The power of ideas that don't make sense - Rory Sutherland, Ogilvy
Just prior to the initial lockdown I caught up with Rory Sutherland to discuss the launch of his wonderful new book Alchemy. In this episode we cover why economics doesn’t explain why people buy the things they do, ergodicity - the word everyone marketer needs to learn, why effectiveness is not the same as efficiency and Alchemy - why marketing can be as valuable as the product itself.
Rory Sutherland is the Vice Chairman of Ogilvy, an attractively vague job title which has allowed him to co-found a behavioral science practice within the agency. Before founding Ogilvy Change, Rory was a copywriter and creative director at Ogilvy for over 20 years, having joined as a graduate trainee in 1988. He has variously been President of the IPA, Chair of the Judges for the Direct Jury at Cannes, and has spoken at TED Global. He writes regular columns for the Spectator, Market Leader and Impact, and also occasional pieces for Wired. He is the author of two books: The Wiki Man, available on Amazon at prices between £1.96 and £2,345.54, depending on whether the algorithm is having a bad day, and Alchemy, The surprising Power of Ideas which don't make Sense, to be published in the UK and US in March 2019.
What we covered in this episode:
What we covered in this episode:
- Why economics doesn’t explain why people buy things
- How the channel can be more important than the message
- Why dropping your price should be the most controversial decision you ever make
- The book that gave Rory a nudge towards behavioural science
- Why 1 x 10 is not the same thing as 10 x 1 from a marketing perspective
- Ergodicity. The word every Marketer needs to learn.
- Why the better your creative is the less you should target it
- Why Effectiveness is not the same as Efficiency
- The role uncertainty and risk avoidance plays in choosing a brand
- Why Usain Bolt eats McDonalds chicken nuggets
- How to charge for creative work
- Alchemy. How marketing can add as much value as the product itself.
- Why it’s time we appreciated Country music and Worthers originals
- How David Ogilvy described people who don’t respect the consumer
- Why being over 40 in Marketing means you must be brilliant
- The case for moving out of London
- Why students should be allowed to spend their student loan on anything
- Find out something Rory has never told anyone, it might surprise you!
