How to Avoid Preparing A Marketing Plan
It’s common knowledge that American farmers are great producers, but their marketing efforts frequently produce less profitability than they would like.
As a risk manager, many producers have confronted me with excuses on why they don’t try to improve their marketing skills. The most common excuses are, “I’m too busy,” “The markets are too volatile,” and “Options are too expensive”. At Top Third, we have spent years trying to educate farmers on why those excuses aren’t valid. Farmers who take the time learning to be a better marketer often find themselves actually doing a better job of marketing.
One way farmers avoid preparing a marketing plan is to tell the broker, “Let me think about”. A broker may have recommendations to help the producer, but the easy way to end the conversation is “let me think about it”. Frankly, this may not be a bad thing IF the producer actually does think about it in a serious, contemplative manner. Unfortunately, many producers just put it on the back burner.
If you truly “want to think about it” - that’s fine. But you should discuss your decision with the broker the next day, so you’re both comfortable that it’s right for you and accomplishes your risk management goals.
Call Top Third today at 877-TT-HEDGE before the upcoming March 31st USDA reports to see what marketing opportunities are available, and let us give you something to think about. For more information go to https://www.topthird.com/.