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Kristen Luke is the Principal of Wealth Management Marketing, a firm dedicated to providing marketing strategies and support for Registered Investment Advisory firms. Fortunately, good producers can be good marketers because smart marketing begins with an idea of the cost of production.
The marketing plan described here is intended, first, to cover as many of the costs of production as possible and, second, to maximize the price received for commodities produced. Good producers can be good marketers because smart marketing is aided by a thorough understanding of the production process.
The marketing plan, no matter how good, may not be able to lock in prices that cover all costs of production. The primary objective of a marketing plan is to cover as many costs of production as possible.
Consider several marketing opportunities from cash sales to forward contracts to futures and options.
The result of considering all marketing alternatives is to arrive at expected prices for all marketing alternatives. The quantity you decide to sell under each plandetermines how much of the expected production you will market at different times. Because marketing is an emotional activity, it is important to have someone to keep you accountable to conduct trades at the predetermined triggers. Accountability can be obtained by having another person know and understand the marketing plan.

Marketers need to keep track of what percentage of expected production is forward priced so that they do not oversell as they repeat the marketing plan. One way to increase the chances of success is to write a marketing plan and follow it diligently.
Be sure to create a well rounded marketing plan that includes a variety of strategies so you aren’t relying on one channel to produce all of your new leads. Continue to do this with each tactic until you have a complete marketing calendar for the year.
Kristen works with individual advisors and firms to develop effective marketing plans and provides the back office support required to implement the strategies.
Many farmers try to maximize price before they have implemented strategies to cover all costs. However, these sources provide only rough estimates of fixed and variable costs of production and do not have the detail necessary for personal business analysis and marketing. From this perspective, a marketer needs to have both a defensive and an offensive strategy.
The trigger price is the price for each marketing alternative that will create a response from the marketer.
Spouses are often in a good position to implement a marketing plan because they may not feel as attached to the production as the person producing the commodity. Portions of the marketing plan worksheet assist producers in tracking what percentage of expected production is already forward priced.

While marketing in this manner is the prerogative of the farmer, it is not the approach recommended in this guide. Basis information for your local market is necessary to analyze the futures and options marketing alternatives.
Whether the current expected prices exceed or are less than the total cost of production, the decision becomes one of marketing a certain percentage of expected production now or taking a risk that a higher price can be obtained at a future date.
When the expected price reaches the trigger price for either the offensive or defensive plan, a sale is initiated. Having to sell to meet financial obligations is not part of the marketing plan and is not usually the best time to sell.
The marketing plan discussed here focuses on relatively simple and available strategies that can be used to increase income and reduce risk.
Giving authority to grain traders to initiate a trade at certain targets can also be a way of keeping to the plan.

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