2020 is certainly shaping up to be as interesting than previous years, if not more so. But your responsibility to generate revenue for your business hasn't changed. Here are some quick tips for keeping your agribusiness sustainable in this market upheaval.
Start with quality ag market data
Instinct and intuition have long been the practice in ag. However, bad assumptions will certainly lead to lost opportunity and revenue.
This is where data is critical. When you have information on the market, you can look beyond what you think has happened in the past and figure out what's happening in the present and future.
There's plenty of ag market data out there that's used solely for informational purposes and is not sourced directly from growers. Farm Market iD provides this data to our customers for use in strategy, marketing and sales.
Quality data helps you figure out what's actually happening on the ground -- between the growers and their fields, their historic, current, and predicted planting. It also helps you learn about the farmer and their situation so you can prioritize and streamline your marketing and sales outreach.
Go after your addressable market
Not every farmer is a potential customer. So it's important to focus on the farmers that you can serve.
Your addressable market consists of those farmers who nave a need for your product, live within a geography that you're able to serve, have a level of spend potential that matches your price point, and are behaviorally in line with your previous customers. These are the farmers you should target.
If you spend time prospecting a farmer who won't do business with you, those resources could be better spend elsewhere. It's important to avoid these bad-fit growers and instead focus on those who you can help.
This is only possible when you have access to data and information on those farmers so you can clearly build marketing audiences and sales prospect lists.
Improve efficiency in your organization
Farmers are working to improve their overall profitability by improving the efficiency of their operations, and agribusinesses should do the same:
- Understand your growers better through use of a buyer persona
- Focus your marketing communications on people in your addressable market through targeted messaging
- Compound your outreach efforts with aligned marketing and sales communications
- Increase your chances of closing a deal by delivering a customized message for a grower segment
- Analyze and adapt based on changes in the data
The more efficient you are, the better you'll utilize your resources and maximize your return on investment, even when there's upheaval in the market and among farmers.
Stay consistent in your execution
Only by consistently deploying your marketing and sales communications to your addressable market will you start to generate revenue.
Of course, the definition of that market may change. Whether or not a farmer is contained within that market may change. And you may develop new products and services to solve different problems within that market. All of these are good and can help keep your business afloat during a changing time.
But when you have defined your target market and have clear idea of who is within it right now, consistency in execution is key to turning information into revenue. Marketing should customize messaging to match the grower. Salespeople should follow up on qualified leads. On-the-ground insights should help you contextualize and interpret your market data.
If you keep this up, you will certainly be able to stay afloat amidst all the changes and tumult in the ag market.