Finding your target market 2013
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Identifying and reaching your target market can be one of the most important yet challenging things you can do as a farm business owner. Learn from marketing expert, Rick VanVranken, Rutgers Agricultural Agent!
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Finding your target market 2013
- 1. Identifying and Reaching your Target Market Rick VanVranken Rutgers Cooperative Extension- Atlantic County 6260 Old Harding Hwy. Mays Landing, NJ 08330 609-625-0056 vanvranken@njaes.rutgers.edu
- 2. Rick VanVranken, Agricultural Agent Cooperative Extension of Atlantic County
- 3. Ahhh… life on the farm!
- 4. Rick VanVranken, Agricultural Agent Cooperative Extension of Atlantic County If I grow it, they will come! Won‘t they?
- 5. Rick VanVranken, Agricultural Agent Cooperative Extension of Atlantic County Not your grandparents‘ farm anymore! Marketing your Produce Producing for your Market! Finding your Target Market Reaching your Target Market If you grow it, they will come only if you can answer …
- 6. Rick VanVranken, Agricultural Agent Cooperative Extension of Atlantic County Knowing Your Market – The Most Challenging Part of a Business Plan ―Can you tell me how to find customers for my products?" "How much can I expect them to buy?‖ ―…probably the most troubling business questions that agricultural extension educators hear from small farm operators.‖ Charles Schlough. 2001. Knowing Your Market – The Most Challenging Part of a Business Plan. Smart Marketing newsletter, Dept Applied Economics & Management, Cornell Univ.
- 7. Rick VanVranken, Agricultural Agent Cooperative Extension of Atlantic County What do ‘they’ want? Some like them hot, some like them hotter, … Scotch bonnet/habanero Jalapeno, Cayenne Pablano, Anaheim Thai
- 8. Rick VanVranken, Agricultural Agent Cooperative Extension of Atlantic County …but some like them mild! Have you asked?
- 9. Rick VanVranken, Agricultural Agent Cooperative Extension of Atlantic County WHO are ‗they‘? <American vs. Mexican>
- 10. Rick VanVranken, Agricultural Agent Cooperative Extension of Atlantic County #1 Rule in Marketing Give the consumer what he/she wants! Grow the right crop Harvest at correct stage Package appropriately for the customer/consumer Avoid costly mistakes Keep the buyer happy!
- 11. Rick VanVranken, Agricultural Agent Cooperative Extension of Atlantic County The Food Chain from Farm to Plate Farmer Cooperative Retail Store/ Restaurant Processor Broker/Buyer/Shipper Direct Market Farm Market Tailgate CSA Mail Order/I-net Consumer
- 13. Rick VanVranken, Agricultural Agent Cooperative Extension of Atlantic County Community Supported Agriculture
- 14. Rick VanVranken, Agricultural Agent Cooperative Extension of Atlantic County Wholesale Buyer-Shippers
- 15. Rick VanVranken, Agricultural Agent Cooperative Extension of Atlantic County Terminal Market Commission Merchants
- 16. Rick VanVranken, Agricultural Agent Cooperative Extension of Atlantic County Distributors
- 17. Rick VanVranken, Agricultural Agent Cooperative Extension of Atlantic County Retail Grocers
- 18. Rick VanVranken, Agricultural Agent Cooperative Extension of Atlantic County Finding your Target Market How? Primary Research— just ASK! In-person Surveys Coupons Visit the community Markets Trade shows Events Read about them and what they read Trade publications Food magazines Secondary Research US Census National MarketMaker WorldCrops.org Pay for a market analysis? Private Extension County or Municipal Planning/Economic Development office Better Business Bureau
- 19. Rick VanVranken, Agricultural Agent Cooperative Extension of Atlantic County Ask What? Consumers How much do they normally buy? How frequently do they shop? Do they prefer or only buy local, organic, IPM? Will they pay a premium for local, organic, IPM and how much? Where do they shop now? Do they prefer to visit a farm, a community farmers’ market, a retail market, or have it delivered? How far are they willing to drive to a farm? What else would entice them to buy your product? Wholesalers How much volume they would use? When would they want it Are particular varieties preferred? At what stage should it be harvested? What type of packaging would be required? Will food safety certification would be required, and if yes, which kind? What price range would they expect to pay? Will they pay a premium for local, organic, IPM and how much?
- 20. Rick VanVranken, Agricultural Agent Cooperative Extension of Atlantic County Market Analysis Describes the product or service, the estimated size of the market in terms of volume of product or amount of service, the segment of the market you expect to serve, and the geographic area you will serve Dean McCorkle and David Anderson. 2009. Niche Marketing. Texas A&M Extension.
- 24. Distribution of Selected Asian & Hispanic Ethnic Populations in the Northeast Based on Richard VanVranken, Rutgers University NJAES Cooperative Extension MD MD MD MD MD MD MD MD MD MA MA MA MA MA MA MA MA MA NJ NJ NJ NJ NJ NJ NJ NJ NJ NY NY NY NY NY NY NY NY NY PA PA PA PA PA PA PA PA PA 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Asian Indian 1895452, 35% Chinese 2106202, 29% Filipino 640030, 27% Japanese 163464, -5% Korean 739428, 22% Vietnamese 349454, 23% Mexican 2109372, 49% Puerto Rican 5030220, 16% Cuban 423070, 16% % of Total Northeast Ethnic Population in each State EthnicGroup,Size&%Growth2000to2010 CT DE DC ME MD MA NH NJ NY PA RI VT WV Data: US Census 2010 and 2000. Graph prepared by Y. Han
- 25. Distribution of Selected Asian & Hispanic Ethnic Populations in the Northeast Based on Richard VanVranken , Rutgers University NJAES Cooperative Extension 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% CT DE DC ME MD MA NH NJ NY PA RI VT WV EthnicGroupPopulation(2010) % of Total Northeast Ethnic Population in each State Cuban Puerto Rican Mexican Vietnamese Korean Japanese Filipino Chinese Asian Indian Data: US Census 2010 Graph prepared by Y. Han
- 26. Rick VanVranken, Agricultural Agent Cooperative Extension of Atlantic County Census Data Reveal Market Opportunities What kind of hot peppers should I grow?
- 27. Rick VanVranken, Agricultural Agent Cooperative Extension of Atlantic County
- 29. Finding your Target Market
- 34. Rick VanVranken, Agricultural Agent Cooperative Extension of Atlantic County Communicate-ADVERTISE Word of Mouth Direct Mail Post cards Newsletters Merchandising Signs – on site or off Packaging and Display Traditional Media Classified Ads Newspaper Ads Radio Television Social Media Email Website Blogging Reaching your Target Customer
- 35. Rick VanVranken, Agricultural Agent Cooperative Extension of Atlantic County Guerilla Marketing Down on the Farm ―Matty Matarazzo, media- whiz owner of Matarazzo Farms…is a master of using the media to gain free publicity.‖ ―…an album full of press clippings… largely as the result of sending out at least one news release a week.‖ —from Sell What you Sow by Eric Gibson
- 36. Rick VanVranken, Agricultural Agent Cooperative Extension of Atlantic County ―We can spend thousands of dollars on advertising, commercials and radio … none give us the most important reward of the press release—credibility. Robert ―Matty‖ Matarazzo
- 37. Rick VanVranken, Agricultural Agent Cooperative Extension of Atlantic County
- 38. Rick VanVranken, Agricultural Agent Cooperative Extension of Atlantic County Communicate & Advertise Word of Mouth Direct Mail Merchandising Traditional Media New Social Media Primary Research ASK! Visit the community Read about them and what they read Secondary Research US Census National MarketMaker WorldCrops.org Target YOUR Customers FIND them - REACH them -
- 39. Rick VanVranken, Agricultural Agent Cooperative Extension of Atlantic County Search for ‘Marketing Matters’ at http://www.growingproduce.com
- 40. Rick VanVranken, Agricultural Agent Cooperative Extension of Atlantic County Identifying and Reaching your Target Market Rick VanVranken Rutgers Cooperative Extension- Atlantic County 6260 Old Harding Hwy. Mays Landing, NJ 08330 609-625-0056 vanvranken@njaes.rutgers.edu Archived at: https://www.facebook.com/AnniesProjectNJ