Steve Boak discusses how the principles of explanatory journalism can be applied to product design, focusing on providing context and explaining complex issues. He emphasizes the importance of prioritizing important information over new developments and preventing "context collapse" by gathering diverse feedback from various stakeholders. Additionally, he highlights that space is not scarce in digital publishing, allowing for more detailed explanations to be shared. By organizing research and findings into a comprehensive "papertrail," designers can create summaries and conversations that provide clarity and context, ultimately leading to better design decisions.