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Power Tool Sales and Marketing Strategies for B2B Retailers Power tools are an essential for both consumer and professional use. Despite an expected slowdown in 2021 due to the COVID-19 pandemic, the demand is still at or near levels prior to the pandemic. In terms of dollar share, Home Depot leads all outlets in sales of power tools. Lowe's isn't far behind. Both are competing with power tools manufactured in China. Tip 1: Make a commitment to a brand Many manufacturers of industrial products put more emphasis on sales over marketing. This is because the long-term selling process involves a lot of back and forth communication and a thorough understanding of the product. This kind of communication doesn't lend itself to emotional consumer marketing tactics. Nevertheless, industrial tools manufacturing companies should think about rethinking their approach to marketing. The digital world has raced over traditional manufacturers who depend on a few retailers and distributors to sell their products. One of the most important factors in power tool sales is brand loyalty. When a customer is loyal to a brand and is loyal to a brand, they are less sensitive to communications from competitors. They are also more likely to buy the product of the customer again and to recommend them to others. To be successful to be successful in the United States market, you must have an organized strategy. This means adapting your tools to local needs and positioning brands in a manner that is competitive and making use of distribution and marketing platforms channels. It is also important to work with local authorities, industry associations, and experts. In this way you can ensure that your power tools will comply with the country's regulations and standards. Tip 2: Know Your Products Retailers must be aware of the products they are selling particularly in a market which places a great value on product quality. This will help them make informed choices about the products they sell. This knowledge could also be the difference between a good sale and a bad one. Knowing which tool is suitable for a particular project will help you match the right tool to your customer's needs. You will build trust and loyalty with your customers. It will also give you the confidence that you're offering a complete solution. In addition, understanding the trends in DIY culture can help you better comprehend what your customers want. For instance, a rising number of homeowners are tackling home renovation projects which require power tools. This can result in an increase in sales of these tools. According to Durable IQ, DeWalt leads in power tool unit share at 16%, however Ryobi and Craftsman brands have seen their share decrease year-over-year. However the fact that sales on both stores and online are on the increase. Tip 3: Offer Full-Service Repair The majority of consumers purchase power tools to replace a broken one or to tackle the new project. Both of these tools offer opportunities for upsells or add-on sales. According to the Home Improvement Research Institute (HIRI) 2020 Tracking Study of Power Tools and Accessories 35 percent of all purchases of power tools are the result of planned replacements. Customers often require additional accessories or may require upgrading to better quality models. If your customer is experienced in DIY or is just beginning the hobby they will need to replace the carbon brushes, drive cords and power cords of their tools over time. Being on top of these important items will help your customer make the most of their investment. When buying power tools, technicians consider three factors: the application the power source, and security. These factors allow technicians to make informed choices when it comes to selecting the right tools for repair and maintenance work. This allows them to optimize the efficiency of their tools as well as reduce the cost of ownership. Tip 4: Stay up to date with technology The latest battery tools, for instance, offer smart technology which improves the user's experience and sets them apart from those who depend on older battery technology. B2B wholesalers who stock and sell these devices can increase sales by targeting professionals and contractors who are tech-savvy. Karch's business, which has over 30 years of experience and a 12,000 square foot department for tools, is a testament to the importance of staying up-to-date with new technologies. “Manufactures are constantly adjusting the design of their products,” Karch says. “They used to hold their designs for five or ten years, but they're now changing them each year.” B2B wholesalers should not just adopt the latest technology, but also improve existing models. For instance, by adding adjustable handles and lightweight materials, they can lessen the fatigue that comes from prolonged use. These features are essential for many contractors working in the field who utilize the tools for a lengthy period of time. The industry of power tools is divided into consumer and professional groups and this means that the biggest players are always working on improving their designs and introducing new features to appeal to a wider audience. Tip 5: Make an Point of Sale The landscape of e-commerce has transformed the market for power tools. Advancements in data collection methods have enabled business professionals to gain an overall view of market trends, allowing them to shape marketing and inventory strategies more effectively. Point of sale (POS) information, for instance, allows you to track the types of projects DIYers tackle when purchasing power tools and other accessories. Knowing what projects your customers are working on enables you to increase sales and provide add-ons. It also helps you anticipate the requirements of your clients and ensure that you have the appropriate products on hand. Additionally, transaction data can help you to spot trends in the market and adjust production cycles accordingly. For instance, you can, use this data to monitor fluctuations of your retail partners' and brand's market share. This allows you to align your product strategies with consumer preferences. POS data can also be utilized to optimize levels of inventory, reducing the chance of overstocking. It can also be used to evaluate the effectiveness of promotions. Tip 6: Create an Point of Service Power tools are a complex, high-profit market that requires a substantial amount of marketing and sales efforts to remain in the game. In the past, getting an advantage in this market was achieved by establishing prices or positioning of products. However, these tactics are not as effective in the current multichannel environment, where information is readily available to be shared. Retailers who focus on service are more likely to retain customers and build brand loyalty. Mike Karch, the president of Nue's Hardware and Tools, located in Menomonee Falls, Wisconsin, runs a 12,000 square-foot power tool department. His department initially featured several brands. However when he spoke to contractors, he realized that they were loyal to their preferred brand. Karch and his staff ask their customers what they would like to do with the tool before showing them the options. This gives them the confidence to recommend the right tool for the job, and it builds trust with customers. Customers who are familiar with their product are less likely than others to blame the retailer for a failure of a device on the job. Tip 7: Make a Point of Customer Service Power tool retailers face an extremely competitive market. Those who are successful in this market tend to be more devoted to a specific brand rather than to carry a variety of brands. The amount of space that a retailer needs to devote to this category can also play a role in the amount of brands it is able to carry. When customers visit a store to purchase power tools and require assistance, they usually need help choosing a product. If they're replacing an old tool that is broken or tackling the task of renovating, customers need expert advice from sales associates. hop over to this site , the president of Nue's Hardware and Tools, located in Menomonee Falls, Wisconsin, said that the staff at his store is educated to ask questions that can result in the sale. He says they start by asking the customer about what they plan to use the product. “That's the primary factor in deciding what kind of tool to market them,” he adds. Then, they inquire about the project and what kind of experience the client has with different types of projects. Tip 8: Make a Point of Warranty The warranties of power tool manufacturers are very different. Certain manufacturers offer a full warranty, whereas others offer more limited warranties or do not cover certain tools. It's important for retailers to understand the differences prior to making a purchase, because buyers will purchase tools from companies that back them up. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin, has a 12,000 square-foot power tool department as well as an repair shop within the premises that can handle 50 kinds of tools. He has learned over time that a lot of his contractors are brand loyal, so the company prefers to stick to a limited number of brands rather than attempting to offer a wide range of products. He also likes the fact that his employees can meet with vendors one-on-one to discuss new products and provide feedback. This personal contact is crucial since it builds trust between the store's clients and employees. Good relationships with suppliers could even result in discounts for future purchases.