Benchmark Study


Precision Farming Dealer 2022 Benchmark Study

Precision Revenue Outlook Remains Positive Despite Slight Decline in 2022

10th annual Precision Farming Dealer benchmark study reveals nearly 60% of dealers forecast precision sales to be up at least 2% in 2023.
Precision farming revenue numbers reached new heights for some dealers in 2022 despite an overall decline in growth, and the outlook for 2023 remains mostly positive according to the 10th annual Precision Farming Dealer benchmark study.
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Precision Outlook: Dealers Shift Focus to Application Hardware, Maintain Need for Training

Training for staff and customers as well as application technology hardware came in as dealers’ top priorities for the future of their businesses
The Precision Farming Dealer 2020 Benchmark Study showed several shifts in dealers’ expectations for their future revenue. Topping the list of revenue sources considered important for growth was application technology hardware, reversing its 3-year downward trend.
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Precision Revenue Growth Slows as Dealers Navigate an Evolving Market

For the first time in 5 years, dealers did not exceed higher-end growth projections in 2019, and forecast more conservative growth in 2020.
Problem solving is often the linchpin of a dealership’s precision farming business. The last couple of years have tested the abilities of precision teams to overcome ongoing economic — and more recently — social challenges to maintain, if not grow revenue.
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Part 4: Dealer Priorities Trending Toward Data Management & Staff Training

Data analysis, staff retention and avenues to navigate the ag economy topped the list for dealer focuses in 2019 and beyond.
This year has shown interesting new developments in market sentiments, with dealers continuing to slowly move away from hardware and steer sharply toward data management for future revenue, according to the seventh annual Precision Farming Dealer Benchmark Study.
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Part 3: Putting Agronomic Emphasis on Service Revenue & Customer Retention

In-house agronomists and annual service contracts see jumps in 2019, while fewer rely on precision specialists for delivery of data management support.
Agronomic service is still a push-pull offering for dealers. Some have proactively embraced and invested in providing robust support options to customers that include soil sampling, data analysis and field prescriptions.
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Part 2: Mix & Match Approach with Precision Products, Services Sets Up Comprehensive Sales

Hardware sales rebounded, independent sales revenue dipped and fewer dealers have a separate department for precision farming.
The more things change, the more they stay the same, at least in terms of how dealers are selling and servicing precision farming products. While strides have been made establishing precision as a standalone business, dealerships continue to seek a better balance between revenue generated by hardware sales and service.
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Part 1: Dealers Again Exceed High-End Precision Revenue Projections

Despite market challenges, a majority of dealers report measurable precision revenue growth in 2018, including nearly one-third seeing an increase of at least 8%.
Despite the downturn in the ag economy, precision farming dealers have largely maintained an ambitious sales outlook, banking on their ability to increase billable service and capture ROI-based revenue from new products.
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2018 Benchmark Study

Training, Service Growth Remain Top Dealer Priorities

Customer education, employee stability and expansion of support revenue are primary targets to increase revenue now and in the future.
The last 6 years have seen both subtle and dramatic shifts in dealer priorities with precision business. For the first few years, hardware held a firm grip on the most promising areas for future profit, but there has been a gradual shift in where dealers see their greatest growth potential.
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