How do you prioritize value with stakeholders?

1 Define value criteria

Before you start working on your product backlog, you need to have a clear and shared understanding of what value means for your project. Value criteria are the standards and indicators that help you evaluate and compare the benefits and costs of each backlog item. You can use various tools and techniques to define value criteria, such as value proposition canvas, user stories, personas, SMART goals, and KPIs. Value criteria should be aligned with the stakeholder's needs, expectations, and feedback, as well as the team's capabilities and constraints.

2 Prioritize value collaboratively

Once you have defined your value criteria, you need to prioritize your backlog items based on their relative value. This is not a one-time activity, but a continuous process that requires frequent communication and collaboration with your stakeholders. You can use various methods and frameworks to prioritize value, such as MoSCoW, WSJF, RICE, or value mapping. The key is to involve your stakeholders in the prioritization process, either directly or through their representatives, such as the product owner or the customer proxy. This way, you can ensure that you address the most important and urgent needs of your stakeholders, and avoid wasting time and resources on low-value items.

3 Validate value frequently

Prioritizing value is not enough if you don't validate it regularly. Validation is the process of checking whether your backlog items actually deliver the expected value to your stakeholders, and whether they meet the quality and acceptance criteria. You can validate value in various ways, such as demos, reviews, testing, feedback sessions, surveys, or analytics. The key is to validate value frequently, preferably at the end of each sprint or iteration, and to use the feedback and data to inspect and adapt your backlog and your value criteria. This way, you can ensure that you deliver value incrementally and iteratively, and that you learn from your mistakes and successes.

4 Communicate value clearly

Finally, prioritizing value is not effective if you don't communicate it clearly to your stakeholders. Communication is the process of sharing information and insights about your backlog items, their value, and their status. You can communicate value in various ways, such as roadmaps, release plans, burn-up charts, value streams, or dashboards. The key is to communicate value clearly, concisely, and consistently, and to use the language and format that your stakeholders understand and appreciate. This way, you can ensure that you build trust and transparency with your stakeholders, and that you manage their expectations and satisfaction.

5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?