I saw this image on the sidebar of my Facebook feed.
The Four P’s
Product: The product is both tangible and intangible. The tangible aspect of the product is the Forbes magazine itself. The intangible aspect is the magazine subscription and, I’m assuming, the delivery of the magazine to the customer. This product is essentially trying to solve the problem of a lack of knowledge in the business industry. Forbes magazine allows one to stay up-to-date and informed on the business landscape in the United States.
Price: The price for this product is $10 for 12 issues. The advertisement claims that the customer will save 86% if they proceed to purchase a magazine subscription through this ad. I think that this a really good deal. This discount would price each of the 12 magazines at $1.20 each, which is significantly cheaper than a single Forbes issue found on the shelf at a Target or Walmart ($5-$7, I believe each magazine is priced at).
Place: I believe that Forbes will simply mail their magazine to a customer who signs up for their subscription. If they were smart they would also offer an e-subscription service for their magazines as well, similar to The Economist. I’m sure that they do this, though. It would be dumb of them not to.
Promotion: This advertisement utilizes two kinds of marketing strategies. 1. A social media marketing strategy and, 2. a discount strategy. This ad is loaded with incentives. For example, the “New Year Flash Sale” text makes me want to buy the product right now while the deal is still available. The lower price is even more of an incentive for me to buy it. Its placement on the sidebar of my Facebook feed was also strategic. It was there so that I would notice it but it was subtle enough so that it wouldn’t disturb my scrolling. It is a well-placed and well-targeted advertisement.
The target market for this product is millennial men in the United States who are interested in business and finance. I know this because they specifically targeted me on Facebook with this ad. Facebook allows organizations to hyper-target consumers. The fact that it showed up on the side of my feed is indication enough that their target market is millennial men. Forbes’ target market is me.
Does It Work?
I believe that this advertisement does work but it could do better. As a millennial, I do my best to avoid advertisements. So, even though this advertisement was on the side of my feed, I don’t think I would have seen it had I not been looking for it. Forbes could do a better job at reaching their target market organically and unconventionally on social media. The ad does work, though, because it is very enticing (flash sale, low price, etc.). I’m also assuming that it is subtle in order to attract only those that see the ad and are interested. So, the ad both works and it doesn’t work. It is generic and uses low-level incentives to solicit buyers. Forbes could have done better, I believe.