This Stuck With Me: Everything You Definitely Don’t Know About Marketing (But Should), From 4 World Leading Experts!

Steven Bartlett (0:03)

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Josh Kaufman (0:50)

Marketing is just who might be interested in this thing. And a lot of it is the fundamental thing is if no one knows you exist, no one's going to be able to buy your thing. And so marketing is the process of attracting the attention of people who might be interested in the value that you're creating. And in an ideal world, making them curious, wanting to learn more, asking for additional information, engaging with what it is that you have. A lot of people conflate marketing and sales. To me, they're distinct processes. So marketing is the attracting attention and generating interest. And then sales is the process of convincing someone to buy and then getting them set up as a customer. And a lot of marketing comes down to, what is it exactly that you're trying to gather attention for? And where do those people generally hang out? What are they curious about? What are they already paying attention to?

What can you take advantage of or dovetail into in order to attract someone's attention at the right moment, at the right time? And make them aware that you have something that could benefit their life. Here's what it is. Here's how you can benefit from it.

Steven Bartlett (2:14)

Because people, many companies see it as like an annoyance. Like I've sold you the fucking thing. And they treat you like you're a nuisance.

Josh Kaufman (2:22)

Yeah. Yeah. And that's a shame.

Because really like those happy repeat customers are not just like your high lifetime value customers, the customers that will stick with you, keep spending money with you. They're also a primary source of marketing. Like word of mouth marketing is all happy customers telling other people who might benefit from your product that, hey, here's this wonderful thing. You should probably check it out. And so, yeah, like things like post-sale support, sometimes customer reactivation. So like to your point earlier, it's a very straightforward marketing technique called reactivation. If you can contact Jack and say, hey, you bought candles from us last year. Would you like to buy candles from us this year? And get him to pick up just a couple more more candles. Like the cost of that promotion is potentially very small. You already know he exists. You already know that he's purchased. Can you just get him to do that again? Those are some of the most effective marketing sales campaigns that you can possibly run. But it also requires that they had a good experience with whatever it is that you're offering in the first place.

Steven Bartlett (3:37)

How has the lance of advertising and a brand building a reputation changed in your lifetime? And what is the most important thing for brands to understand now, or some of the important things for brands to understand now, if they are to be successful?

Scott Galloway (3:53)

Yeah, so my first job in business school, I started a company called Profit Brand Strategy. That's now about 500 people. Now it's just called Profit. And the basic notion was it was based on the principles of my professor, my second year, David Acker, who's considered the father of modern branding. And it was that the intangible associations with a brand or a set of products or services are the only sustainable advantage. That if you can wrap a set of products and services with these brand codes of masculinity, European elegance, youth, and then pound away at those associations, using this incredibly cheap, efficient medium called broadcast advertising, you can take a marginal shoe, salty snack, marginal car, and get amazing margins on it. So that was, that's been, from the Underworld War II to the introduction of Google in the 90s, the algorithm for creating massive shareholder wealth was find a mediocre product, wrap it in amazing brand codes and make people feel more patriotic or younger, stuff the channel with it and print money. The PNGs, the PepsiCo's of the world, the Coca-Cola's, these are the economic titans of yesteryear. The sun has passed midday on that because our weapons of diligence, whether it's Google or TripAdvisor or Amazon Reviews, now gets us to the best product without the benefit of this weapon of diligence called brand. When I came to London, I used to stay at the Four Seasons from the Mandarin Oriental. Why? Because someone else was paying and they're always innate. Then I went on TripAdvisor and I went on my social graph and I found out people love the Connaught Hotel or people love the Ferndale Hotel. So I started staying at the Haymarket. Why? I like a place from the Nice Gym and I want to hang out with people who are younger and cooler than me. So I started staying in boutique hotels. So all of a sudden, product became the bomb again, and then your ability to embrace these new mediums around social became more important than broadcast advertising. So the traditional metrics of branding, the traditional vehicles for branding, a brand identity and broadcast advertising that I've been preaching in brand strategy, the sun has passed midday. If you look at my curriculum, and the majority of curriculums and marketing departments, you could argue that we're just training people to go to work at Unilever or General Mills and be laid off 24 months later. Branding has become much more about innovation and actual product quality. Now that extends into how you discover the product, how you absorb the product, the community around it. But Tesla is a better product. Apple used to be an underpowered product with a great brand. Now it's a great brand with a superior product. So Airbnb is a much better product.