Willingness to Pay Should Be at the Core of Product Design

The core thesis of Monetizing Innovation is that product failure is rooted in the failure to put the customer’s willingness to pay at the core of product design. Designing around the price—which measures value and priority—helps guide product design based on the customer. Companies often build the product and then do marketing and pricing, but that amounts to a leap of faith at best and a painful disconnect that leads to failure at worst.

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A MaxDiff comparison helps reveal the ranking of pairs of features without directly asking users to stack rank them. People have an easier time saying the best or worst item in a set than to rank them so this technique is a way of getting a more accurate idea of the relative priority of a feature.