Avoiding Decision Traps

From AgriMarketing Magazine - Do you think there are more or less than 175 million acres of farmland in the U.S.? How many acres of farmland do you think are in the U.S.? Chances are your answer to the second question isn’t even close to being correct. According to the USDA, there are 922 million acres. You could say that you were tricked into a small estimate — but really, the anchoring decision trap got you. Decision traps are built-in flaws in our thinking. Understanding what decision traps are and how they affect the decision-making process is critical to understanding how people arrive at their conclusions. John S. Hammond, Ralph L. Keeney and Howard Raiffa investigated the hidden traps in decision making in the Harvard Business Review, saying, “In making decisions, you may be at the mercy of your mind’s strange workings.” The traps discussed are applicable to today’s agribusiness environment.


What is relationship-based selling?

For the majority of my career, relationships have been an important aspect of selling in agriculture. The connections between buyers and sellers remain one of the attractive aspects of working in a sales role, at least from my perspective, but there are several different types of relationships.

Competitive Advantage by Learning

Agribusiness managers and directors must create a culture where people are incentivized to cultivate these traits. Decision-makers must also provide examples illustrating the value of ongoing learning for their companies, accepting learning curves and embracing the new while maintaining a firm grasp on what brought them to where they are today.

Deciphering Online Shopping Behaviors of Generations Y and Z

While there are some similarities between Y and Z generational customers, they also have major distinctive online shopping behaviors. Organizations that want to serve these generations need to develop more effective marketing strategies to serve both the cohorts based on their unique characteristics and distinct behaviors. It’s important to remember that for many agribusinesses, the issue isn’t SELLING online it is helping their buyers SHOP online.