Another conference, another lesson in A level economics....
Last week it was the fundamentals of supply and demand that dominated the HGCA's annual outlook conference in London and provided fodder for some blog ramblings.
This week, courtesy of the IGD's "Leadership in Adversity" convention, it was that old mantra "the consumer is always right" that took me back to my first week at Sixth Form College.
The message was delivered, loud and clear, by most of the leading lights in the UK grocery trade attending the event. (And what a slick event it was too, with over 700 sharply suited executives rubbing shoulders in the ballroom of one of London's swankier hotels.)
Sir Terry Leahy, chief executive of Tesco, insisted the key to surviving the recession was to "follow the consumer". "Your entire focus should be on understanding what customers want, and reacting to deliver," he said. He should know....
Chief executive of Unilever Paul Polman advised that getting closer to the consumer was "more important than ever", while Gwyn Burr, customer director for Sainsbury's, described how listening to and interacting with shoppers shaped the company's whole strategy.
Her boss, Justin King, had the temerity to suggest that, just occasionally, it was retailers who gave consumers what they wanted "before they actually realised they wanted it". But, as a basic principle, listening to customers was the key to success.
There is no doubt that this strategy has stood the retail sector in good stead over the years - with most of the big players reporting strong financial performances in recent weeks, despite the challenges of the recession.
So what can farmers learn from all this? For those that deal direct with the public - be it through a farm shop, or a bed-and-breakfast, or farm lets - the lesson is obvious. Always listen to customers, never presume to know better, stay flexible and concentrate on providing the best service possible.
But what about farmers who are producing commodity products? Those who are selling grain to a national merchant or milk to a major co-op often complain that they don't have customers - just a single buyer who dictates the price.
It's easy to be defeatist. But even for them, I suggest the same lessons still apply. Keep in regular contact with buyers, discuss their changing requirements and strive to deliver what they want in a timely and consistent manner. That has to be the basis of any long-term business relationship.
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