What could you do with better in-season data insights?
In the agriculture and turf & ornamental sectors, it’s no secret that in-season data is a game changer. Input manufacturers have long recognized the benefits of timely insights to drive their sales and marketing strategies, optimize product availability, and meet customer needs. But here’s the catch: knowing the importance of in-season data is one thing—successfully harnessing it is another.
Why are manufacturers looking for better in-season data insights?
With seasonal weather patterns, crop cycles and customer preferences having such an impact on the market, manufacturers have long recognized that accurate in-season data insights are crucial for making necessary adjustments.
These insights help provide you with more visibility into market trends, allowing you to better understand shifting demand patterns, anticipate customer needs, and adjust sales and marketing strategies accordingly.
Optimizing product availability
Accurately predicting demand can feel like a gamble. You don't want to overstock and risk spoilage, but understocking can lead to lost sales and frustrated customers. This is especially true when faced with supply chain disruptions and unavailable inputs, which 38% of North American farmers report as a major profit-impacting factor.1
In-season data insights can help enable you to optimize product availability based on real market demand. By monitoring sales trends and inventory levels, you are able to make more informed decisions about when and where your products need to be stocked.
Tailoring marketing efforts
The increasing demand for organic and sustainable farming practices, plant-based diets and alternative proteins, functional foods and superfoods, and the rise of the locally sourced and farm-to-table movements have all influenced the prices that farmers can command for their products.2 As consumer preferences, dietary trends and market demands shift, growers will need to adapt their production methods and offerings in order to meet these evolving needs.
In-season data insights give you the ability to tailor your marketing efforts to target specific customer segments and market niches. By analyzing customer behavior and preferences, you can develop targeted marketing campaigns, promotions, and messaging that show your audience you understand the realities of the changing market.
Measuring marketing ROI
With the world's population projected to substantially increase by 2050, a 60 - 70% rise in global agricultural production along with increases in inputs like fertilizers will be necessary to meet the growing demand.3 In this competitive landscape, demonstrating a strong return on investment (ROI) for marketing efforts becomes crucial.
Accurate in-season data insights enable manufacturers to measure the effectiveness of their marketing efforts. By tracking key performance indicators such as sales uplift and ROI, manufacturers can assess the impact of marketing campaigns and make data-driven decisions to optimize marketing spend on the fly.
What is stopping you from getting there?
Despite the widespread understanding of the value of in-season data, many manufacturers are still struggling with managing all of their data. The question is, why? The answer lies in the complexity and fragmentation of data management. Scattered information across various sources makes it difficult to get a complete picture of your business and the broader market. Inconsistent formats and data entry errors can further compromise the reliability of any insights you do manage to glean. The lack of real-time data visibility throughout the season can also hinder your ability to identify and address problems as they happen.
Many businesses end up making critical decisions based on incomplete or outdated information. The result? Missed opportunities, inefficiencies, and ultimately, lost revenue.
Adopting a data-first approach
Leveraging in-season data insights is no longer a luxury, but a necessity. By overcoming data management challenges and embracing data-driven decision making, you can gain a significant advantage. You'll be able to respond proactively to market demands, minimize disruptions, and ultimately achieve increased profitability and a competitive edge.
TELUS Data Collection can help you streamline data collection, analysis, and reporting. With the right tools and approach, you can transform your sales and marketing strategy, ensuring your business thrives in the ever-changing world of agriculture.
