Farm Journal Economist Bob Utterback says there are three tenants modern-day marketers need to adopt to be successful in the future. More than 750 producers packed the special marketing session hosted by Farm Journal at the National Farm Machinery show to hear Utterback's ideas at the 2010 National Farm Machinery Show in Louisville, Ky. on Wednesday and Thursday this week.
The three tenants are:
- Flexibility in selling and serving your customer
- Have a plan for your marketing moves
- Excel at cost management
Point 1. Producers must have adequate storage, says Utterback. This will allow producers to take advantage of better prices and basis when the buyers are demanding more corn.
Point 2. Having a plan doesn't mean inflexibility with your marketing, he says. If you have a plan it will allow to be flexible, but you can make the moves and take emotion out of your decisions.
Point 3. Cash rents have shot up in recent years. Managing your contracts and your relationships with your landlords is extremely important, Utterback says. Volatility in the input market is also adding to the need for this Utterback tenant.
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