Establishing value through marketing
What makes an iPad worth more than any other consumer tablet available today? Is it that far superior in terms of functionality? So much easier to use? Easier to carry?
Not really, It’s mostly good marketing.
Apple’s products are undeniably of the best quality, but where they set themselves apart from all of the other high-quality technology available is their marketing prowess. The pre-launch campaigns Apple has run for the iPhone and iPad were some of the most effective in history. Before those products even hit the market, before they actually knew what an iPhone or iPad was, consumers were convinced they had to have one. They did, and will, stand in line for hours to be among the first to own the latest Apple gadget. And once they get to the front of the line, they will pay whatever the price.
So how do we translate that kind of marketing success from a multi-billion dollar company to a small- or medium-sized ag business? It’s not as difficult as you might think.
A quality product is always the foundation, and from there we simply portray it well in a way that engages our target audience. The first step is establishing your farm or businesses’ strategy – where you fit in the marketplace. Take some time to define what it is you will sell, how you will sell it, and to whom. The “whom” part of the equation will impact everything else you do, as marketing efforts become guided by the demographic of people you are selling to. Your logo and consistent branding visuals will help establish your presence amongst competitors, and can go a long way in telling the market what to think of your business. When it comes time to present your product to prospective buyers, be it live or in photos, make sure it looks its best. If you own a cattle ranch, this will start months ahead with proper nutrition, management and preparation before they are ready for presentation. Through it all, the overall experience of your audience will have an enormous impact on the final valuation.
No one of us can be an expert at everything, and investing in certain areas will only add to the value of our product. Often, getting assistance from professionals will pay off in spades.
When we take control of marketing our product and business well, we effectively turn ourselves from price-takers into price-makers. And isn’t that the goal?