In this week’s Thought Sparks Podcast episode, Rita McGrath, a Columbia University Business School Professor, C-Suite strategist, business founder and best-selling author, sits down with Rory Sutherland, vice chairman of the Ogilvy & Mather group of companies and expert in behavioral science and creativity.
Their conversation took place in person at the Ogilvy offices in London.
0:00 The Marketing Mindset
0:29 Welcome & Introducing Rory Sutherland
1:10 Rory's Path into Advertising
2:11 Direct Marketing & A/B Testing Origins
3:01 Edwardian Era Newspaper Experiments
4:18 Testing Creative vs. Price
7:23 Discovering Behavioral Science
10:08 Marketing as a Way of Thinking
11:05 Uber & the Psychology of Innovation
12:23 Marketing & Innovation: Two Sides of a Coin
13:45 The Austrian School of Economics
14:46 The Swiss Watch Industry
17:21 Public vs. Private Advertising
18:50 What Are You Really Competing With? (Zippo)
22:16 Quarter-Inch Holes & Hidden Value
24:10 Trade-offs in Innovation
27:27 Austrian Economics & Value Creation
28:47 Baumol's Cost Disease & Non-Transactional Value
31:23 Universities as Luxury Goods
34:32 Ogilvy Adapting to Digital Change
37:48 The Marketing Mindset for All Businesses
40:02 Symbolism Matters: NASCAR Tickets & Corporate Perks
41:47 Risk & Reward in Organizations
42:54 The BT A/B Test: Channels Affect Purchases
47:33 Marketing Genius: James Watt's Horsepower
50:11 Marketing as Value Creation
51:18 The Citibank Demo: Finding the Real Sell
53:50 Kano Theory: Delighters & the DoubleTree Cookie
55:48 Reverse Benchmarking
58:05 The State of Advertising Today
59:27 Book Recommendations & Risk Aversion
1:03:45 Marketing Metrics & Digital Platforms
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