The Four P’s
Product: The product that Bench is offering is that online accounting software. This is intangible and it will assist mostly small business owners by helping them to streamline their accounting (and possibly payroll) service. Bench is solving a business need.
Price: It states in the ad that the price for this accounting software starts at $125 a month.
Place: This product is entirely online so the customer would need to complete an electronic purchase in order to access the software on the cloud. Once the software is purchased, the customer then has access to their software online whenever they want it.
Promotion: This advertisement was found on the right-hand side of my Facebook feed. Clearly, the company is using paid social ads to reach their target consumer.
I believe the target market for this software to be young, entrepreneurial males who live in the city. I believe this to be the case because I fit that target quite nicely. I have the job title of “President” on Facebook, so I think that played a role in Bench’s targeting me. Of course, I am also a male who lives in the city 😉
Does It Work?
Yes, I think that this ad works. The design is crisp, the price point seems reasonable for a small business owner, and there is clear messaging and call-to-action. This is an example of Facebook advertising 101.