The 7 Ps of Marketing

1. Product

To begin with, develop the habit of looking at your product as though you were an outside marketing consultant
brought in to help your company decide whether or not it's in the right business at this time. Ask critical questions
such as, "Is your current product or service, or mix of products and services, appropriate and suitable for the market
and the customers of today?"

2. Prices

The second P in the formula is price. Develop the habit of continually examining and reexamining the prices of the
products and services you sell to make sure they're still appropriate to the realities of the current market. Sometimes
you need to lower your prices. At other times, it may be appropriate to raise your prices. Many companies have
found that the profitability of certain products or services doesn't justify the amount of effort and resources that go
into producing them. By raising their prices, they may lose a percentage of their customers, but the remaining
percentage generates a profit on every sale. Could this be appropriate for you?

3. Promotion

The third habit in marketing and sales is to think in terms of promotion all the time. Promotion includes all the ways
you tell your customers about your products or services and how you then market and sell to them.

4. Place

The fourth P in the marketing mix is the place where your product or service is actually sold. Develop the habit of
reviewing and reflecting upon the exact location where the customer meets the salesperson. Sometimes a change in
place can lead to a rapid increase in sales.

5. Packaging

The fifth element in the marketing mix is the packaging. Develop the habit of standing back and looking at every
visual element in the packaging of your product or service through the eyes of a critical prospect. Remember, people
form their first impression about you within the first 30 seconds of seeing you or some element of your company.
Small improvements in the packaging or external appearance of your product or service can often lead to completely
different reactions from your customers.

6. Positioning

The next P is positioning. You should develop the habit of thinking continually about how you are positioned in the
hearts and minds of your customers. How do people think and talk about you when you're not present? How do
people think and talk about your company? What positioning do you have in your market, in terms of the specific
words people use when they describe you and your offerings to others?

7. People

The final P of the marketing mix is people. Develop the habit of thinking in terms of the people inside and outside of
your business who are responsible for every element of your sales and marketing strategy and activities.

It's amazing how many entrepreneurs and businesspeople will work extremely hard to think through every element
of the marketing strategy and the marketing mix, and then pay little attention to the fact that every single decision
and policy has to be carried out by a specific person, in a specific way. Your ability to select, recruit, hire and retain
the proper people, with the skills and abilities to do the job you need to have done, is more important than everything
else put together.
Building a solid operational plan
Regardless of business type, operational plans are non-negotiable. These should occur at least once per year,
although some operations may repeat this exercise frequently over the farm season.

Whatever operation needs a solid plan, there are five major components to focus on: Preparation, marketing,
logistics, human resources (HR) and financial limits.

1. Preparation

After a well-earned break from your busy season, it’s time to look at the year ahead. As always, purposeful
preparations will position you and your farm to be in a better spot to capitalize on potential success. Failure to plan
and adequately prepare may leave you short-handed or in a situation where you have limited options due to a lack
of preparation.

2. Grain and livestock marketing

While opinions vary on the authoritative information source for commodity markets, there are many valuable
resources available. Consider how the following can help you capitalize on opportunities to keep your business
financially healthy.

3. Logistics

Logistics is where the work is accomplished and carried out daily. Planning is essential to have strong logistical
outcomes and closely connects with the implementation of your production plans. These can be as simple as
maintaining a clean yard site or ensuring delivery is on time to keep everything in each day or week running smooth.

4. Human Resources (HR)

Employees will have a greater sense of purpose and ownership for tasks when their roles are clearly defined and
correspond to responsibilities at the farm. Equally important is being clear about procedures and protocols around
performance reviews, standard check-ins, health and safety and disciplinary measures. Having a thorough HR
strategy also covers any farm owner’s blind spots.

5. Financial limits

Whatever you plan, it must be carefully pencilled out to make financial sense. FCC mortgage, equipment loan and
lease calculators give you a quick and accurate understanding of future purchases and how they may look over a
set amount of time through a qualified budget. You can also discuss your plans with your external partners or your
lender.

These 5 planning components have one thing in common - they must link to measurable objectives and tie in with
your mission and vision. If you can’t correlate these together, you may risk losing urgency and purpose and financial
viability. Operational planning only works if a connection between your initial plan and goals can be observed.

Good business owners think about the “what ifs” even when everything is going well, so’s there is already a pre-
formed answer when the unexpected pops up. You can trust that to keep things from going too far into the ditch.
Knee-jerk reactions often leave behind evidence of poor forethought.

Have a backup plan

No matter what operational plan you’re executing, the multiple adjustments will always remain. Producers must
continue to rethink the boundaries of their plans, especially considering timelines, farm location, market vagaries and
unseen opportunities or threats that may arise. In a world that shifts rapidly, having a backup plan is a prerequisite.
Having a backup to your backup is a good idea, too. Many farm owners can attest to planning and setting it back an
entire year or more due to adverse events.

In the early- and mid-2000s, BSE brought Canadian producers to their knees almost overnight when the world
reacted to the crisis by temporarily rejecting Canadian beef. It’s a reminder that best-laid plans are that and nothing
more. They’re written down as a reference point, but you must be nimble enough to pivot when adversity strikes.