As COVID-19 continues to disrupt lives around the world, the U.S. economy is struggling to find a new footing. Coupled with tragic loss of life, the fiscal ramifications of such a sprawling public health emergency mean people and businesses are having to maximize their actions in order to survive, both literally and figuratively. For the nation’s 2.04 million farms, this means finding ways to develop actionable insight from existing data sources so that they remain profitable, with their ROI safely in the black, even as the rest of the economy experiences a dramatic downturn. In any year, it’s a tough objective; during a pandemic, it can be particularly arduous as factors more volatile than the weather are affecting supply, as well as demand. One of the best ways for ag companies to mitigate further loss, it to use market research to study crop growers, their behaviors and their needs. Here are some of the most common topics that can shed light on the agriculture market at any given time:
Crop Growing Products
When demand is high, famers need to be especially efficient. Finding out what others are using to meet market need can help ag businesses craft their own winning strategies. Market research targeting crop growers can highlight the most important characteristics of the products they buy, thus shedding light on whether speed or convenience or cost or any number of other factors make any difference to profitable outputs, including more sales, higher consumer engagement and better customer satisfaction.
The Competitive Landscape
Indeed, a simple review of the competitive landscape helps other companies by showcasing the practices that work (or don’t) in the agriculture market, enabling them to better position their own products, policies and procedures.
The Purchase Behaviors of Crop Growers
Similarly, how and why and when crop growers make purchasing decisions directly reflects their priorities, making these variables possible indicators for productivity, policy and labor concerns and highlighting many management and market trends.
Of course, just having a clear picture of who the players are — their location, age, educational status, etc. — means businesses of any kind can better shape their own “ideal customer and can better prepare themselves to meet their demands. During a disturbance (such as the current pandemic), the most important characteristics of a population can fluctuate; it’s important to keep abreast of changing habits so that agriculture businesses can quickly change their own practices in response.
Crop Protection Strategies
Profitable crop growers protect their business. Market research can reveal the thought patterns and behaviors that dictate how and why crop growers choose, use or apply protection products (and against which targets they are aimed), allowing agriculture companies to anticipate other agriculture needs and/or demand.
Finally, researching the seed decisions of crop growers allows ag businesses of all types to remain cognizant of the crops in most demand. With this information, companies can better evaluate and predict market conditions and any related purchasing behaviors in their response.
Ready to Learn More?
Market research studies targeting crop growers enable agriculture companies to better recognize and anticipate market performance. It serves as insurance, enabling ag businesses to develop actionable insight and respond to changing market conditions quickly and effectively. If you’d like to stay ahead of the competition and increase your ROI, please contact our team using the form below. With exclusive access to our own agriculture industry audience, we can connect you with unique individuals across the agriculture supply chain here in the U.S., as well as in Canada, people who can inform your management practices and improve your business decisions.