The terms “marketing” and “advertising” have become somewhat synonymous over the years, often referred to as one and the same. On this week’s “Brandstorm,” we clear up any ambiguity with Nisha Gupta, an outsourced executive with more than 20 years of experience in B2B marketing.
About Nisha Gupta
Nisha is the president of NGenuity, an organization that helps companies with growth, innovation and marketing development opportunities. She is typically works as an outsourced executive who goes out into the market to ask questions and listen to various shareholders about new innovations or products. Nisha is also a professional life coach who helps executives and employees with self-discovery and attaining greater satisfaction in life. Prior to forming her company, Nisha worked as a VP of sales and marketing for a global B2B corporation.
Marketing vs. Advertising
Nisha says in the B2B space the 4 Ps of marketing, Product, Price, Place and Promotion, no longer apply. The preferred acronym is SAVE – Solution, Access, Value and Education. Today, marketing is about developing a product that provides a “solution” or benefit to the market. Access refers to getting the product to your customers through distribution channels. Value is about bringing a value proposition with the product that resonates with the market, and Education is the manner and/or tools used to communicate with the market. Advertising is one subset of marketing that may also include public relations, trade shows, video, branding, packaging, messaging, etc.
Bringing a Product to Market
The first step in bringing a new product to market is doing everything possible to understand the market. Listen, learn, then create. Meet with the visionaries, decision and issues makers to find out how you can help them make the market more efficient. Can the product solve a problem? That solution then heads to the development or innovations team. Me-too products can work, too, but there must be a point-of-difference in the market. The next step is determining the distribution channels for the product, followed by developing the right communications tools to reach your audiences. According to Nisha, a product is new for three years. In most cases, a relaunch is necessary because of marketing. There is time to figure out what is and what is not working, and relaunching the product several times before you get it right. Bringing communications partners, like an advertising agency, in to the mix should come before any launch when a product is in its final prototype stage.