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Power Tool Sales and Marketing Strategies for B2B Retailers
Power tools are an essential for both consumer and professional use. The demand for power tools remains at or close to pre-pandemic levels despite a slowdown due to the COVID-19 epidemic in 2021.
In terms of dollar share, Home Depot leads all outlets in power tool sales. Lowe’s is close behind. However, both are confronting stiff competition from Chinese-made power tools.
Tip 1: Create an Efficacious Brand Commitment
Many manufacturers of industrial products place more emphasis on sales over marketing. This is because the long-term selling process requires a lot of back-and-forth communication and a thorough understanding of the product. This type of communication does not lend itself to emotional consumer marketing tactics.
However, companies that make industrial tools should rethink their marketing strategy. The digital world has raced over traditional manufacturers who depend on a few retailers and distributors to sell their products.
Brand commitment is a key factor in power tool sales. If a client is loyal to a brand they are less prone to messages from competitors. Additionally they are more likely to buy the product of the client again and recommend it to others.
You require a well-planned strategy to make an impact on the US market. This means adjusting your tools to meet the local requirements and positioning your brand in a strategic manner, and leveraging marketing channels and distribution channels. It is also important to work with local authorities, industry associations, and experts. You can be sure that your power tool will be in compliance with the standards and regulations of the country when you do this.
Tip 2: Be aware of Your Products
Retailers must be aware of the products they are selling, especially in a market which places a great importance on the quality of products. This will help them make informed choices about the products they offer their customers. This information can make the difference between a good deal and a bad one.
For example knowing which tool is ideal for specific projects will help you connect your customer with the best tool to meet their requirements. This will aid in building trust and loyalty with your customers. This will ensure that you are offering an entire service.
Additionally, understanding the trends in DIY culture can help you know what your customers are looking for. As an example increasing numbers of homeowners are completing home renovations that require the use of power tool. This can lead a spike 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 the fact that both in-store and online purchases are on the rise.
Tip 3: Offer Full-Service Repair
The majority of people purchase power tools to repair the broken one or tackle an upcoming 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 for power tools were the result of a planned replacement. These customers may require additional accessories or upgrade to a higher-performing model.
Whether your customer has experience in DIY or is new to the hobby they will need to replace the carbon brushes, drive cords, and the power cords on their power tools as time passes. These basic items will ensure that your customer reaps the maximum benefit from their investment.
When buying power tools, technicians consider three aspects: the tool’s application the power source, and safety. These factors help technicians make informed decisions about the best tools to use in their maintenance and repairs. This enables them to maximize the efficiency of their tools and lower the cost of owning it.
Tip 4: Continue to Keep Up With Technology
For example, the latest power tools feature smart technology that improves the user experience and sets them apart from other tools that depend on old-fashioned battery technology. Wholesalers of B2B that carry and sell these devices can increase sales by focusing on tech-forward contractors and professionals.
Karch’s business, with more than 30 years of experience and a 12,000 square foot tooling department is a testament to the importance of staying up-to-date with new technologies. He states that manufacturers are constantly changing their designs for their products. “They used to hold their designs for five or ten years, but now they alter them each year.”
In addition to embracing latest technologies, B2B wholesalers should also be looking to improve existing models. By incorporating lightweight materials and adjustable handles, wholesalers can lessen fatigue caused by prolonged use. These features are important for a lot of professionals who have to utilize the tools for lengthy durations. The power tool industry is split into professional and consumer groups. This means that the biggest 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 market for power tools. Data collection techniques have been improved allowing business professionals to gain a better understanding of the market. This allows them to develop more effective inventory and marketing strategies.
Using data from the point of sale (POS), you can track DIY projects that customers are completing when purchasing power tools and other accessories. Knowing Recommended Internet page of projects that your customers are undertaking enables you to offer add-on sales and upsell opportunities. It allows you to anticipate your customers’ needs to ensure that you have the right products on hand.
Furthermore, transaction data allows you to detect trends in the market and adjust your production cycles accordingly. For example, you can make use of this information to track changes in your brand’s and market share of retail partners which allows you to match your product strategies to consumer preferences. Similarly, you can use POS data to improve levels of inventory and decrease the chance of overstocking. It can also be used to evaluate the effectiveness of promotional campaigns.
Tip 6: Be a good neighbor
Power tools are a tangled market that is high-profit and requires a substantial amount sales and marketing effort to stay in the game. In the past a competitive advantage in this market was accomplished through pricing or positioning products. But these methods are not as effective in the current omnichannel environment where information is readily available to be shared.
Retailers who are committed to providing a high level of providing excellent service are more likely to keep customers and build brand loyalty. Mike Karch, the president of Nue’s Hardware and Tools, in Menomonee falls, Wisconsin, runs a 12,000 square foot power tool section. His department initially featured several brands. However when he talked to contractors, he discovered that they were loyal to their preferred brand.
To win their customers’ business, Karch and his team first ask customers what they would like to accomplish with the tool, then show them the options available. This gives them the confidence to recommend the right tool for the job and increases trust with their customers. Customers who are familiar with their product are less likely to blame the retailer for a failure of a tool on the job.
Tip 7: Be a customer service guru
The power tool market has become a highly competitive market for retailers of hardware. People who succeed in this market tend to be more devoted to a specific brand rather than to carry a variety of manufacturers. The amount of space a retailer is able to devote to a specific category could affect the number of brands they carry.
Customers usually require assistance when they come in to purchase a power device. Sales associates can offer the best guidance to customers looking to replace a broken tool or undertaking the renovation of their home.
Mike Karch, the president of Nue’s Hardware and Tools, in Menomonee falls, Wisconsin, said that the staff at his store is trained to ask questions that will result in an offer. He says they start by asking the customer about what they plan to do with the product. “That’s the primary factor in deciding the kind of tool to offer them,” he adds. Then, they inquire about the experience of the customer with different types projects and the project.
Tip 8: Make an End of Warranty
The manufacturers of power tools differ greatly in their warranty policies. Some are completely comprehensive, while some are stingy or even refuse to cover certain parts of the tool at all. It is crucial for retailers to know these differences before purchasing, as customers will buy 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 a 12,000 square foot power tool department and an on-site repair shop that repairs 50 different brands of tools. He has realized over time that a lot of his contractors are loyal to a particular brand, so the company prefers to stick to the most popular brands rather than trying to carry a sampling of different products.
He also appreciates that his employees can have one-on-one meetings with vendors to discuss new products and share feedback. This type of personal interaction is crucial as it helps build trust between the retailer and customers. Good relationships with suppliers can even lead to discounts on future purchases.