At 4:06 Rory Sutherland said, You can either 1: Find out what people want and work out a clever way to deliver it to them. 2. Or you can find out what you can deliver and find a clever way of making people want it. I think my fellow video watchers want important notes and highlights from this video so I'm going to deliver it to you with time stamps. Enjoy : ) 0:11 Richard Thaler won a Nobel prize on behavioural economics 0:19 Behavioural economics observes what people ACTUALLY do in PRACTICE. It's opposed to developing fictional mathematical models that DECIDES what people SHOULD do instead. Proper Economics is ridiculous. 0:46 Charlie Munger's quote, "If economics isn't behavioural, I don't know what the hell is?" 1:29 Funny example from the movie Airplane. 2:11 There are areas of life where complete logic and developing objective measures of reality works. 2:31 However, there are large areas of life where that's the worst thing you can do. 2:41 There's a distinction between how to do ATC and how to run a military. One require precision and predictability, the other requires the opposite. 2:59 You can't be logical and efficient if you do military strategy because you'll become predictable. 3:09 So there's an evolutionary reason why humans aren't logical and consistent because those that are would be predictable, a total sucker. 4:06 There are two ways you can create new, economical value. You can either 1: Find out what people want and work out a clever way to deliver it to them. 2. Or you can find out what you can deliver and find a clever way of making people want it. 4:26 The economic value is just as great either way. 4:41 Alphabet x looks for moonshots, where you take something and change it by an order of magnitude. Make something 10x cheaper, better, cheaper etc. 5:21 Improving objective reality by a factor of 10 has become increasingly harder. It's easier to improve subjective reality. 6:10 Instead of making trains 10x faster, how about we make them 10 times more enjoyable, like providing wifi. 6:40 For eg: if you hired supermodels to serve drinks, people would actually ask for the trains to be slowed down ;) 6:55 No one asks for psychological innovation. It's usually the last resort. :( 8:51 Economists assume people have perfect info and perfect trust. So they see marketing as an inefficiency that doesn't need to exist. So everyone knows exactly what they want to buy and how much they want to pay for. 9:28 For most of evolutionary history, we only had 10% of the info to make the perfect decision. 10:23 A change in perspective is worth 80 IQ points. 12:40 Yield management will allow you to get on trains earlier if you arrive earlier. It's a better and cheaper solution. 15:23 Train overcrowding problem. 10% of the people standing 10% of the time is not the same as 1 person standing 100% of the time. 16:06 If you solve the problem for the worst affected, you've solved the problem. 17:43 German physicist quote, "You're not thinking. You're merely being logical." 22:27 TVs are designed for higher apes. They only have three colours. The brain is fooled by it. Marketing is just like that. There's no point in being objective. Only perception matters. 26:32 Wine tastes better when you pour it from a heavier bottle. Pain killers are more effective if they are branded. They are more effective if you tell they're expensive. Chocolates taste sweeter if they are round. Your car drives better after you've got it cleaned. 50% extra free feels better than 33% off. 28:31 Reinforcing visual example 31:17 Our brain is designed to accentuate differences/ contrast between things. 31:45 Examples 32:15 Our perception of price is completely relative. 34:29 Nothing hot about chilies. Nothing cool about Menthol. 35:25 Nature just produces a fruit that feels hot since it can't really produce a hot fruit. 35:38 So there's the thing and there's the perception of the thing. And the only thing that matters is the perception of the thing. And the connection between the thing and perception is not exact. 35:56 Austrian economists believe value is highly subjective. Therefore they can be well disposed to marketing and advertising. 36:12 There is food itself and the context in which it's consumed. Ex Michelin-star meal in a restaurant smelling of sewage. So context matters. 36:22 There is no perceived objective thing in the human mind. Everything is mediated by environment, context and setting. And everything that's set is affected by who says it. Paying attention to something and the kind of attention you pay, changes the nature of the thing. 36:54 Treating humans like weighing scales is completely wrong. 38:03 Ed Shareen's Eg of however good a product is objectively if you market it poorly, it's worthless. 44:00 People themselves don't know why they feel a particular way. So they post rationalize. 45:30 Evolution didn't need to provide an explanation for emotions. And it relies on emotions over rational reactions. Cos emotions are inherited. Rational stuff needs to be taught. 47:00 People hate the uncertainty that comes with the delivery window. 47:40 London UG reduced uncertainty by providing boards that displayed when the train was coming. So you can create high level of satisfaction without high level of cost. 48:30 Elevator example. 53:30 Pills example 1:00:00 people actually make diet coke/ redbull and other medicinal wine taste disgusting so people perceived a medicinal value. 1:02:02 Airlines had to explain why their airline was cheap by highlighting the negatives. So marketers have the role of justifying higher price or destigmatising a lower one. 1:04:00 Wine example 1:06:00 Flight example 1:09:00 Ferrari example/ Framing 1:11:00 Real-life decision-making is 2 d. Avg vs. the worst-case scenario. 1:15:00 People buy from big brands to minimize risk. 1:19:00 Cooperation increases in repeated games. Long-term selfishness is indistinguishable from cooperation. Short-term selfishness is indistinguishable from conflict. 1:22:50 Costly signaling theory 1:23:45 Nobody sends a wedding invitation over email even though it's the most efficient way to send it. TV ads are popular because they are costlier. 1:25:00 We shouldn't think about advertising as messaging but as signaling. 1:26:30 Test counterintuitive things because your competitors won't. 1:27:10 Don't be logical becasue that's exactly what they'll expect you to do. Thank you!

Just came from a 3-day digital marketing conference, and 20mins of this guy's talk is already better than 95% of the speakers from that conference. Talk about imaginative content!

This video is better than a bachelor degree in marketing, period.

Rory Sutherland is smart AF! The "thinking outside the box" level is just amazing.

I just realized I have a great example of this, a brand I was working with had a month with low social media engagement, the client was concerned and we did multiple reports and number crunching to figure out what caused this to no avail, now this page's main attraction was desserts and recipes for desserts. I noticed during this particular month all the desserts were brown in color as opposed to the usual colorful stuff we usually post, this got me thinking maybe people just don't like dark colors desserts (might vary from culture to culture), so I suggested we avoid this as a practice and what do you know... the engagement (numbers) were back to normal.

I watched 5 times and still find it extremely informative, brilliant.

Such a Marketing Guru!! It was like my entire Business Degree covered in less than 1hr 30Min

AMAZING presentation. Human psychology is the most important thing to understand as a marketer. Perception is key. Really enjoyed the mirror example

I really wish the camera man would have just zoomed out, and left it there. Good presentation, but the slideshow was almost always out of view.

Gotta rewatch. There are lots of golden nuggets on this presentation.

27.15 ...."i don't have a 79p headache, i have a 3 pound 90 one". Such a brilliant example of human psychology in action. Genuis.

When I got my MBA and we had simulated exercises against other universities running a company (1 billion dollar market cap). I was really surprised how critical R and D and Marketing was to the success of the exercise. I also felt that they were the most innovative and imaginative. This is a fascinating lecture that I can't wait to dive more into from a research perspective.

Me at the beginning of the video: oh god a 1h30 video... That's too long Me at the end: wait what, it's over already?

Rory is a genius! This talk brilliantly combines ideas from marketing, psychology, business, logic and many more. For all marketers and leaders who seek to drive real impact, to enhance customer experiene and stand out, this talk is a must-see.

This man is absolutely brilliant. Thank you for sharing!

Brilliant presentation, love this guy. One thing I would point out with regards to costly signaling theory, is that in the digital Ad space, less polished content that is clearly 'cheap' to produce often works better than high end looking stuff that is blatantly a (corporate) Ad. If you create content with a home-video feel to it, that registers as not-advertising, that is something that trumps the variance avoidance and trust building impulses of shoppers and overcomes 'banner blindness' and our own built in ad blockers. Traditional Ad agencies often struggle with that kind of content as it's contradictory to the high production values and tradition, but internet marketers with smaller budgets and smaller clients have pioneered such an approach, mostly out of necessity. There is no best or right approach though, it would always depend on the client and product of course. At any rate, I'm a big adherent of the idea behind the main lesson here, that perception matters at least as much as objective reality. The framing of offers and value propositions is vitally important part of digital marketing and eCommerce. I came to this video with skepticism that someone from Ogilvy would have anything useful to say on digital marketing, I was so so wrong.

I felt guilty watching this for free. Felt like it should have been a charged as a workshop. Great talk!

I'd venture to guess that the believability of a presentation's accuracy is directly proportionate to the peculiarity of the presenter's style.

So much wisdom within a single talk.

Brilliant perspective and insight. Young marketers must heed this knowledge and insight. Big data and analytics, can be helpful but it is not the be all and end all these days. Too much attention is paid to digital. Sutherland's lesson not "old school" thinking. The fundamentals must be learned and understood.

Brilliant, astounding and great!!!

"It's much much easier to be fired for being illogical than it is for being unimaginative." So much truth!

Always learn something new listening to Rory

There are so many brilliant points in this talk!

This Guy is brilliant!!! Enjoyed this immensely! Thoroughly entertaining! Thanyou!

Absolutely brilliant presentation!

I forgive the shotty camera work. He was clearly to focused on the words of this legend.

What a mastermind - amazing presentation!

One of the best talks I've ever listened to

Brilliant speaker! Insightful!

Interesting conversation beautifully discovered by me today!

Mind blown. What an incredible presentation. Thank you

This might be the best lecture I have ever ever heard!

I just completed a Bachelors in Digital Marketing yet this remains the most profound lecture on digital marketing I’ve ever heard.

This is the most insightful talk I have ever seen

Brilliant content and very entertaining presentation and examples

Great presentation and thinking! Thanks for sharing

Thanks for sharing. Digital marketing & SEO work. Most people don't have the patience or take the time to learn it, let alone wait for the results. It's like planting seeds and farming.

Amazing. Eye opening. No words can describe the significance of his insights.

Simply brilliant lecture and fantastic presenter

Each sentence he speaks is packed with deep insights.

One of the best presentations I have an opportunity to listen to for a long time, Thank you Mr. Sutherland.

This was actually a GEM of a Summit. I learnt a lot from this, tho I see the Camera's angle has been mentioned quite frequently. Nevertheless, the gained knowledge stands out from the other technical difficulties, thus it really proves "psychological insight is just as valuable as technological advancement". Cheers! :)

Beautiful exposition..... Looking and seeing beyond the sense

Wow. Fantastic talk, really interesting.

Great talk. I could listen to Rory Sutherland all day

Excellent and insightful....had me chuckling out loud at least on three occasions!

I've been a huge fan of Rory Sutherland ever since I saw his first TED talk. I'm not in the ad business, but just find his insights fascinating. Probably makes me a wiser consumer.

True masterly of his field!

Excellent presentation from Mr. Sutherland

He is just brilliant! thanks for sharing this presentation

Great talk and very informative - Thanks

Brilliant, everything said just seems to make sense when said out loud. Thank you 😊

It's 3am I'm in Bali, 10 minute from the Beach and Clubs and on a Friday night, I'm watching this.. Is it because I'm a loser or is it because this is just so damn good.. Perception.. It's subjective, not objective..

Just wicked. Amazing content

This is absolutely brilliant 🙌👏 makes so much sense.

Couldn’t stop watching. Thanks عجيب الفيديو للاخر

This was a great talk. I learned a lot.

absolutely brilliant amazing points

Thank you for posting this. So glad I found it just as I plan a newline of products I plan to sell online.

I love his way of presenting, and the sheer knowledge and value he's doing is incredible! 🚀

This helped me a lot Sir. Thanks for capturing this and uploading on youtube.

Great content. Thanks for sharing

Enormous Video! Thank you

I'm only 22 minutes in and this guy is amazing. The idea that certain colors are being put together by what we're assuming based on what color spectrums are blending is amazing to me and I could relate this with audio since often you will hear the upper harmonic frequencies of sounds and your brain will assume the fundamental frequency due to hearing limitations in low and high range frequencies. Great post, I'm subscribes at over 1,500 and I know this will eventually blow up and be a hit so I am happy to be one of the early subscribers

This was thoroughly satisfying, thank you.

I love this! I can't wait till I can attend in person talks like this. I am hoping the rest of my team gets as much out of this as I did.

This was an eye-opener. Thank you!

This is absolutely brilliant.

6:53. That advice is so brilliant 🤣

This is fantastic and for free. Thank you!!!!

Amazing speech, thanks for sharing

This is the best talk for beginner like me to learn and begin with. Thank you sir

Wonderful video! Your channel deserves more subscribers. It will come!

amazing insights!

Brilliant content ! Eye opening

In a world where all seems to be about Big Data, Rory also drives attention to the importance of Small Data. Watch this talk to understant how economics, how marketing and essentially all around us functions.

Great talk! Lots of information to digest here to help further my digital advertising and positioning!

I could listen to this guy all day

Knowledge bombs! Thank you

Super-informative presentation on marketing. Very valuable in the digital age.

Important Video! Very glad I checked it out.

Bravo Rory Sutherland, thank you👏👏👏👏

This is so good. Deserves much more views.

The fact that this only has 470 views irritates me

Absolutely wonderful!!!

I really enjoyed this Video! Very glad I checked it out.

Brilliant all the way around!

Glad to finally run into someone I agree with. Hoping to get to this level sooner than later

This was great!

Huge Video! Very glad I checked it out.

Really some great insights.

The last ingredient listed on a whatever product is with a least concentration in that product, not because people would believe it has a magic healing properties. It’s amazing how much marketing “experts” are actually bulshiting and/or lack knowledge. My university professors were just the same. They really need to get their shit together. This way they look stupid and deceptive. Basically when they are met with hard core science as chemistry for example, all they are talking about suddenly becomes a product of their imaginary world they are trying to sell. On the other note, I salute this gentleman’s wit. Judging by the comments he’s very successful marketer. Accomplished to sell you his so interesting yet inaccurate story with utmost ease. Brilliant.

Thank you for sharing!

Amazing amazing presentation! Learned a lot.

Just be thankful that this talk ( for paying businesses no doubt ) was recorded. Watch it twice at least.

Brilliant talk

Great talk Rory. Made quite a few notes from this. Thanks.

There is such a TRUE DEEP AND SIMPLE, yet complex, LOGIC to everything you explained. Only it is a logic far from being obstructive, which is the world of the short-sighted, many times in accounting or finance.

Brilliant talk. Many wonderful take-aways (Science based) Psychology focused. Hell yea.