Decision-support technology has many applications in agronomy and precision ag, and many companies are investing in it. But beyond prescriptive applications, which are important and necessary, this technology can help agribusinesses make the decisions to grow their reach among farmers and put more of their products in farmers’ hands.
Since the ag industry is becoming more consolidated and businesses are forced to do more with less, making solid decisions around business and revenue strategy, marketing tactics, and sales activities becomes more important.
With the right information, you can start to make better decisions. Here are a few examples of decision-support technology that can help your agribusiness increase revenue.
Business intelligence software for making strategic decisions
Many agribusinesses make strategic decisions through anecdote or intuition. It’s not uncommon to hear “this is what we’ve always done” as a common justification for current practices.
While decisions in the past have generated good results, this evolving industry means business have to make smarter decisions. That means these decisions are better when driven by information and analysis, not just gut feeling.
There are three primary ways company can grow revenue in agriculture: expand your footprint into new markets or geographic areas, increase market share inside your current area of interest, or grow wallet share among current customers.
All three of these methods of growth require information in order to make strategic decisions:
- What areas are good targets for expansion? Which markets have the greatest potential to generate revenue?
- How much of the market do we actually serve? How much room is there to take share away from our competitors?
- Are we making the most out of the customers we have? Are there some who have more opportunity to spend that we can have a greater opportunity to serve?
Business intelligence tools powered by agriculture information – details about farmers, their operations, their financial picture, and more – can help inform those decisions.
That way, you’re basing your decisions on facts, not assumptions.
Tools for targeted marketing efforts to connect with your ideal farmer
FarmFocus is an example of a marketing platform that lets you examine and segment the market to find your ideal audience.
Once you’ve identified the market or markets that provide the perfect fit for your business, the next step is to being conversations with the farmers in that market. This is why you need tools to make sure you’re starting conversations with the right market.
Because you’ve started with a data-driven picture, building the perfect audience is easy. Start by looking at the market you want to reach, and then determine the demographics that can help you reach that audience.
Then, having a tool that helps you filter and segment grower data to find the segment will give you the list of farmers you need for marketing communications.
One of the primary benefits that comes from data-powered marketing is the ability to integrate your efforts across multiple channels. Don’t just launch a direct mail campaign. Reach your target growers through email, programmatic ads, social media ads – in addition to your traditional channels like direct placement ads and audience marketing.
Together, you can bring the power of branding and targeted communications to show the farmers you want to reach exactly the products and services that can help them.
Sales prospecting tools to use in the field
FieldVision is an example of a tool that finds prospects in the field and gives you information about their operations.
Marketing starts conversations with the market, but salespeople continue the conversations and solve for the grower’s problems. This means that salespeople need to be aligned with the marketing team to make sure all align with the overall business strategy.
That means that salespeople need to be equipped with data to know who to prospect, and a glimpse into the problems that the growers are having. There are sales prospecting tools out there that help team members identify good prospects and then learn the details of the operation.
When salespeople use this data, they can prepare for the conversation ahead of time and come up with a tailored approach to solving the grower’s problem. Additionally, if they come across a new farm in the field, they can identify who farms that land and be prepared to jump on that opportunity right away.
Since the goal of a salesperson is to help solve growers’ problems by offering the right products, having this information ahead of time will help them start the conversation with solutions, rather than a generic “tell me about your farm.”
Grower information integrated with your CRM
GrowerProfile lets you see the details of the operation and integrate with your CRM.
The customer relationship management (CRM) system is the tool that keeps strategy, marketing and sales teams aligned around the common goal: the customer. These systems track all communications made with a grower, as well as that grower’s behavior when interacting with your website, social media content, email messages, ads and more.
But the power of the CRM doesn’t stop there. When you have access to high-quality farm data, you can integrate this information with your CRM on a record-by-record basis, allowing you to integrate your marketing and sales records with the information you’ve gathered on the operation.
This empowers you to see the full picture of the operation and your company’s relationship to it, so you can make contextual decisions around when to reach out and advance the relationship.
Whether your focus is on strategy, marketing or sales, Farm Market iD provides decision-support technology to help your agribusiness grow revenue. Contact us to schedule a demo today.