Components of a Powerful Marketing Plan Date: 8/18/2016 12:00:00 AM Author: Compeer Financial Educational Opportunities: Articles Home > Education & Events > Components of a Powerful Marketing Plan Share: Some farmers opt out of a written marketing plan simply because it can be a bit overwhelming. Getting a marketing plan together does not have to be complicated. Instead of trying to cherry pick the top of the market, its recommended by many in the industry to have a flexible, written marketing plan that has decision dates and prices. At each date, or price point, a percentage or increment should be sold. An example of how to write a plan for each increment might be: Sell 10% of my New Crop APH at $3.80 or by May 1, whichever one comes first. Marketing Plans Should: Be Written - paper, iPad or email, the key is holding yourself accountable (avoid emotional decisions). Have Specific Dates or Price Points - (whichever happens first) sometimes selling at a loss is necessary to manage risk. Use Contracts You Understand - for example, cash, elevator hybrid contracts, futures, etc. Be Flexible - the ultimate goal is to reduce risk, not assume it. (Remember this one when making decisions!) Include a Trusted Advisor - grain merchandisers, brokers and marketing firms can help. Today there are grain marketing options at elevators and corn and soybean processors that enable you to manage prices with or without futures or options. Some of these options include: Minimum price contracts - lock in a floor take advantage of rallies Min/Max- lock in a pricing range Averaging Contracts - don’t receive below the seasonal average prices Daily Pricing Expert/Pro Pricing - allow an industry professional to price grain Using Futures or Options - The contracts above are just the tip of the iceberg, but ultimately these — along many other types of contracts — will allow you to reduce price risk on your grain and oilseed production. For more information on whom to contact to learn more about how to get a written marketing plan or to learn more about the many options the industry has for grain contracting, talk to your local Compeer Financial representative. For more industry updates, subscribe to our production agriculture e-newsletter. Comments There are no comments. Leave comment Name: Email: Comments: Enter security code: Compeer Financial - Specialist Advancing agriculture and rural America Articles What Does it Cost to Raise a Heifer? Articles Four Ways to Sell Your Home Faster Articles Is There Such a Thing as Too Much Cash in a Hog Operation? Articles Is Refinancing Your Home Mortgage Right for You?