Mastering Product Prioritization

Walk me through how you prioritize your product backlog.

Airbnb

Firstly understand the importance and the reward of the task.

Now in the order of priority (1 being first and the rest follows):

Choose tasks that are high in severity and time-critical. (Showstopper issues, critical customer complaints)
Choose tasks that are the most rewarding in terms of goals set. (Goals for that quarter might be to increase customers or increase only the revenue.)
Choose tasks from the common pool of tasks that are of lower severity and might prove useful to the customers. (any other backlogs)

I would select the RICE matrix for the product backlog

RICE ( reach impact confidence effort)

Taking example :

Reach: how many people (user segment targetted) will this impact

Impact: how much will this impact each person? (Massive = 3x, High = 2x, Medium = 1x, Low = 0.5x, Minimal = 0.25x.)

Confidence: how confident are you in your estimates? (High = 100%, Medium = 80%, Low = 50%.)

Effort: how many “person-weeks/months” will this take?

Based on above calculate ( Reach * impact * confidence) / effort and calculate overall score.

Whichever epic/user stories provides lowest score should be selected