Blog - Rhea+Kaiser

The CFO mindset of farmers is in charge - Rhea Kaiser

Written by Hubspot user | Mar 7, 2017 10:09:36 PM

Observations at Commodity Classic from the Marketing to Farmers team

As we prepared for Commodity Classic, our team wondered what the mood of farmers would be. From our observations, eavesdropping and conversations, we concluded the mood was cautiously optimistic. Mike McGinnis at Successful Farming suggested there was measured optimism.

What we witnessed was the CFO of the farm was in-charge of the trade show experience. 

Business Management and Data Hold Center Court
The CFO knows that the farmer with the best data has the advantage, and the farmer who best uses the data wins.

Traffic was steady at the trade show, but seemed consistently concentrated and engaged in the booths of farm data management services like Farmers Edge and Farmers Business Network – even more than for drones and precision farming hardware and service providers.

We saw and heard the CFO mindset in action as farmers talked about and sought out information on optimizing resources and managing ROI vs. maximizing yield. For example, farmers from Missouri left one booth rethinking their corn populations for this year once they saw the point of diminishing returns on higher planting populations.

Shiny Equipment Draws Crowds, Too
Big iron always draws traffic at farm trade shows, and the major brands had strong, steady activity in their booths. More notable was the action in booths of the aftermarket equipment manufacturers like Calmer and Drago.

It’s a sign of the times, when farmers are looking to increase productivity and extend the value of current equipment rather than buying new. It’s also another example of the CFO looking for ways to optimize resources and improve ROI.

The CFO Mindset Isn’t Just About the Facts
It’s tempting to adjust messaging to be rational, fact-based content to engage the bottom-line driven CFO mindset in farmers. But don’t give into temptation.

In our post Using Facts vs. Emotions to Drive Marketing to Farmers, we discuss that business decisions for the farm are emotionally motivated. As emotionally driven as when buying a can of cola; just different emotions. Yes, there is much more critical thinking that goes into decisions for the farm, but even CFOs are emotionally vested in their decisions.

They may be driven by the need for confidence that they are making the best decisions or the more complicated emotional need to feel in control of their emotions (i.e., they want to believe they are making nothing less than rational, logical decisions for their farms). So, while you present the facts and figures in a logical story for the CFO, don’t forget to shroud them in an assuring, confident tone.

The CFO mindset is always present on the farm; in a supporting role when the ag economy is strong. When margins tighten and the broader ag economy becomes more volatile, though, the CFO takes charge of crop-input decisions as well as land costs and capital purchases.

We saw it at Commodity Classic: Those who talk CFO language achieve greater traffic and engagement.