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Tips to become a better marketer Savvy grain marketers realize
there's no one way to master marketing. Instead, there are many ways. A few tips from some who have successfully navigated the pricing path: • Develop a good, sound marketing plan that's attentive
to your break-even costs.
• Realize the downside of a market. "Many times we put the grain under loan and we become complacent," says one grain analyst. "A person needs to get away from that."
• Understand
government programs. Research program specifics and technicalities so you may take advantage of program rules, not get burned by them.
• Producers need to be willing to spend money on marketing and marketing
information.
• "Pulling the trigger" or taking action on information received is paramount. "So many people have a marketing philosophy of 'wait for a higher market,'" says one expert. "Producers should take a stand
and take action."
• Get to know the strategies used for grain marketing, using professional help if need be.
• Study the markets everyday. "You can't just do it when the rain falls," says one producer. "You have
to listen to the open, listen to the close. Maybe you aren't doing any buying or selling for several months but at least you have an idea of how the market is doing. It doesn't have to be an hour in front of your DTN
screen everyday. But listening to the news will go a long way."
• Take time to be informed, but act on the information. "Producers need to 'know when to say when,'" says one producer. "You can study (marketing)
sixteen ways from Sunday but if you don't have the guts to pull the trigger, it's not going to do you any good. I know guys that know every detail but they are too chicken to do anything about it." |
