Posted: Monday, March 9, 2009
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Category:
Marketing
Perhaps the toughest situation for ranchers in decades is on the horizon.
Overall market conditions are deteriorating.... Livestock prices are dropping.... The value of the dollar is down.... The stock market is shaky.... The Government wants to meddle more in your business.... And several ranchers will be forced into foreclosure.
In an uncertain market, when your income stream may not be gushing as vigorously as usual, it makes a lot of sense to get busy plugging up the profit holes.
Certainly most might expect profit holes to be related to the actual expenses in your ranching operation (more output for less input). But what I'd like to focus on here are a few core opportunities you might not be realizing that may prevent you from succeeding in this tough market:
1. Not Looking for Business.
This is the biggest profit hole in our industry.
We’ve just ridden a long wave of truly amazing market conditions. Business was hot; everybody wanted to sell, or buy, or both, and everybody needed something. Many newer ranchers (3-7 years) never prospected and never learned how to market their services; they simply relied on the seemingly endless high tide of business coming their way. Even more seasoned ranchers were so busy they got out of the habit of marketing and didn't take time to learn the newer, easier and better ways.
Well, the tide has gone out, and who do you suppose is busy now? It’s those consistent prospectors—the ranchers that were going to shows and fairs, sending out mailers, keeping in touch with those they know, networking to create new sources of business, and keeping up with new technology. And as of lately, the numerous Ranchers who have found several new contacts, friends, and potential for future business through by joining CattleGrower.com
Plain and simple - If you want to do more business, you have to find it. It’s not too late to better position yourself for a weakening economy. But if you’re not marketing, you’re giving away your business, and your profit, to someone who is.
You must stay in front of prospects or they will not think of you.
Even when people are not buying or selling, you can still offer them a valuable commodity - information. So get in touch with the people you want as your clients and work to meet new people. Don't be afraid to share your knowledge and experiences... This is your most valuable asset and the number one way to attract others to you.
2. Taking Too Long to Respond to a Changing Market.
The longer you stand there scratching your head and hoping that things will just go back to “normal,” the more time and money you’re losing. You can buy into the media doom and gloom or you can use your head and get back to work.
It's up to you - Retreat in panic, continue with the status quo and expect more of the same, or intelligently change.
CattleGrower.com Members - Certainly feel free to comment with any advice or strategies that have helped you
to succeed in this challenging market below (must be logged in).
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