apron (or any of the other meal-in-a-box kits).

Here’s why:

  • Act on what matters: You can sort features by impact and urgency.
  • Bring teams together: A visual matrix clarifies feature importance for the entire team, getting everyone on the same page (and working harmoniously.)
  • Data-driven decision-making: Use data, not guesses, to pick features.
  • Optimize your time (and money): Identify key features to prioritize your spending and development efforts, ensuring you don’t waste valuable resources.
  • Set targets: The matrices help you set (and hopefully hit) achievable goals.
  • Quality over quantity: Forget the myth that more features are better. Focus on building features that are valuable to your users.

With Fibery software development tools, you can integrate priority matrices into your software development process as easily as switching peanut butter brands for your daily PB&J sandwich.

4 free feature prioritization matrix templates

Now that we’ve hammered it in that you should use a feature prioritization matrix, let’s dive into a few that’ll change your life. Well, at least your work life.

Template #1: The MoSCoW method

The MoSCoW method is a relatively simple matrix that categorizes features into four distinct groups:

  • Must-have: These are the features you can’t go without. They’re non-negotiable because they’re the core functions needed to fulfill a promise to your customers.
  • Should-have: These features aren’t necessary for launch but should be included as soon as possible. They enhance the user experience but can wait if capacity doesn’t allow anything beyond the must-haves.
  • Could-have: These are nice-to-have features. They tend to be the ‘wow’ elements. They’re not critical but could give you a competitive edge.
  • Won’t-have: Features considered but out for the current cycle. This category can help you manage transparency.

Step-by-step, start with your list of proposed features and functionalities for your product. Then work with your team (because you know, teamwork makes dreams work) to classify each feature according to the MoSCoW categories.

The simplicity of the MoSCoW also makes it a flexible tool. As new information comes to light or market conditions change, you can reassess and re-categorize features.

But you don’t have to take our word for it. Instead, get it from the horse’s mouth (or customer stories). For instance, startups like Lemonade Insurance have leveraged methods like this to streamline their MVPs (minimum viable products), focusing on ‘must-haves’ to speed up time-to-market while maintaining the quality of the core offering.

Template #2: The impact versus effort matrix

This pragmatic approach helps you weigh the potential benefits of a feature against the effort and resources required to develop it. It’s an exercise in optimization, where you prioritize features that promise the most significant user impact for the least developmental effort. Kinda like trying to figure out what to feed your kids for dinner on short notice.

How to pull off this matrix:

  1. List all features: Start with a comprehensive list of potential features.
  2. Assess impact: Evaluate how each feature will (positively) affect your users and contribute to your business goals.
  3. Estimate effort: Consider the time, resources, and complexity of building each feature.
  4. Plot: Create a two-dimensional grid. Plot the features on this grid based on their assessed impact and estimated effort.
  5. Identify quick wins: Select features high in impact but low in effort. These are your quick wins to prioritize.

With the Fibery Integration page, you can visually sort your features by impact and effort. It’s like a prioritization Easy Bake Oven.

Template #3: Clarify priorities with ICE: Impact, Confidence, and Ease

The Impact, Confidence, and Ease (ICE) method offers a dynamic way to score features by their potential impact, how confident you are in the impact assessment, and how easy they are to develop. It’s a balanced approach that considers not just a feature’s potential upside but also the practicality of developing it.

Calculating the ICE score
Calculating the ICE score

Applying ICE to your feature list:

  • Impact evaluation: Measure the potential benefit of a feature to your users and business.
  • Confidence level: Assess how certain you are about the impact. This could be based on data, user feedback, or expert opinion.
  • Ease of implementation: Determine how straightforward it’ll be to develop the feature (considering existing technical resources, including humankind).
  • Calculate ICE scores: For each feature, average the scores for Impact, Confidence, and Ease to get an overall ICE score.
  • Prioritize accordingly: Features with the highest ICE scores should be at the top of your development queue, as they are expected to provide the best outcomes with the least friction.

ICE in the (hypothetical) world:

Suppose a personal finance startup has to decide between two features because of budget constraints. Although the 1) functionality for automated expense tracking has a high impact, the 2) alerts for budget limits have the highest combination of impact, confidence, and ease. Winner winner chicken dinner…#2.

Template #4: Strategic alignment with weighted scoring

This method introduces a more nuanced way to rank features by giving them scores that reflect the project’s specific goals and constraints. It’s an adaptable approach that gives you leeway for the needs of different products or markets.

Crafting your weighted scoring system:

  1. Define criteria: Identify what’s important for your product…user engagement, revenue potential, or strategic value.
  2. Assign weights: Pick some weighting out of thin air and assign those to the criteria.
  3. Score features: Evaluate each feature against your criteria and scores.
  4. Calculate total scores: Multiply each feature’s score by the weights.
  5. Rank by score: Order your features by their total scores. Those with the highest scores are your highest priority.
Weighted scoring put together in Fibery, using arbitrary numbers
Weighted scoring put together in Fibery, using arbitrary numbers

Weighted scoring in practice:

Let’s say you’re an insuretech startup, your investors have impressed upon you that user retention is paramount, and you have a feature that could increase user retention (which you’ve weighted accordingly). 

In optimized content-talk, we’d say this feature would score highly in the retention criteria, resulting in a high total score, signaling that it should be one of the first features you develop. 

In real talk, duh, yes, you’d run with this feature.

PM’s hot take

No matter which prioritization framework you are choosing, you can build it in Fibery. Seriously. Anything. All you need is to pick the right one for your processes.

10 Key metrics for prioritization success

Here are ten metrics that always matter:

1. User satisfaction: Run regular surveys and regularly check feedback for customer satisfaction scores.

2. Feature adoption: Monitor how easily users can learn new features.

3. Launch time: Track how long it takes to go from concept to launch — then aim to improve.

4. ROI: Measure the return on investment to understand spend vs. value.

5. Development pace: Track work throughput (i.e. how quickly development is done).

6. Post-launch performance: Track and learn from issues after release.

7. Popular features: Analyze user data and discover who likes what features (and why).

8. User engagement: Track how users respond to the changes after feature rollouts.

9. KPI alignment: Make sure that development (and the features themselves) are meeting key performance indicators, which should be aligned with the product roadmap.

10. Team efficiency: Track how well your team meets deadlines and maintains quality.

Make informed decisions with Fibery, where every metric is a step towards success. Check out how they’ve helped startups in setting strategies and connecting them to execution.

Choose your feature prioritization matrix template

Alright, it’s decision time.

You’ve seen what feature prioritization matrix templates can do for you, so it’s time to ditch the indecision and try one (or a few).

Hit download, and get those features sorted. Remember, Fibery is here to help you get your product out of the weeds and into the spotlight.

Grab the template that cuts the fluff and start prioritizing like a boss with Fibery.

Psst... Wanna try Fibery? 👀

Infinitely flexible work & knowledge hub.