Why Marketing teams should prioritize their projects
As marketing is one of the most important aspects of any business, it is important to implement it in the right way. Making sure your marketing strategies are effective and on point is crucial for the success of your business so project prioritization is crucial. In other words, without effective marketing, there is no successful business.
One of the ways you can improve your marketing and product management is by implementing the technique of prioritization. This technique can benefit you in multiple ways, from improving your organization and time management skills, shaping an Agile culture to improve your effectiveness in office.
By prioritizing your tasks and projects, you will be able to manage your time more effectively and dedicate the right amount of time to each project on your list. Through the technique of prioritization you can determine which of your projects are the most valuable ones and which ones don’t require that much time and effort.
Placing the most valuable projects on the top of your to do list will make your efforts more valuable and your time better spent. Implementing prioritization techniques also benefits your personal development, as it helps improve your planning and organization skills. The better you become at planning and managing your time and projects, the better the outcome is going to be for you and your business as well.
On top of it all, prioritizing your projects and putting an emphasis on the most valuable ones will help you avoid distractions. Smaller and less valuable projects can often distract you while working on a more important task, which leads to loss of concentration and focus, eventually resulting in poorer results.
How Prioritization Works
The technique of prioritizing requires determining the value of all the projects you have on the wait list. Compare each project to one another, in terms of the value they have. The bigger and more important projects should be placed in front of the smaller and less relevant ones.
When prioritizing your projects, use the Fibonacci technique. The popular mathematic sequence, called the Fibonacci sequence, can help you prioritize your tasks and projects effectively. The Fibonacci sequence consists of numbers where each number is the sum of the two preceding ones. Thus, the sequence can go from the number 13 and continue with numbers 21, 34, 55, 89, 144, etc.
Use this sequence to estimate the value of your projects by assigning a number to each project you have. The most valuable project will be marked with the number 144, while the least valuable one will carry the number 13. Complete the projects in the set numeric order for the best results in terms of effectiveness and time management.
In order to determine the value of the project and thus assign a number from the sequence to it, you need to estimate the time of implementation of the project as well as the confidence level. Firstly, create a rough estimate of how much time it is going to take for a certain project to be completed. Set the estimate amount of time in hours. This way you will be able to more effectively determine which projects are larger and more time-consuming in order to prioritize properly.
In terms of confidence level, you need to rate each project on a scale from 1 to 10 in comparison to one another. To determine the confidence level of the project, that is, how confident you are about the project being completed successfully, think about how much potential each project has. If you’re confident that a certain project will end in success, rate it higher on the scale of 1 to 10. On the other hand, if you’re not so sure about the possibility of the project’s success due to reasons such as complex implementation, rate the project lower on the scale.
The Formula of Prioritization
The perfect formula for prioritizing projects is the following:
(Project Value / Project time estimation) x confidence level
The reason why this formula and the Fibonacci method are so efficient when it comes to prioritization is because of the correct determination of value. The Fibonacci method of prioritization allows you to scale each project in terms of value and put an emphasis on the more valuable and time consuming projects.
This method will put the best projects on top of your to do list and thus improve your productivity, focus and success rate. The best and most ideal projects are the ones that are high in value yet take less time to be implemented. Such projects are the ones that give most value in the shortest amount of time and, thanks to the Fibonacci method and this prioritizing formula, you will be able to implement those projects more effectively and create better results.
Another reason why this prioritization formula is so effective is because it will help you understand the difference between value and confidence. The confirmation bias, that is, the tendency to give in to information that confirms our beliefs, can often lead to mistakes in time management and project valuation and implementation.
The Fibonacci method will give you a better picture of what a project is actually worth, from an objective point of view. Objectivity is crucial when determining the true value of a project, as it prevents you from making mistakes in estimations.
Last but not the least, this formula is very simple to implement, which is why all stakeholders can take advantage of it. You should make your whole team familiar with this formula for prioritization, which will allow them to more effectively contribute to the implementation of different projects.
Having an entire team working in an organized manner with the right priorities set is crucial for the success of any business. Global prioritization can benefit a business tremendously, as it leads to faster implementation, better communication and overall better results.
Overall, prioritizing projects is the first step to improving time management, task implementation and effectiveness. Whether you’re working solo or in a team, prioritization will benefit your success tremendously!