Lenny Rachitsky: belief

Transcript context

…ually tells you is the addition of those features, people are not willing to pay the addition in terms of price, so they would actually opt out of the lineup that you actually have for your customers. So these kind of things, if you do these kind of exercise, you can get more precise on things like price elasticity, build some simulation models, try to understand how the market would react, et cetera. And different methods are actually applicable at different stages of a product and different stages of a company. If you're very early stage, let's say just an idea, just have the conversation. Just even asking, would you pay for it, is a good question because if someone says no, then ask why. Then you'll hear a lot of good information. If someone says yes, ask them, why would you pay for it, they would articulate back the value that they understood, and that should be in your value messaging. So that's just the simple questions. If you are somewhere in middle, then maybe some of these, if you're in the [inaudible 00:32:44] seat stage, maybe some of the purchase property questions, all of these things can actually be a quick and dirty way to at least get to an answer and a point of view. Or if you're launching a product and it's in late stage or late stage in the product or the company lifecycle, and you need to get more precise in terms of your pricing and packaging strategy, then some of the methods are around trade off exercises, most, least, all of these things become incredibly relevant. Sorry, it was a long answer, but there are so many methods. It's all summarized in chapter four. So just one chapter to read in the book. That was perfect. Thank you. Amazing. You mentioned that you want to ask why a lot, and that's something you talk about in your book a bunch. I think something like 50% of your questions should be why, after they answer these questions. Is that right? That's absolutely right. Yeah.…

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