Scott Galloway on the end of the brand era, monetising rage and how to create wealth
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- Опубликовано: 4 июн 2024
- Scott Galloway is Professor of Marketing at NYU Stern School of Business and host of the Prof G and Pivot podcasts. In this episode Prof G lives up to the billing as the most uncensored guest on the podcast ever. We cover lots of ground, including his secret to success with Prof G media, what the #1 skill for all marketers should be, why brand is dead and how to build wealth. We recorded this episode as Scott releases his new book The Algebra of Wealth: A Simple Formula For Success.
Listen to the podcast here:
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Timestamps
00:00:00 - Intro
00:00:57 - 25 year overnight success
00:01:28 - Scott’s biggest failures
00:07:38 - How Scott scaled himself
00:13:24 - Daniel Kahneman’s impact on Scott
00:20:26 - How social media has a negative impact on the world
00:28:45 - Scott Galloway on being late
00:31:14 - The most important skill for a marketer
00:33:32 - The Era of Brand is Dead
00:40:19 - Scott’s new book opening Aurelius quote
00:42:53 - The power of compound interest
00:43:53 - Scott’s advice to young people
00:48:33 - Growing your network grows wealth
00:56:33 - What does the agency of the future look like?
01:03:33 - How to get social media right
01:04:50 - Why big firms should stop certification based hiring
Minute 23- the whole social media segment is absolute perfection. Can we stop pretending that these tech bros care about fixing the world? Can we not see past the congressional theatrics? Nobody can fix this but us. We need new social agreements around social media use.
❤❤❤
Agreed. The part of the 15-year-old girls being rewarded by the algorithm for exposing more and more of their skin was perfectly worded.
That's a great idea on paper but the trouble is how do you enforce such a social contract on the internet? Anonymity online means that DudeBro87 on twitter has no incentive to be polite, reasonable, rational, nice or forgiving. The incentive on any social media is to increase engagement and playing into the gossipy bitchiness of dunking on your "enemy" is the best way for a nobody to do that. I'm not really a fan of forced ID verification given the tendency of some to "swat" others over simple twitter spats and to watch it happen live on twitch like someone getting shot by the cops is entertainment. Doxing is a big enough problem as it is, I'd rather not be forced to dox myself just so I can post ideas at 280 characters a pop.
😂😂agree
100% I’m screen recording and sending this to every smart person in my phone.- Scott is peaking right now. Incredible
One thing I like about Galloway is that he does not repeat his exact talking points in every interview so if you binge watch his interviews after he publishes a book it is still somewhat fresh and new.
I found the opposite. It’s the same points over and over. They’re great points and worth hearing over and over to me though
I love his real life stories of ups and downs. Not the usual "how I made a billion dolllars..." story
"A lot of your success is not your fault", that is a good quote ;-)
"America is like a horror movie, the call is coming from inside the house." Spot on Scott! hahahaha.....ugh so true. : /
I have a friend who is retiring at 41 because of exactly what Scott is saying. He follows the Financial Independence Retire Early (FIRE) methodology. Wish I did :)
Whats that
I am 25 minutes in, and this man is simply a prophet
Please elucidate, I didn't hear one unique insight and the energy level was a -10
What do you think Kim K is famous for? Not branding? Then what? People spend millions and millions on her products and what she promotes because of her sex tape? lol prophet. People nowadays can't think for themselves
It is rumored that this guy is working for massad
@@PhantomFilmmaker-jd9ho what films are you making phantomly?
It take losing someone who was really dear to you, to realize what is really important in life. I was married for twenty five years when my wife lost her battle of seven years to cancer. During her life, she liked to collect things, mainly home decoration stuff. She was obsessed with those things and when she died, it all became meaningless. She had one antique bench that she adored and when the end was near, she made me swear to take that bench wherever I moved to which I did... For a while. That bench lost it's meaning the day she died, I moved from California to Georgia, got married again and eventually gave the bench away.. The process really make me evaluate what's important in life...
I don't think she did anything wrong. People have hobbies - some people enjoy being surrounded by beautiful things that they enjoy looking for. No one said it was the meaning of life - to enjoy nice paintings or various Nic-NACKS that they like to display in their home in an artful way. I think that's a pretty cool hobby that makes a home - for everyone to enjoy.. would you have really rather had a slob wife you could care less if you put up torn poster and sat on lawn chairs? She was making you a home.
@@gregkirk1842 I wasn't putting any blame. I just pointed out that whatever is important in your life, may lose meaning when you die.
I wish I hadn't started collecting. Possessions are anchors.
You should have kept the vote, you promised… It seems you have no word and no honor.
Big fan of Scott. But I would say, for Scott and his peers (older, wiser, wealthier citizens who want to see the system change for the better, but go on podcasts for a living and complain) (no offense intended, this is a feeling i have had brewing for a minute)
If Donald Trump can become president, Scott and his peers could move to states they want to see "old farts" out of office, and he (they) can run to replace them- making a new wave/age of politicians. They have a larger following, can more easily find wider reach in today's world, and win voters, then do the work with their team and pass better laws and regulate industries to protect our kids. Sure they don't want to be a pollution, but it's supposed to be a service, not a career.
Going on podcasts and informing listeners about these issues is fine and helpful for people like myself and others, but it's just a long-winded version of "complaining on Twitter" and not taking actual action to make change.
(Oh, this smart wealthy person is selling a book on how the world is hurting our kids?) If you have the wealth, knowledge, and resources, and this issue ACTUALLY matters to you, be a good citizen and run for office to make protect our kids that we love.
In Scott's own words, "disruption is healthy" and representatives act like they don't have viable market competitors when at the end of the day it's a popularity vote, not a resume hire. In the same vein of Scott's talk about what industry Ai can disrupt- representatives, like any leading class in history are most vulnerable to popular loudspeakers who talk change, but the leading class is safe if the speaker stays compliant and tries to just make a living off of speaking, vs take action. Scott and his peers have a higher statistical chance of success than less wealthy and fortunate parents.
That's my TED talk, sorry for the large post.
Scott: “Brand is dead.”
Alex Hormozi: “Brand is everything.”
two different types of brands. the way i've interpreted it is Scott is talking about traditional branding in the sense of a shitty product being made to appeal to the masses. Hormozi usually talks about brand in the sense of his personal brand - i.e. he's a fitness guru, always wears a breathing enhancer etc. - Hormozi IS the product..
@@ReeceWallis meanwhile Supreme sells nothing products paid hundreds of dollars and is everywhere, f* brand is dead
@@ReeceWallis Exactly!
What do you think Kim K is famous for? Not branding? Then what? People look up to her because of her sex tape? lol
Try telling Bud Light that brand isn't important
Only someone that doesn't know the first thing about human behaviour and how marketing really works would say that brands are dead. They're more important than ever. The more we live our lives on a stage, the more important the props become.
I heard so much self promotion. But thankfully there was truly valuable bits. The fact that the greatest predictor of retention is does one have a friend at work and his idea for how to foster that with offering his team that anytime 4 were together entertainment is on the company is a fantastic rule.
I made an excellent living in sales now comfortable in retirement. Rejection is part of the process. It took a while to get hardened to rejection. What kept me going was knowing that 95% of my competitors gave up after the 2nd sales call and 90% of sales happen after the 5th sales call.
Things changed for me when I saw selling as their opp to buy rather than my opp to sell. If they don't want to buy such great products, their loss, not mine.
You it's not just about rejecting the thing sold, many people just plain do not like sales people in general, not even if they are not selling anything. that pushy, 'hardened to rejection' personality really grinds some gears and is seen as one of the greatest ills of society. To all the sales people out there: GO AWAY! leave us alone! Pushy salesperson personalities are annoying af.
5th call wtf.
I grew myself up shunning wealth as defined as being American. I am 67 now, $1300 social security. I lived poor 2/3rds of my life. When I was employed in computer engineering consultant I was wealthy. Bell Labs HP Micron GD Searle etc. I spent everything on experiences with friends of the era, not retirement. I am now seeing I want some more wealth cushions, for myself and the 3 people left in my family. Scott Galloway gets me and is now motivating me to get busy productively~!
In regards to the dangers of social media, I have never understood the hero worship of people like Zuckerberg, Musk, Chamath Palihapitya (who became a billionaire by creating the algorithm of addiction for Facebook, forbids his own children from using it).....
Honestly letting kids smoke cigarettes is safer than letting them toke up on social media.
Right on! I appreciate your honesty bc when Life gives you that punch in the face you've got to know how to adapt. I had a solid 10 yrs of total failures. Like a string of pearls falling apart. Now I know I can face anything. And right now facing another biggie.
Scott's journey to success, filled with both triumphs and setbacks, is truly inspiring! 💪 His candid advice on embracing failure, taking risks, and investing in relationships resonates deeply with aspiring entrepreneurs.
Seeing a small percentage of “he lost me at…” in the comments but how great would it be to “entertain a thought without accepting it” -Aristotle : and just soak in the awesome subject matter that IS here. 🎯🎯🎯
If I remember I think Scott said his job was to make people think not necessarily to agree with him
@@uncensoredcmogot me out of a funk. New subscriber btw. 🏹🎶🙏🎯
@@uncensoredcmoAnd yet in the same breath he recognizes the negative impact social media discourse is having on society. What people think and say matters.
@@CyanCooper it does I agree but I think in this context making people think should be the ‘thinking slow’ kind of thinking where we consider alternative perspectives rather than the instant rage the algorithm feeds
@@uncensoredcmo It’s not the algorithm that’s making people feel rage, it’s the lies/ignorance that come out of people’s mouths.
He just proved my point about health insurance🎯🎯🎯
Excellent episode! Plus, the live audience adds an extra point for audience participation!
Great first episode, cant wait to plow through all your other videos
What we call Failures are really lessons. You have to fail to learn how to win. Everything we go through in life is going to make you the final Person you're going to be.
Love him, apply all his tips and see ourselves winning
This was genuinely great! Finally
Great conversation
Great stuff, real cut through on the big stuff
Excellent. Now time to re-re-listen to fully understand it
Wow! Best thinking in this point in time I have heard in a long time. I applaud Scott’s confidence to take his positions, especially in the U.S. Wow!
1:02:15 at my job creating a software scheduling platform for healthcare maintenance workers listening to this podcast
Very nice podcast, cheers for making it !
Scott is a clever chap.... ❤
Loved his thoughts on supply chain management.
That last point makes a lot of sense from the marketing point of being in touch with the culture as well...
Great advice here. Ty guys so much!❤️
Well…. I learned and that confirmed more than a few things….Thank you for putting this together
Right on.
51:19 is great
The hair really takes center stage 😂
Perfect pixel stretch effect! 👌🏻
hahah
Although I was aware of compound interest in my 20s I really wish I had someone to tell me to take it seriously and take action on instead of waiting till my 40s to act. If your reading this in your 20s do your future self a massive favour and set some automatic buy orders for index funds now. "The best time to plant a tree is now and 10 years ago" Quote..Someone smart.
100% I was thinking this too. I am banking on “compound experience / relationships” at my stage in the absence of 40 years of stock market investment
@@uncensoredcmo thank you for making me feel better by now knowing I'm not alone on mission out on a few decades of marke participation.
I've always thought network is directly relative to net worth. I love the way Scott has put it into terms of compounding instead though. It's a great way of thinking about it.
@@tombowman4489 agreed. My experience from the past 5 years would suggest your network is your wealth. It’s taken me a while to appreciate this but when my network multiplies so does opportunity
WOW! History in the making! Greeting from Amsterdam, NL.
Agree with much of Scotts Galloways perspectives. As a third party looking in though it appears he has a bias with Israel/Gaza issue. Regarding the protests appear to be focused around stopping the level of civilian death. I have seen nothing other than anecdotal instances that would indicate different. With that said I have no horse in this conflict short of our tax dollars funding it which I'd prefer to just stay out of. When I look into this conflicts history and place myself into either of these communities I can 100% see why they both hate each other. Beyond that humans have been fighting for land forever which at the end of the day that is what this is.
I see no need for Americans to pick a side short of Israel being a forward military base in the middle east that allows us to better protect supply chains. However, if your honest on this situation you have to agree blame is all around on this conflict.
Love this convo. I ask myself stupid questions.
Great insights
7:22 “ be tough in victory by gentle in defeat. When they won, that’s when I was the hardest of them. When they lost, that’s when I told him how great they were.
His statement that an Android phone means your life didn't turn out the way you planned completely disproves his assertions about brand.
iPhone is absolutely a mediocre brand with an emotional attachment.
Glad someone else spotted that! I could not agree more! Always hated iPhones
Why is this the best podcast I’ve listened to in awhile? I thought I disliked Scott…
I’m in the same boat. Finding myself agreeing/resonating with him even though I’m not a fan 😅.
His bad faith, narrow-boundary analysis of geopolitics, financial colonialism, super capitalism, and economic austerity is disappointing. He is a one-dimensional simplistic man.
This was wonderful 🎉🎉🎉
Great interview
5:51 need to hear that today. Thank you. I’ve felt that
Good interview and insight
Great episode
he is right about everything become more coarse
Never heard of this guy until this podcast. While some of his ideas and talking points seemed well thought out and insightful, others were clearly half-baked and hyperbolic. I don't know if it's because I'm getting older or if he presents himself as such a caricature, but I found it really easy to not get swept up in his story as hard truth and enjoy his talk overall.
He leans on sweeping statements sometimes. He also has some good info. Proceed with caution and discretion
You just see through the bs
Not always a fan of Scott, but I shared this interview with 5 people 👌👍
Wonderful conversation and I hope Scott is able to take his own advice and just slow down...
My problem with the concept that wealthy people are generally good people is the fact that if you know them and interact with them face-to-face sure they're going to be good people but they overwhelmingly vote in order to lower their taxes and screw over the poor and basically hurt all these others that they don't have to interact with. We human beings can be pretty callous towards the people we do not directly interact with. And the fact that in the US the people of the country tend to vote in a way that screws over the lowest while helping the highest is pretty telling.
Avarice distorts reality and the feeling of bonding with people less fortunate than you.
Its a passion
Truth ... in life .... we are going to need a bigger boat.
Scott- you aren’t a narcissist.. you are a good human.
He labels himself correctly. Being a narcissist doesn't necessary equal being the Devil's little worker.
@@chipcook5346 Fair enough. Have you ever met a clinically diagnosed narcissist? My experience suggests otherwise.. but you suggest a valid point: I have never met Scott Galloway. Still, I have never met a narcissist that proclaims to be a narcissist that gives information for people to help themselves become autonomous.. usually the welfare of others is of little consequence to true narcissists. One can be selfish and still not be a clinical narcissist. The DSM V can be a helpful reference in how individuals are diagnosed in the U.S. But I appreciate your point.
Scott: "Brand is dead" also then lists of 10 brands from Google to SHEIN, all of whom spend millions on advertising. The real point is brands and branding is not the same as it was in the 90s or 00s because of... wait for it... massive insight... digital technologies. Wow! Much insight, dude.
Compleptely opposite. Brands existed back then because we had insight into what a well-made product was, and what WE wanted in particlar...not what everybody else already had. We had at least five major online ecosystems, you are down to two. That isn't branding, its brainwashing.
Listen to a zero feedback stereo like Ayre Acoustics is a great dopamine hit. Possibly world's best!
Man speaks too many truths.
4:53 Asking people is the EASY part. Finding the people to ask is the real challenge.
51:24 best part of the podcast 😅…yes I did thoroughly enjoy the podcast.
It was all part of my cunning plan to see how many people watch till the end 😂
All young people should watch this...
15:02 Cancelled all your insurance
Awesome!
I’m always talking about that people think I’m crazy.
True insurance should be a Kin group you’ve built around you 🎉
I've called insurance "Legalized Extortion" for decades, claiming all of them should be prosecuted under RICO😂
Just stops at 51:20. Lovely.
I TOTALLY AGREE ABOUT BEING INDEPENDENT I HAVE no WISH TO BE AN ANTREPRENEUR..I LIKE WORKING FOR A COMPANY
I can be punched in the face and get back up.
Most people are not willing to endure the pain of rejection, so they avoid big opportunities.
There are a few golden nuggets in here, especially about resilience.
Scary to hear Scott Galloway say how there is no future in branding/marketing. As a young student, working hard to learn about the field and wanting to enter the industry, hearing things like this scares me. I absolutely love marketing. I love it so much! But I also want a future and successful career. Feeling stuck.
It’s what I do for a living, so I say, “come on in, the water’s fine!” Keep in mind, one of his “superpowers” (according to him) is storytelling, and storytelling/branding are inextricably linked. My takeaway is that branding/marketing will have to evolve to be effective, and the branding/marketing of the 1980’s (which we still reminisce about) is a fairy tale compared to the modern digital ecosystem.
He's wrong, don't worry about it.
Keep in mind this is just one man's opinion. As someone that is around his age, my advice is to avoid taking his or any one person's word as a gospel. Listen to the podcast again and notice how many absolute "truths" he spits out, he can be a bit hyperbolic at times. Scott is clearly smart and is a great storyteller. At the risk of sounding cheezy, there are a lot of other stories out there.
Don't worry, marketing is still a big industry. Scott just means that a mediocre product can't be saved by marketing anymore because it will get killed by the bad reviews on social media. It's too easy for people to find out the product is subpar.
Don't. Just don't. An industry with the failure rate of advertising and marketing - because they just don't learn - will be the first to be decimated by AI.
i thought rage baited user arent likely to buy product ? so from an advertiser point of view, it might reach more but does it really convert to sales though ?
"Branding is dead" is a profoundly unserious statement. As long as human beings exist branding will be important. Last I looked Hermes is still selling $25,000 leather handbags and it has nothing to do with their "supply chain".
no idea what hermes is
@arveenmogun8774 a top luxury fashion brand.
That you had to reach towards a luxuty item proved Scott's point.
He must not know people who buy Apple products.
@@brushstroke3733 also proving his point as apple has a very quality product
On Metro PCS the phone line that serves impoverished people (here in Detroit) now forces you to look at ads that are sometimes sexual and violent every single time you open your phone- and there's no way to disengage it. It truly feels like a systematic way to pull us down into darkness
He does say very interesting stuff which makes up for his lack of charisma and though I agree on most of what he says please drop the Andrroid/iPhone comment if you want to be taken seriously by anyone - a lot of tech nerds will never ever choose to go with Apple!!
Heads up - the video and audio gets kinda weird at 52mins. Missed most of the Colleen de Courcy question.
Thank you. We are going re upload the episode overnight and see if we can fix it
Guys like Galloway were nowhere to be found when I was young enough to listen.
Agree with the happiness curve, don't agree about taxing 70% above 10mill simply because taxes are wasted and would rather say above x millions you need to spend 20% on skills and education etc on grants etc
Would it also be safe to ask, accepting the idea that the online world makes us all brands, if everyone is a brand, no one is a brand?
35:53 in other words, the Long Tail by Chris Anderson.
"Dress well?" Scott's wearing a t-shirt! Which is fine with me. Dressing well is expensive and uses a lot of carbon because, for example, one has to dry clean or iron, and it' time consuming. I prefer Steve Jobs approach to dressing because it makes more sense to me. But I'm a huge fan of Mr. Galloway's. I agree with almost everything he says. He has awesome insight!
His T-shirt was my first thought as well!! I guess podcasts are the exception to dressing well!🤪
@@ciaramacmahonofphasetwoman6203 But I DO like his shirt. You can see that he's been working out. That's the problem with dressing in dry cleaned suits. You can't just hit the floor and do 10 pushups intermittently. I mean you could I guess, but you might rip the suit and your dry cleaning costs would go up. And dry cleaning is NOT green!
@@jimsullivanyoutube LOL!
But why are you SO obsessed with "dry cleaning"?
You can dress extremely well without having to dry clean! Just FYI!
He means dress well for WORK when you are YOUNG and need to form as positive animpression as possible. Once you hit your mid-level career nobody cares what you look like but if you think I'm hiring a shlump in sweatpants vs a dude in a suit you got another thingk comming.
Get the easy stuff right 🙂
As an analyst of Mass Formation Psychoses, perhaps Scott could look into TDS, from which he too suffers.
MFP is not scientific or legitimately recognized and anyone who could provide an actual psych assessment wouldn’t do so over social media comments. Have fun analyzing.
Scott used to spout a lot of left wing confirmation bias talking points and now that the campus protests against Israel are happening he's suddenly in the center....he's very hit or miss
Thanks to the author for this interview and the chapters 🙏
In truth, I think we've all had a bit of a shock in recent years. The "centre" has been extremely variable. Watch the former Trans-advocates scuttle back to the centre in the UK on the back of Hilary Cass's report. It would be hilarious if these criminals hadn't stood behind the mutiliation of under-age children.
The self-awareness on Scott Galloway is remarkable. No wonder he gets mad money for speaking … phenomenal. Thanks to the host for not interrupting him and letting him talk! 👏👏👏
Weird editing glitch at 51:11, which lasts about a minute.
"Doesnt that make Catholic church seem upstanding?". Love it.
kind of obvious--but good to hear--although most wont get it.
actually it is not true that after certain amount the happiness flattens. for those who can't/won't use the wealth properly its true,but for those who can and will it will rise.
While there are outliers, there is only one side of the political debate who are willing to engage in policy regulation in service of society as a whole. That needs to be stated. Both sides are not the same.
3:42
13:45
❤
“I like your hair” 😂
He admires Sam Harris. My interests in his thoughts drop a lot.
He should be a presidential advisor
Inflated ego will take you down after success without mercy
Scott looks like Walter White right now. Uncanny!
Really need a age limit 16+ / 18+ for social media fr
I don't know who this guy is, but he had me at soft spoken Sam Altman.
With mortgage and family, 90 or 100 grand a year these days will not get you much of anything but basic necessities.
Maybe 1 vacations, depending, no savings. Any bumps in the road you're looking at credit card debt.
Oh no! What happened to the host´s face at 51:54 !?!?
The file seemed to corrupt but I was joking with my producer that he just wanted a close up of my hair after Scott commented on it 😂
It appears that Galloway has a skewed perspective on the Columbia troubles. The big picture is in the news every morning, not a kid approving of Netanyahu’s rampage.
Dig the guy but the plural of "medium" (as in "advertising medium") is "media" (not "mediums")
Even though he has a weird out of touch view on why protests are happening on campuses (thinking that the majority genuinely are focused on local Jewish kids instead of a genocide overseas), I appreciate the honest frankness he brings when it comes to finance, taking chances, and stepping away from rage.
Can’t be who you are going to be until you can be. The insta culture misses what life adds, good, bad or indifferent.