With the prospect of low cattle prices and increasing beef supplies in the immediate future, the Federation of State Beef Councils announced that it is investing almost $1 million to stimulate more overseas demand for American beef. With strong encouragement from state beef council partners, the Federation will invest $940,000 from its reserves to promote beef in several overseas markets. For example, the group will spend $260,000 for promotions in Japan, with the goal of moving an additional 6.9 million pounds of U.S. beef. The organization will also spend money in other target areas including Korea and Asian island countries.
The Federation will also spend $300,000 on an Ibotta promotion that targets millennials living in cities. Ibotta is a smartphone application that shares beef information with consumers and helps them with cash rebates based on their beef purchases. Steve Hanson, a Nebraska beef producer who chairs the Federation of State Beef Councils, said they moved quickly on the investments with the idea to spark beef demand as producers are feeling a squeeze on their bottom lines.
Source: NAFB News Service