The decision-making process within the livestock industry is a complex one, influenced by economic and societal factors that range from common and ongoing health and environmental concerns to the more unpredictable impact of public emergencies not unlike COVID-19. With emphasis on improving animal nutrition and health driving policy, as well as community demand, livestock producers must seek effective and efficient solutions for their business practices in order to remain competitive while still addressing market need. For suppliers, this means learning what livestock producers really want from their animal feed and health products and technologies. Here are three important considerations:
The livestock industry continues to change, partly because the focus on human well-being continues to force attention on animal well-being, creating rigorous production policies, and partly because global demand for food continues to force specialization rather than diversification, thus, changing purchasing needs and altering purchasing decisions. Good market research can shed light on the competitive landscape within livestock production by showcasing what other producers are doing so that agricultural companies can better address the most pressing market needs and, thereby, gain competitive advantage.
Of course, the purchasing behaviors of livestock producers do more than signal overall market demand; they indicate specific operational conduct. Knowing the basic purchasing behavior of individual livestock producers enables a company to more appropriately structure its own sales procedures in response.
Part of good business is not only recognizing market demand, but anticipating it. A solid market research study can help companies identify current market conditions (such as a shift towards higher quality foods in response to environmental concerns), and it can provide them with the information they need to forecast future market trends (such as a possible shift from artificial meats due to changing consumer preferences). By asking consumers what they want now and what they might want later, businesses get firsthand (read: “reliable”) data on which they can base their decisions.
Existing data and syndicated reports can no doubt inform a basic understanding of the livestock industry. But if you want actionable insight, there really is no substitute for customized market research. A study tailored to your own business questions, using a targeted audience, means all resulting data will be timely and relevant to your own business purposes. Contact us to learn how our team can craft a market research study that improves your products and operational strategies and, ultimately, your ROI.
Discussing his market research expertise with Morgan Seger, the host of the Precision Points, an Ag Tech Podcast, our Co...Read full article
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