Agricultural News
Beef Board Working to Provide Beef Industry with More Insights into Consumer Demand for Beef
Mon, 06 Mar 2017 12:17:02 CST
Livestock Market Economist Dr. Glynn Tonsor is currently collaborating with the Cattlemen's Beef Promotion Board, developing new indexes that capture data driven insights on beef demand in the food service and retail sectors of the industry. He tells Radio Oklahoma Ag Network Farm Director Ron Hays that having this refined data is important to the industry, because if you understand demand - you understand the consumer.
"Beef demand itself tells us how the consumer views our product," Tonsor said. "Importantly, we have a lot less information on consumer demand than we do on supply."
Tonsor says that while we have several tools on the supply side, which he agrees are very valuable, there are comparatively a lot less measurements of the demand side. Essentially, the industry is running blind to one side of the business. Having this information would bring a whole new perspective that could help drive marketing strategy in a world with a protein market that is becoming more and more competitive. With more refined demand insights available, different segments of the industry will be able to focus on the information most relevant to their particular interests, and allow for more informed decision making.
"If you're a grocery store, or you don't care as much about what's going on through restaurants and vice versa," he said, "collectively for producers, the net of that is what's important."
Listen to Tonsor explain the need and importance of having these insights available to the industry with Ron Hays, on today's Beef Buzz.
The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR below for today's show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
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