Growing sales and revenue is the end goal of every sales and marketing strategy. But there are better and worse ways to achieve that growth. The more solid your revenue strategy's footing, the more effective your marketing and sales organization will be.
When you break it down, growing revenue is simple. It's all about finding your ideal customer, figuring out which agricultural products and services will best meet their needs, and communicating that value in a way that entices them to make a purchase.
Whether you're focusing on prospecting for new customers, or growing wallet share among your existing customers, here are three things your agribusiness needs to build a solid agriculture revenue strategy.
1. Highly reliable market data
An effective marketing and sales strategy starts with a clear understanding of the market of farmers you serve. Without this data, you would essentially be flying blind.
Many agriculture companies use data provided by the U.S. Department of Agriculture (USDA), which provides summaries of crops, acres, crop yields, and other high-level insights. While this is is helpful, there is more detail available to you. The more detail you have, the better chance you have at targeting the farmers that will get you to your revenue goals.
Solid market data can help you understand factors that influence your marketing and sales process. It can help you find the farmers that are within your geographic footprint, or the farmers who have a demonstrated, behavioral need for your product. Price point data also helps you make decisions, including lowering or raising your prices.
The better your data, the clearer picture of your addressable market you'll have; and you know that you are going after the right growers.
2. Clear standards for success
When setting success metrics, it's important to avoid vague terminology like "increasing revenue" or "getting more customer buys." Instead, look deeper at the actual, measurable success metrics:
- Market share growth
- Wallet share growth
- Number of new customers within the target market
- Average deal size, and aggregate sales quotas
That way, when you meet with your marketing and sales teams at the end of each month and quarter, you're all operating from an aligned view of what "good" looks like. And everyone knows exactly what they need to do to improve next time.
But short term metrics should not be the only thing you examine. Agriculture is a highly seasonal industry, so be sure to look at long-term, year-over-year results when considering what's important for your overall revenue strategy.
3. Actionable alignment between sales and marketing
A great strategy doesn't bring revenue growth by itself. A great marketing campaign doesn't bring revenue growth by itself. It's when those to things are combined with sales follow-through that growth happens.
Take social media marketing, for example. Your marketing team probably invests in campaigns across a number of platforms -- particularly the ones where farmers are most active. But your sales team can take it a step further, engaging in targeted follow up with the same farmers who are receiving the ads. That way, you achieve all the necessary touches needed to move that farmer toward a potential purchase.
When marketing and sales are aligned -- especially by sharing prospect and customer data -- going from strategy to real, tangible revenue growth is simple. That's the power that comes with access to the right data, information, and insights.