Bankers Advertising Articles

Improving Rural Economy Means Better Business for You

November 5, 2010

We have all heard the reasons that a customer is not ready to purchase:

The economy is slow and my business is off – I don’t know what the election will bring so I better wait to purchase – I’m holding off buying advertising until I see how much my taxes, health care insurance, transportation costs, etc. are going to increase… These are just a few of the reasons that your clients have told you they are not in a position to buy.

The economy of “Rural America” has wide sweeping effects on the entire country and in some cases the entire world.  The farmer provides something that everyone needs – FOOD. In some parts of the country, the rural economy determines the overall success or failure of the local areas.  For Bankers and most of you, the rural areas are where most of your orders are sold. In 2010, the good news is that the rural areas are doing much, much better than in recent years. Based on reports from the Iowa State University Extension Department, both corn and bean prices are on the rise and could top out at near records by the end of the harvest season. Creighton University recently completed a survey of rural bankers in 10 Midwestern states. The results in part indicate optimism stating “higher agricultural commodities prices will help continue rural economy growth in the upcoming months.”  The bankers surveyed said that a good year for farmers in the region will continue to fuel growth of the main street business.

History tells us that if the farmer has a good year, many of the businesses you sell are or will have a good year, also. The strong agriculture markets create a sort of trickle down that provides an opportunity for banks, implement dealers, coops, grain elevators, grain transportation companies, and many other local customers to benefit from the success created by a good crop season.  Many of these types of clients will be in the market for holiday gifts due to the growth they are or will experience in the next few weeks. Some clients that told you “no” a few weeks ago may now be in a buying mood. Now is the time to double your efforts to reactivate old accounts, and contact existing clients as well as new or potential clients.

There is “Economic Optimism” in the Heartland.It is your turn to cash in on the stronger economy.

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