By Tim Brannon — October 14, 2024 – Posted in Best Practices, Rural Lifestyle Market
Rhonda Brooks wrote an article in Ag Web, Farm Journal, that started: “In times of tight margins, every purchase must have a purpose with ROI top of mind.”
Well, as Ronald Reagan would have started his reply (please watch the movie ‘Reagan,’ it’s great), we all know that these are times of tight margins in all areas. The article was written concerning farmers watching fertilizer costs. However, it also applies to groceries, utilities, insurance, fuel and, most importantly, all discretionary disposable income — the money which we fight for to make our living.
So, from farm equipment, to mowers, to rural lifestyle hardware items, it seems that maybe we could learn a lesson from the directions given to big time operators and farmers that is becoming a paradigm for purchasing decisions.
I’ve been taught for decades “Sell your features, benefits and service, do not sell on price.” Features are a distinctive attribute or aspect of something. The most important feature today is affordability. Every purchase has to be justified or rationalized in the customer’s mind. For every item I’ve ever made a major purchase, I explained to the wife “Gee, Honey, look what a bargain I got with this!” It’s worth noting that her idea of a bargain and mine are as far apart as Venus and Mars 99% of the time.