Generations of farmers working the land together has been a common sight throughout North America. Traditionally, the shifting of the balance of power has been a slow evolution, but today that is changing. Decision-making on the farm is changing over at a rapid pace—and the next generation has a firm grasp of what the future looks like and who will be driving it.
As the succession of multi-generational farms takes place, here are five takeaways from a recent Multi-Generational Farm Study to keep in mind as fertilizer decisions transition to the younger generation.
1. When evaluating purchase decisions, the most important sources of information to the younger generation are “other farmers,” followed by “dealer salespeople.” Recognizing the importance of personal sources of information is important.
2. When it comes to choosing which crop-input retailers to work with, the younger generation of farmers gives more weight to issues including convenience, service and access to a wide range of options. Across many areas too, the older generation of farmers is more likely to opt for consistent performance while their children may gravitate toward competitive pricing.
3. In on-farm purchasing decisions, the younger generation is stepping into the role of primary decision-maker. Fertilizer is among the first purchase decisions being passed on to the younger generation in a multi-generational farm.
4. When asked about the future of the farm, the younger generation is more open to changing their farming practices. With this comes a need for newer equipment and retailers that are tech-savvy and can provide data to back recommendations.
5. Both the youngest generation and their parents place performance as the most important trait when purchasing fertilizer, followed by price and relationships.
Today, multi-generational farms amount to over 50% of the farms in the United States and Canada. This emerging segment is important to retailers, as it represents the future of decision-making and farming practices.
For more information on how to obtain a copy of this study, contact Justin Funk.