This is the third and final installment in a series of articles on farm marketing, brought to you by Glacier FarmMedia’s MarketsFarm. Parts 1 and 2 appeared in the March 4 and March 11 editions.
In our first article, we explained why having a structured marketing plan is essential in today’s unpredictable markets. The second installment broke down the key components of a strong plan.
Now, we turn to a critical yet often overlooked aspect of farm marketing: you must know when to alter your plan and when to stay the course. We’ll also explore common behavioural traps that derail even the best-laid strategies.
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You must review your plan
It’s easy to assume the work is done once a marketing plan is in place. However, markets are constantly shifting. Meanwhile, your farm’s financial position, storage availability and risk tolerance can change. Regular reviews ensure that your plan remains relevant and effective.
When to review your plan
At set intervals: Schedule regular check-ins — monthly, quarterly or at key times of year (planting, pre-harvest, post-harvest)
When market conditions change: Major price moves or shifts in local supply-demand can warrant an adjustment
If your financial position changes: Cash flow needs, debt payments or storage limitations may require tweaking your plan
A sound marketing plan is adaptable but not reactionary. Respond to changes strategically, not emotionally.
Don’t be afraid to stand pat
While adjusting to new realities is important, constant second-guessing can be as damaging as sticking blindly to a failing plan. If your strategy is sound and aligns with your farm’s objectives, trust the process.
Successful marketers often follow a set of guiding principles, whether based on cost of production, technical price signals, market fundamentals or a combination of factors. The key is consistency.
Too many farmers operate with no real strategy — just a vague desire to “get the best price.” That often leads to emotional decision-making. This brings us to the biggest threat to a good marketing plan: human psychology.
Behavioural traps derail the best-laid plans
The markets don’t care about your emotions, but emotions can have a massive impact on your marketing. Fear, greed and wishful thinking are common culprits that cause farmers to stray from a solid plan.
One way to improve the implementation of your marketing plan is to get a second opinion before you make changes. Invite a spouse, adult child or normally silent business partner to participate in the review process. They may not be as emotionally invested in the decisions, meaning they may see gaps in the logic.
The ‘just get it off the farm’ mentality
Some farmers hate the stress of marketing. They want the crop sold and out of sight. They sell everything as soon as it’s harvested, regardless of price. This approach provides immediate cash flow and eliminates storage concerns but often results in selling at seasonal lows.
While there’s nothing wrong with some sales at harvest, a complete lack of strategy leaves money on the table. A more disciplined approach — selling in increments based on pre-set targets — can improve long-term profitability.
The ‘hold it all’ gambit
At the other end of the spectrum are those who refuse to sell, convinced that prices will invariably rally. These farmers become excited when the market starts to climb, only to watch helplessly if it turns back down again.
This strategy is often driven by the desire to hit a home run with a single big sale at the peak price. The problem? Timing the top of the market is nearly impossible.
Baseball legend Babe Ruth was famous for his home runs, but he also struck out more than anyone else in his era. The same applies to farm marketing: swinging for the fences might lead to an occasional win, but more often, it results in missing out.
Fear clouds judgement
Fear can be just as damaging as greed. Farmers who panic in a downturn often sell heavily at market lows, convinced prices will never recover. Conversely, those who refuse to sell for a modest profit sometimes dump their crop at a loss months later.
A disciplined marketer avoids these emotional extremes by sticking to a plan.
Run with the herd, risk getting trampled
Think for yourself. It’s not always easy when others rush to sell in a panic over a perceived threat or boast about their profits during a bull market.
Following the crowd may feel safe, but it is often dangerous. Markets move in cycles, and what seems like a sure thing today can quickly turn into tomorrow’s regret. Acting on fear or greed can lead to costly mistakes.
Successful investors and business operators take the time to assess the facts, consider multiple perspectives and make decisions based on their judgment. Herd mentality fuels market bubbles that often end in sharp corrections. Independent thinking is key to avoiding these extremes.
Look in the mirror
If your marketing results are poor, it’s not because the markets are out to get you. It’s probably because of the decisions you make.
As Martin Luther King Jr. said, “Self-criticism is a sure sign of maturity — and the first step toward eliminating a personal weakness.”
The market is bigger than you. It doesn’t care how confident you are in your predictions. While the market’s course is not guaranteed, disciplined and adaptable farmers are in the best position for success. Remember this as you review your marketing plan.
Change is the only constant
The saying “This too shall pass” is believed to be based on a Persian adage passed down throughout time and made famous in 1852 with Edward Fitzgerald’s “Solomon’s Seal.” In it, King Solomon aims to create a sentence that will always be true —whether times are good or bad. His response: “This, too, will pass away.”
It’s easy to get caught up in the highs and lows of the market. But in the long run, the best marketers stay focused, create and implement an agile plan and refuse to let emotions dictate their decisions.
Marketing is easier when you remove stress and make decisions with confidence. Regularly reviewing your plan — and staying disciplined — will help you do just that.
