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Power Tool Sales and Marketing Strategies for B2B Retailers Power tools are essential for both consumers and professionals. Despite an expected slowdown in 2021 due to the COVID-19 pandemic the demand is still at or near pre-pandemic levels. Home Depot is the leader in the sales of power tools by dollar share. Lowe's follows closely. Both are competing against power tools made in China. Tip 1: Make an Engagement to Brands Many manufacturers of industrial products put an emphasis on sales over marketing. This is because the long-term selling process involves a lot of back and forth communication as well as a detailed understanding of the product. This type of communication is not 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 manufacturers who depend on a small group of distributors and retail outlets for sales. The key to power tool sales is brand commitment. If a client is committed to a specific brand, they are less sensitive to competitors' communications. They are also more likely to purchase the product of the customer again and to recommend them to others. It is essential to have a well-planned strategy to have an impact on the US market. This includes adapting your tools to meet the local requirements and positioning your brand in a competitive way, and making use of marketing channels and distribution channels. It is also essential to work with local authorities and industry associations as well as experts. In this way, you can be confident that your power tools will comply with the country's regulations and standards. Tip 2: Be aware of Your Products In a marketplace where quality of the product is so important, retailers should know the products they offer. This will allow them to make informed decisions about what they sell. power tools near me can also make the difference between a successful deal and a bad one. For example knowing which tool is best suited to a particular project will allow you to connect your customer with the right tool to meet their needs. You'll build trust and loyalty with your customers. It will also give you confidence that you're offering the complete solution. Understanding DIY culture trends can also help you understand your customers' requirements. For instance, a rising number of homeowners are undertaking home renovation projects that require the use of power tools. This can lead a spike in the sales of power tools. According to Durable IQ, DeWalt leads in power tool unit share at 16%, although Ryobi and Craftsman brands have seen their share decrease year-over-year. However the fact that sales on both stores and online are growing. Tip 3: Offer Full-Service Repair Most consumers purchase power tools to repair the broken one or tackle the new project. Both provide the possibility of upselling or adding on sales. According to the Home Improvement Research Institute's (HIRI) 2020 Power Tools and Accessories Product Purchase Tracking Study, 35 percent of purchases of power tools resulted from an anticipated replacement. These customers may require additional accessories or upgrade to a more powerful model. If your customer is a seasoned DIYer or new to the hobby, they'll require replacement of their power tools' carbon brushes, drive belts and power cords with time. Keeping up with these essentials will allow your customer to get the most out of their investment. When buying power tools , technicians look at three aspects: the tool's application, the power source and safety. These factors aid technicians in making informed decisions about the best tools to use for their maintenance and repairs. This allows them to optimize the effectiveness of their tools and reduce the cost of ownership. Tip 4: Keep up-to-date with the latest technologies. For instance, the most recent battery tools have advanced technology that enhances users' experience and differentiates them from competitors that still depend on old-fashioned battery technology. Wholesalers in B2B who carry and sell these tools can increase sales by focusing on professional and tech-savvy contractors. For Karch who's business has more than three years of experience and a 12,000 square-foot department for tools, staying up with the latest technology is vital. “Manufactures are constantly changing the look of their products” Karch says. “They used to hold their designs for 5 or 10 years but now they alter their designs 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 fatigue that comes from prolonged use. These features are crucial for many contractors working in the field who utilize the tools for a lengthy period of time. The power tool industry is divided into professional and consumer groups. This means that the major players are always working to improve their designs and develop new features to reach a wider market. Tip 5: Make a Point of Sales The online marketplace has transformed the market for power tools. Data collection methods have improved and business professionals can get a better understanding of the market. This allows them to create more effective marketing and inventory strategies. 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 what projects your customers are working on allows you to increase sales and provide additional products. It also helps you to anticipate the requirements of your customers and ensure that you have the appropriate products in stock. Additionally, transaction data can help you to identify market trends and adjust production cycles in line with. You could, for instance utilize this data to monitor changes in your retail partners' and your brand's market shares. This will allow you to align your product strategies to the preferences of consumers. In the same way, you can utilize POS data to improve levels of inventory and decrease the risk of overstocking. It is also used to assess the effectiveness of promotions. Tip 6: Be a good neighbor Power tools are a complex, high-profit market that requires a substantial amount of sales and marketing effort to stay competitive. In the past, gaining a competitive advantage in this market was achieved through pricing or positioning products. However, these strategies are not as effective in the current omnichannel environment where information is easily communicated. Retailers who concentrate on service are more likely to keep customers and build brand loyalty. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls in Wisconsin has a 12,000 square-foot department for power tools. In the beginning, his store featured several brands, but as he began to listen to customers who were contractors, he learned that most were loyal to a particular brand. Karch and his staff members ask their customers what they plan to accomplish using a tool prior to showing them the alternatives. This gives them the confidence to recommend the appropriate tool for the job, and it increases trust with their customers. Customers who are familiar with their product are less likely than others to blame the store for the failure of a tool on the job. Tip 7: Make a point of customer service The power tool market has become a very competitive area for hardware retailers. Those who are successful in this category tends to be more loyal to a single brand than to carry a variety of manufacturers. The amount of space a retailer is able to devote to a category may also affect the number of brands they can carry. When customers go in to purchase an electric tool they may need assistance choosing a product. Sales associates can offer expert guidance to customers seeking to replace a damaged tool or undertaking an upgrade project. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin, says his sales associates at the store are trained to ask the right questions in order to make a sale. He says they begin by asking the customer what they intend to use the product. “That's how you decide what kind of tool you need,” he says. Then they ask about the experience of the customer with various types of projects and the project. Tip 8: Make sure to mention your warranty The warranty policies of the manufacturers of power tools are quite different. Some companies offer a complete warranty, while others are more limited or do not cover certain tools. Before purchasing a tool, it is crucial that the retailer understands the differences. Customers will only buy 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 and an repair shop in-house that handles 50 models of tools. He has learned through the years that a majority of his customers who are contractors are loyal to their brands, which is why he focuses on only a few brands rather than carry a sampling of different products. He also appreciates that his employees are able to meet with vendors one-on-1 to discuss new products and share feedback. This kind of interaction is vital because it helps build trust between the store's customers and employees. Good relationships with suppliers may even lead to discounts for future purchases.