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Power Tool Sales and Marketing Strategies for B2B Retailers Power tools are essential for both professionals and consumers. Despite the fact that 2021 will see a slowdown due to the COVID-19 pandemic, demand remains near or at levels prior to the pandemic. In terms of outlet dollar share, Home Depot leads all outlets in sales of power tools. Lowe's follows closely. However, both are being pushed by China-made power tools. powertools online : Create a Brand Commitment Many manufacturers of industrial products put an emphasis on sales over marketing. This is because a long-term sale requires a lot back-and forth communication and in-depth knowledge of the product. This type of communication is not suitable for emotional marketing strategies. Nevertheless, industrial tools manufacturing companies should think about rethinking their approach to marketing. The digital age has accelerated past traditional companies that rely on a small circle of retailers and distributors for sales. Brand loyalty is a major factor in power tool sales. If a customer is loyal to a particular brand, they will be less prone to the messages of competitors. Additionally, they are more likely to buy the item of the customer again and recommend it to others. You require a well-planned strategy to make an impact on the American market. This involves adapting tools to local requirements and positioning brands in a competitive manner, and making use of distribution and marketing platforms channels. Collaboration with local authorities as well as associations and experts is also crucial. You can be certain that your power tool is in line with the standards and regulations of the country if you do this. Tip 2: Know Your Products Retailers must be aware of the products they offer particularly in a market which places a great value on product quality. This will help them make informed decisions about the products they offer their customers. This information can be the difference between a successful or bad sale. For example knowing which tool is best suited to specific projects will help you match your customer with the right tool to meet their requirements. This will allow you to build trust and loyalty with your customers. It will also give you confidence that you're providing a complete solution. Also, knowing the latest trends in DIY culture can help you better comprehend what your customers want. For example, a growing number of homeowners are undertaking home improvement projects which require power tools. This can lead a spike in the sales of power tools. According to DurableIQ, DeWalt is the leader in power tool units at 16%. However, Ryobi and Craftsman have decreased their share year-over-year. Despite this sales in stores and online are on the increase. powertools online : Offer Full-Service Repair The most common reason for a person to make a power tool purchase is to replace one that has been damaged or broken, or to embark on an entirely new project. Both offer opportunities for upsells and add-on sales. According to the Home Improvement Research Institute's (HIRI) 2020 Power Tools and Accessories Product Purchase Tracking Study, 35 percent of power tool purchases resulted from a planned replacement. These customers often require additional accessories or require an upgrade to better performance models. Your customer may have experience in DIY or is new to the hobby they will need to replace their carbon brushes, drive cords and power cords of their power tools in time. Keeping up with these essentials will allow your customer to get the most out of their investment. When purchasing power tools, technicians consider three aspects: the tool's application the power source, and security. These aspects help technicians make informed decisions about the best tools to use in their repairs and maintenance tasks. This helps them maximize the efficiency of their tools and reduce the expense of owning it. Tip 4: Stay current with the latest technology For instance, the most recent power tools offer advanced technology that enhances the user experience and differentiates them from other tools that depend on old-fashioned battery technology. B2B wholesalers who stock and sell these tools could increase sales by focusing on professionals and contractors who are tech-savvy. For Karch the company, which has more than three years of experience and a 12,000 square-foot tool department, staying current with the latest technology is vital. “Manufactures are constantly changing the look of their products,” Karch says. “They used to keep their designs for five or 10 years, but now they're changing them every year.” B2B wholesalers need to not only embrace the latest technologies but also upgrade their existing models. For instance, by incorporating adjustable handles and lightweight materials, they can reduce the strain caused by long use. These features are essential for many contractors working in the field who utilize the tools over a long period of time. The market for power tools is divided between the consumer and professional segments. This means that major players are constantly striving to improve their designs and come up with new features to reach a larger market. Tip 5: Make a Point of Sale The e-commerce market has changed the power tools market. Modern methods for data collection have enabled business professionals to gain an overall view of market trends, allowing them to shape marketing and inventory strategies more efficiently. Point of sale (POS) information, for instance, allows you to track the types of projects that DIYers are working on when they purchase power tools and accessories. Knowing the types of projects your customers are working on allows you to provide additional sales and opportunities for upselling. It also helps you anticipate the requirements of your customers making sure you have the appropriate products on hand. You can also use transaction data to determine trends in the market, and then adjust production cycles accordingly. For example, you can use this data to monitor changes in your brand's and market share of retail partners, enabling you to match your product strategies to consumer preferences. In the same way, you can utilize POS data to improve inventory levels and reduce the risk of overstocking. It can also assist you to assess the effectiveness of promotional campaigns. Tip 6: Be a good neighbor Power tools is a high-profit complex market that requires significant marketing and sales efforts to remain competitive. In the past an advantage in this market was achieved by establishing prices or positioning of products. However, these tactics are not as effective in the current omnichannel environment where information is easily available to be shared. Retailers who concentrate on service are more likely to retain customers and build brand loyalty. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls in Wisconsin, operates a 12,000-square-foot power tool department. His initial department featured several brands. However, as he listened to contractors, he realized that they were loyal to their favorite brand. Karch and his staff ask their customers what they plan to accomplish using a tool before presenting them with the options. This gives them the confidence to recommend the right tool for the job, and also builds trust with customers. Customers who are familiar with their product are less likely than others to blame the store for a failure of a device on the job. Tip 7: Make an effort to be a Point of Customer Service The market for power tools has become a very competitive area for retailers of hardware. The retailers that have had the most success in this market tend to make a strong commitment to a particular brand rather than simply carrying a selection of manufacturers. The amount of space a retailer must dedicate to this category could also play a role in the amount of brands it is able to carry. Customers usually require assistance when they come in to purchase a power device. Whether they are replacing an old tool damaged or undertaking a renovation project clients require expert advice from sales representatives. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin, says his sales staff is educated to ask the right questions to make an offer. They start by asking what the customer is planning to use the tool, he says. “That's the most important factor to consider when deciding what kind of tool to market them,” he adds. Then they ask about the customer's experience with different types of projects as well as the project. Tip 8: Make an End of Warranty The manufacturers of power tools differ greatly in their warranty policies. Some are fully complete, while others are stingy or even refuse to cover certain parts of the equipment. It's important for retailers to know these differences before making a purchase, because customers will buy tools from companies that back them up. Mike Karch is the president of Nue's Hardware and Tools, located in Menomonee, Wisconsin. He has a 12,000 square-foot power tool department and an on-site repair shop that repairs 50 different brands of tools. He has observed that many of his contractors are loyal to a particular brand. Therefore, he prefers to carry a limited number of brands instead of trying to carry a variety of products. He also likes the fact that his employees have one-on-one meetings with vendors to discuss new products and share feedback. This personal contact is crucial because it builds trust between the store's customers and employees. Good relationships with suppliers may even result in discounts on future purchases.