Customer-Driven Prioritization

Buy a Feature

Buy a Feature is a prioritization and market research technique where customers are given a fictional budget to spend on a list of potential features or products. This method helps organizations understand which features customers value the most by observing how they allocate their budgets among the options provided.

Best suited for consumer-focused projects where direct customer feedback is crucial to determining feature development. Useful in both digital and physical product spaces.

IMPLEMENTATION

List Potential Features: Identify and list potential features or enhancements that could be developed.
Assign Costs: Assign a cost to each feature, based on its development complexity or strategic value.
Set Up a Simulation: Create a setting (often a workshop or online survey) where participants are given a fictional amount of money.
Let Customers "Buy": Customers spend their budget on the features they most desire or find valuable.
Analyze Results: Collect and analyze the data on how money was spent to prioritize features based on customer preferences.

PROS

Direct Customer Input: Provides clear insights into customer preferences based on their choices.
Engagement: Actively involves customers in the product development process, enhancing their engagement and investment in the product.
Simulates Real Market Decisions: Mimics real-world buying decisions, providing a realistic picture of customer priorities.

CONS

Simplified Context: May oversimplify complex decisions, as customers are not spending real money and may not consider long-term value.
Potential for Biased Results: Results can be skewed by the way features are presented or priced.
Resource Intensive: Organizing and running a Buy a Feature session can be resource-intensive, especially for larger customer bases.

EFFORT

Medium

Setting up and conducting a Buy a Feature session requires moderate effort, particularly in organizing and analyzing the data.

CONFIDENCE

Moderate

Provides valuable insights into customer preferences, though confidence levels should be tempered by understanding the limitations of a simulated environment.

ADAPTABILITY

High

The method can be easily adapted to different products, services, or market conditions by adjusting the features and the setup of the simulation.

TIME CONSTRAINTS

Flexible

Can be adapted to various timelines, though sufficient time should be allowed to plan, execute, and analyze the session effectively.

TIPS

Realistic Pricing: Set realistic prices that reflect the actual cost and value of features to avoid skewing decisions.
Broad Representation: Include a diverse group of customers in the sessions to capture a wide range of preferences.
Combine with Other Data: Use results in conjunction with other research methods to validate findings and cover different aspects of market research.

DESIRED OUTCOME

The desired outcome of using Buy a Feature is to clearly identify which features customers are willing to "pay" for, helping prioritize development efforts in line with customer-driven demand. This approach helps ensure that the most valued features are developed first, potentially increasing product success and customer satisfaction.

Stay tuned for an upcoming template.