The World's Best Book Summaries
What’s Occam’s Razor theory? How can you use it to solve problems quickly and effectively? In the first volume of The Great Mental Models series, Farnam Street founder Shane Parrish and content strategist Rhiannon Beaubien include Occam’s Razor as one of their models, as it’s a practical thinking tool. This model helps you cut to the chase when looking for solutions. Continue reading to understand what Occam’s Razor is and how to use it.
Once you’ve created a product positioning plan, what are your next steps? How do you make your plan a reality? Once you have a positioning strategy, you need to put it into effect. Your positioning implementation plan should involve creating a narrative about your product, building your messaging, and, finally, tracking your success and making any needed adjustments. Let’s take a look at each step in detail.
When you have more than one option, how do you know which one to choose? Can you actually train yourself to make better decisions? Let’s say that you’ve received a job offer at a great company. You’re pretty happy where you are now, but the new opportunity might be the right move to make. If you carefully consider the consequences (second-order thinking), the chances (probabilistic thinking), and the possibilities (possibility thinking), you’ll likely make the right decision. Read more to learn how to use these three mental models for decision-making.
In marketing, is chasing trends ever a good idea? If so, when? How should it be done? Sometimes you’ll find that you have the option to connect your product to a current trend. In Obviously Awesome, positioning consultant April Dunford discusses the pros and cons of this strategy. Continue reading for Dunford’s advice regarding latching onto a trend.
What are thought experiments? How can you use them to make better decisions? It can be fun to imagine what’s possible. You can actually harness this imagining to assist in decision-making and problem-solving. In The Great Mental Models Volume 1, Shane Parrish and Rhiannon Beaubien discuss the mental model of possibility thinking. Continue reading to learn how to turn your imagination into productive thought experiments.
What’s your product worth to your customer? How will each feature benefit them? In Obviously Awesome, April Dunford proposes a 12-step process that lets you position any product well. Step 6 involves product value. First, identify each feature’s benefit, and then figure out what the value of each benefit is. Let’s take a closer look at this step in the product positioning process.
Can you train yourself to think in probabilities? How can this mental model help you make better decisions? In The Great Mental Models Volume 1, Shane Parrish and Rhiannon Beaubien explain how estimating probabilities can narrow down decisions. They discuss three types of probabilistic thinking: Bayesian thinking, fat-tailed curves, and asymmetries. Keep reading to learn how probabilistic thinking can help you navigate difficult decisions.
What are the various kinds of markets in which you can sell your product? How do you determine which market is the right one for your product? Positioning means establishing the context for the use of your product, and selling your product in the right market helps provide that context. For instance, if you sell a new snack in the “chip” market, customers immediately know approximately what your product will look and taste like. Keep reading to learn how to target the right market and dominate it.
What is second-order thinking? How can it help you make better decisions? Because we live and act within large, interconnected systems—such as our workplaces or professional communities—our actions have consequences that ripple outward. Since anything you do has downstream effects, you should consider the immediate and secondary effects of any choice. Read more to learn how to use second-order thinking to everyone’s advantage.
Who’s most likely to buy your product? How can you figure that out? To help you position any product well, April Dunford provides a 12-step process. Step 7 is to pinpoint customer segments most likely to buy your product. Read more to learn about Dunford’s three-step process of customer segmentation analysis.