I've managed digital products (apps) from concept to maturity. My experience is with SaaS and apps, so it may or may not be relevant to your situation.

I think the best tool for prioritizing features is to create a features scorecard in a spreadsheet and use that tool to get alignment with your team as to what features get what priority.

Start with defining your business goals (e.g., get more revenue, increase word of mouth, reduce churn, increase retention, etc.). Then assess the resources you have (e.g., number of developers, designers, writers, customer support, sales, whatever your company has to "spend" to create any feature.)

In your spreadsheet, create a row for each potential feature and a column for each goal and each broad category of resource (engineering, marketing, support, for example). Use a small numeric scale (0 - 3) to "score" each feature in each column. For example, a feature may not move you toward goal #1, so you would put "0" in goal #1 column. For the resources, do the same. To the right of all these add a column that subtracts the sum of the resource or "effort" scores from the sum of all the goal column scores. You can multiply these scores by a confidence factor as well.

If you have a team, it's important to get their input on the scoring. This is not something you just show them and ask for approval. You have to involve them in a meaningful way. I can show you how to do that and point you to some examples you can use, if you'd like to give me a call.