Agriculture – The Farnsworth Group http://www.thefarnsworthgroup.com The Farnsworth Group Fri, 29 Sep 2017 19:09:45 +0000 en-US hourly 1 Market Research: An Even Greater Need In Agribusiness Today http://www.thefarnsworthgroup.com/research/market-research-an-even-greater-need-in-agribusiness-today/ Fri, 29 Sep 2017 19:09:45 +0000 http://www.thefarnsworthgroup.com/?p=2369 Marketing Research:  An even greater need in Agribusinesses today

In an earlier article, we discussed four conditions under which marketing research is of even greater need than is typical:

  1. Market dynamics are changing – rapidly.
  2. The target customer is changing – rapidly.
  3. Competitor approaches are changing – rapidly.
  4. Your organization is changing – rapidly.

Put another way, the greater and/or faster the pace of change, the greater the need and potential value for marketing research.  Intuition is less reliable, in-house data ages quickly, more unanswered questions exist, upsides for the right strategy are greater, and risks for poor choices are larger.

So, why a greater need for Marketing Research in Agribusiness today?  It is not a stretch to indicate the pace of change has never been greater in the agriculture industry than it is today.  We face significant driving forces for each of the major conditions described above.  These lead to implications, opportunities and challenges, and ultimately unanswered questions which must be addressed to deliver the results you need in an evolving market place.

Specifically, we are faced with the following major driving forces: (not exhaustive)

  • End Consumers will demand some mix of the following: more, different, inexpensive, safer, higher quality, healthier, locally produced, and/or reliable food.
  • The market will continue to become more global influencing where food is produced, distributed, and consumed.
  • Government policies and regulations will influence product/technology introduction, rules of commerce, producer strategies, and more.
  • Major mergers across the value chain will alter business relationships, product/service/technology offers, approaches to market, pricing, technology innovations and commercialization, and more.
  • Changes in the farmer/producer/rancher population will alter: who makes decisions, how decisions are made, how information is accessed, the nature of the supplier-customer relationship, willingness to try new products/services/technologies/approaches and more.
  • Increasing technology development and use will influence: product and service demand, communication approaches, information access, how food is produced, decision making processes, and more.

The strategic implications from these driving forces are significant.  Further, questions from these driving forces are numerous.  Categorically, there is a tremendous need to understand the following across the agribusiness value chain and by industry participants to support effective decision making:

  • Current and future market size and trending.
  • Perceptions of market dynamics and current business strategies/approaches in the market.
  • Current and emerging actions/behaviors/purchase intent considering shifts in the market.
  • Potential actions in response to new offers, strategies, and tactics. 

To prepare your business for these specific driving forces in agribusiness, arm your organization with high quality marketing research that answers critical questions, provides actionable insights, supports decision making, and delivers the results you seek.  The need for marketing research has not been greater in agribusiness than it is today. 

About the Author:

Robert Weaver has provided management and marketing consulting insight for nearly 20 years to leading agribusinesses.  He believes that high quality marketing research is central to developing differentiating and sustainable strategies that deliver results.  He is the Vice President of Agribusiness for The Farnsworth Group.  Reach him at rweaver@thefarnsworthgroup.com or 317-241-5600 x. 104

Learn more about how The Farnsworth Group can support your organization at www.thefarnsworthgroup.com

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Yes, you need market research…more today than ever! http://www.thefarnsworthgroup.com/blog/yes-you-need-market-researchmore-today-than-ever/ Thu, 31 Aug 2017 14:01:51 +0000 http://www.thefarnsworthgroup.com/?p=2361 Your organization is faced with a significant business challenge or opportunity: Competitive pressure, Alternative path to market, Revised sales model, New product or technology launch, Adjusted brand experience, New digital marketing strategy, Market share erosion, Sales decline, Margin pressure, Lost customers, Evolving customer target. The list of challenges and opportunities goes on.  Sound familiar?  We’ve all been there.

A team is assembled to lead your organization to future success.  The challenge is crystallized, goals are defined, timelines and budgets provided, and the strategy development process ensues.  Your team outlines the marketing research required to support effective decision making and lead the business to desired results.  After all, understanding the market, key competitors, and customers is critical to making the best business decisions. It seems obvious, right?

Unfortunately, many organizations and business leaders fall prey to believing there is limited need for marketing research.  They cite the following kinds of reasons for skipping this critical step:

  • “We’ve been in this market for years. Our intuition is stronger than marketing research.”
  • “The data we have is ‘good enough’.”
  • “We just don’t have the time to complete a research study.”
  • “I never learn anything new in market research.”
  • “Research tells me about the past… not the future.”
  • “We don’t get high value in our marketing research studies.”
  • “Research does not help me make decisions.”

While these explanations are common, the need for quality marketing research has never been greater than it is today.  Organizations most need quality marketing research under the following conditions:

  1. Market dynamics are changing – rapidly. Changes in:  consumer demands, government policies and regulations, global trade, macro-economic factors, access to labor, customer profitability, and more.
  2. The target customer is changing – rapidly. Changes in: demographics, drivers of purchase behavior, price sensitivity, definition of value, use of technology, preferred communication approaches, ability to access information, willingness to try new offers, willingness to switch suppliers and brands, desired relationship with suppliers, and more.
  3. Competitor approaches are changing – rapidly. New or evolving:  competitors, products/ technologies/services, approaches to market, customer relationship models, brand positions, pricing models, communication methods, and more.
  4. Your organization is changing – rapidly. New:  Company purpose, products/services/ technologies, markets to enter, paths to market, strategic partnerships, leaders/managers/ salespeople/experts, brand position, customer targets, and more.

Again, do these conditions sound familiar?  We always hear that more change will occur in the next 5 years than in the previous 25.  That is OK… but, what do we do about it?

To prepare your business for the incredible pace of change ahead, arm your organization with high quality marketing research that answers critical questions, provides actionable insights, supports decision making and delivers the results you seek.  The need for marketing research has not been greater than it is today.  In a future article, we will outline how to get the most value from your marketing research studies and partner.

 

About the Author:

Robert Weaver has provided management and marketing consulting insight for nearly 20 years to leading agribusinesses.  He believes that high quality marketing research is central to developing differentiating and sustainable strategies that deliver results.  He is currently Vice President of Agribusiness for The Farnsworth Group.  Reach him at rweaver@thefarnsworthgroup.com or 317-241-5600 x. 104.

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The Farnsworth Group Strengthens Industry Research Expertise in Agribusiness With New Hire http://www.thefarnsworthgroup.com/marketing/the-farnsworth-group-expands-market-research-expertise-to-agribusiness-welcomes-robert-weaver/ Tue, 25 Jul 2017 17:37:14 +0000 http://www.thefarnsworthgroup.com/?p=2345 INDIANAPOLIS, IN (July 26, 2017) – The Farnsworth Group, Inc., a leading custom market research firm with vertical industry expertise, has hired Robert Weaver, a proven thought leader in the agribusiness industry.

Weaver joins The Farnsworth Group as VP of Agribusiness having dedicated his career to the industry. For the past twenty years, he has worked closely with agricultural manufacturers, suppliers, distributors, retailers, and others throughout the agribusiness value chain, helping them utilize research to solve market challenges. His leadership roles in management have made him a highly sought-after, trusted resource for executives and management teams alike.

President of The Farnsworth Group, Brad Farnsworth said, “We are very pleased to welcome Robert to our firm. We are excited to deploy his agriculture experience to further expand our company’s service offerings to clients in agribusiness. By pairing research expertise with industry knowledge, the Farnsworth Group will continue to provide our clients with strategic insights and tactical recommendations that help them achieve their long-term business goals.”

Farnsworth added, “For the past three decades, The Farnsworth Group has been a resourceful category leader, providing clients with customized research solutions that are guided by a deep understanding of their industry. Robert is at the top of his field, and we’re excited to engage his knowledge within our experienced research teams.”

New VP of Agribusiness, Weaver indicates, “I am excited to join The Farnsworth Group, and to lead the organization’s growth into the agribusiness industry. I see a tremendous opportunity to partner with agribusiness leaders to understand the implications of industry drivers/issues, identify the most critical challenges influencing business success, and use high quality, customized market research solutions to help define strategies for success.”

 

Robert was raised on a diversified crop and livestock farm in Crawfordsville, IN. He attained his Bachelor of Science in Agriculture Economics, focus on Sales in Marketing, from Purdue University and his Masters of Science in Agriculture Economics, focus on Food Marketing and Distribution, from Cornell University.

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