The most popular requirements prioritisation technique in the universe is called MoSCoW.
The acronym stands for:
M - Must have
S - Should have
C - Could have
W - Won't have
The problem with MoSCoW is that it's really not a prioritisation technique.
It's just a priority labelling technique. All it does is let you label the requirements. It doesn't tell you which of the requirements ought to be labelled 'Must have' and which ones ought to be labelled 'Won't have'.
MoSCoW is no different from using colour codes on requirements such as: green for must haves, blue for should haves, yellow for could haves, and red for won't haves.
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