Here are some tips and tricks to improve and complete your own prioritization system.
1) Efforts and Costs
Most of the frameworks mentioned above have a drawback of not considering efforts and costs. This is easy and critical to fix. Prioritization makes little sense when it takes into account only values. Any job requires investments like time or money or both. Add criteria with negative weights to any framework missing them.
The North Star Metric is the fundamental measure of success for the product team in a company. To find your North Star Metric, you must understand the core value you bring and try to convey it as a single metric. Famous examples of unique metrics are Airbnb "Nights booked" and Facebook "Daily Active Users."
If you know your company's North Star Metric, add it to your prioritization criteria. It will stimulate your teammates to think about how the next brilliant idea helps your company enhance its customers' core value a lot more. Lead the initiatives through a question:
Does this feature help us grow "the special metric"?
After a few cycles of evaluation, you'll see how much the ideas are misleading to your North Star Metric.
To use your OKRs for prioritization, you can develop a set of questions that the issues should go through.
Let's assume that one of your team's objectives is to increase the number of link clicks by 60%. To achieve it, you will probably need to increase the amount of website traffic in general, so, when considering some new features, you might ask yourself a question: Will this help me to increase traffic? And your other objective is to lower the cost per conversion by 20%, and when considering marketing tools, you might ask yourself questions like: Is this tool/service expensive? Is this tool/service efficient?
For these reasons, you may come up with such criteria:
Traffic—Does this bring a lot of users to the website?
Cost—Does it cost a lot?
Conversion—Does it help to convert visitors into buyers?
Time—Will it take a lot of time to complete the task?
4) Team Alignment
Regardless of the prioritization framework, the most important is to evaluate the criteria by the whole team. This will help you build a solid shared understanding. Thus you all will try to understand the product from every angle and the impact of everything you develop. Evaluate asynchronously and then check how scattered your scores are. Is it that the criterion isn't clear? Or the task is poorly stated? Or some important data was missed? Or someone simply has a unique point of view that may change the whole team's perception?