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Power Tool Sales and Marketing Strategies for B2B Retailers Power tools are a staple for both professional and consumer use. Despite a slowdown in 2021 due to the COVID-19 virus, the demand is still at or near levels prior to the pandemic. Home Depot is the leader in the sales of power tools based on dollar share. Lowe's is not far behind. Both are however being pushed by China-made power tools. Tip 1: Be committed to a brand Many manufacturers of industrial products put more emphasis on sales and marketing. This is due to the fact that the long-term sales process requires a lot of back-and-forth communication and a thorough understanding of the product. This kind of communication isn't ideal for marketing that is based on emotion. However, companies that manufacture industrial tools should rethink their marketing strategy. The digital age has outpaced traditional manufacturing companies that rely on a select group of distributors and retail outlets for sales. A key to power tool sales is brand commitment. When a customer is committed to a brand they are less prone to messages from competitors. Moreover, they are more likely to purchase the client's product again and recommend it to others. You require a well-planned strategy to be successful in the American market. This means adjusting your tools to meet the local requirements, positioning your brand in a strategic way, and leveraging marketing channels and distribution channels. Collaboration with local authorities, associations and experts is also essential. You can be assured that your power tool is in line with the standards and regulations of the country if you follow these guidelines. Tip 2: Know Your Products In a world where product quality is crucial, retailers should be aware of the products they sell. This will help them make informed choices about the products they sell. This knowledge could make the difference between making a successful or bad sale. Knowing which tool is ideal for a specific project will help you match the right tool to the needs of your customer. This will help you build trust and loyalty with your customers. It will also give you assurance that you're offering an entire solution. Additionally, understanding the trends in DIY culture can help you know what your customers are looking for. For instance, a rising number of homeowners are undertaking home improvement projects that require the use of power tools. This can result in a surge in sales of power tools. According to Durable IQ, DeWalt leads in power tool share of 16%, however Ryobi and Craftsman brands have seen their share decrease year-over-year. Despite this, both online and in-store purchases are increasing. Tip 3: Offer Full-Service Repair The majority of consumers purchase power tools to repair a broken one or to tackle a new project. Both provide opportunities for upsells or additional sales. According to the Home Improvement Research Institute's (HIRI) 2020 Power Tools and Accessories Product Purchase Tracking Study, 35 percent of purchases for power tools were the result of a planned replacement. Customers may require additional accessories, or upgrade to a better-performing model. Your customer may have experience in DIY or is new to the hobby, they will need to replace carbon brushes, drive cords, and power cords of their tools over time. These basic items will ensure that your customer reaps the maximum benefit from their investment. When purchasing 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 maintenance and repair work. This allows them to maximize the effectiveness of their tool and reduce the cost of owning it. Tip 4: Stay up to date with technology For example, the latest power tools feature intelligent technology that enhances the user experience and sets them apart from competitors that still rely on old battery technology. Wholesalers of B2B who stock and sell these devices can increase sales by targeting professional and tech-savvy contractors. Karch's business, which has more than 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. He states that manufacturers are constantly changing their product designs. “They used to hold their designs for 5 or 10 years but now they alter them each year.” In addition to taking advantage of the most recent technologies, B2B wholesalers should also be looking to improve existing models. By incorporating lightweight materials as well as adjustable handles, wholesalers can reduce fatigue due to prolonged use. These features are crucial for professionals who employ the tools over a long period of time. The market for power tools is split into professional and consumer groups. This means that major players are constantly striving to improve their designs and come up with new features in order to appeal to a wider audience. Tip 5: Make a Point of Sales The ecommerce landscape has changed the power tool market. Data collection techniques have improved, allowing business professionals to gain a better understanding the market. This allows them to develop more efficient inventory and marketing strategies. Point of sale (POS) data, for instance, allows you to track the types of projects that DIYers are working on when they purchase tools and accessories. Knowing what projects your customers are working on permits you to upsell and offer extras. It also helps you to anticipate the needs of your customers, ensuring that you have the appropriate products in stock. You can also use transaction data to identify trends in the market, and then adjust production cycles in line with these trends. For instance, you could make use of this information to track changes in your brand's and retail partner market shares and help you adapt your product strategies to consumer preferences. POS data can also be used to improve levels of inventory, reducing the risk of overstocking. It can also assist you to assess the effectiveness of promotions. Tip 6: Make an Point of Service Power tools are a complicated market with high profits that requires a significant amount of sales and marketing effort to remain competitive. The traditional methods to gain a strategic advantage in this industry have been by establishing pricing or positioning of products, but these methods are no longer effective in today's omnichannel marketplace in which information is dispersed rapidly. Retailers that focus on customer service are more likely to retain customers and build brand loyalty. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin is the owner of a 12,000-square-foot department for power tools. His department initially featured various brands. However, as he listened to contractors, he realized that they were loyal to their favorite brand. To be successful in their customers' business, Karch and his team first ask customers what they want to do with the tool before showing them what they have available. This gives them the confidence to recommend the best tool for the job, and it creates trust with customers. Customers who are familiar with their product are less likely to blame the retailer for a failure of a tool for the job. Tip 7: Become a guru in customer service Power tool retailers face an extremely competitive market. The retailers that have had success in this area tend to make a strong commitment to a particular brand instead of simply carrying a sampling of manufacturers. The amount of space that retailers can dedicate to a category may also determine the number of brands they are able to carry. Customers usually require assistance when they come in to buy a power tool. Sales associates can offer expert advice to customers looking to replace a broken tool or are planning a renovation project. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin, says his sales staff is trained to ask the right questions in order to make a sale. They start by asking what the buyer is planning to use the tool according to him. “That's the most important factor to consider when deciding the type of tool to sell them,” he adds. Then, power tool near me inquire about the project and what level of experience they have with different kinds of projects. Tip 8: Make a Point of Warranty The warranties of the power tool makers are quite different. Some manufacturers offer a comprehensive warranty, whereas others offer a limited warranty or refuse to cover certain tools. It is crucial for retailers to understand the differences prior to making a purchase, because customers will purchase tools from firms that provide them with a warranty. Mike Karch is the president of Nue's Hardware and Tools, located in Menomonee, Wisconsin. He has an 12,000 square foot power tool shop and repair shop on site that repairs 50 different brands of tools. He has discovered that a lot of his contractor clients are brand loyal. So, he chooses to carry a limited number of brands rather than offer samples of various products. He also appreciates that his employees can get one-on-one time with vendors to discuss new products and share feedback. This personal contact is important because it helps to create trust between the store and the customers. Good relationships with suppliers can even result in discounts on future purchases.