Why You Keep Falling for Ads — Explained by Rory Sutherland | The Places We'll Go Marketing Show YouTube Video Summary
The video discusses the challenges of marketing in a deterministic world of advertising that has been proven wrong by real life applications. Rory Sutherland, vice chairman of OgilvyOne, discusses the importance of marketing for innovation and how to deal with various brands. He emphasizes brand perception, how to keep a company innovative in marketing, and how traditional economic thinking creates difficulties.
Detailed Summary:
Why You Keep Falling for Ads — Explained by Rory Sutherland
Rory Sutherland (vice chairman of OgilvyOne) is interviewed on The Places We'll Go Marketing Show, discussing consumer insights that drive commercial success and challenges the traditional economic thinking that gets in the way.
Obscurity Vs Fame in Marketing
It is discussed that fame often leads to more luck as your customer base finds you, but when a business is obscure they will spend their lives chasing down customers. For this to change for smaller obscure businesses we have to change some key principles:
- Acknowledge the probabilistic nature of business; it's not deterministic.
- You will need to "piss off" old clients to find new ones
Good CEO Vs Bad CEO
It is stated that the fundamental difference that distinguishes a good CEO to a bad one is the acknowledgement of the probabilistic nature of business, rather than determinism. In this case, exploitation funds exploration, and that then informs future exploitation, this is again another way of stating how things will be probabilistic.
Rory's Unique Perspectives
Rory brings a unique perspective of unconventional ideas and champions the cause. Rory challenges traditional economic thinking and explores how human psychology shapes our decision-making. It is discussed that the fundamental thing to acknowledge as a marketer is to respect the financials of the business, and for innovation a fundamentally different account is necessary.
Understanding Metrics
The issue that many people have now is that it is easy to see what gets traction, but the key is to learn from it and find useful data from it that allows the next steps to be improved. It is also mentioned that as marketers we have to accept that to get to that certainty one must spend the money and time on exploration in order to determine our path and which insights provide direction.
To summarize all of this data, this comes down to seeing that there are those in the world of business which like things planned (accountants), where as there are people such as Rory Sutherland who thrives where things need to be changed and creativity is a must. For this to work there needs to be a balance to see what is a business decision versus a human decision.