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Power Tool Sales and Marketing Strategies for B2B Retailers Power tools are essential for both consumers and professionals. Despite the fact that 2021 will see a slowdown due to the COVID-19 virus, the demand is still at or near levels prior to the pandemic. In terms of outlet dollar share, Home Depot leads all outlets in power tool sales. Lowe's follows closely. Both are competing against power tools manufactured in China. Tip 1: Make a commitment to a brand Many manufacturers of industrial products prioritize sales over marketing. This is because a long-term purchase requires a lot of back-and-forth communication and in-depth knowledge of the product. This kind of communication isn't conducive to emotional marketing tactics. However, industrial tool manufacturing companies should think about rethinking their approach to marketing. The digital age has accelerated past traditional companies that rely on a small group of retailers and distributors for sales. One of the most important factors in power tool sales is brand commitment. If a client is loyal to a particular brand they are less prone to messages from competitors. In addition, they are more likely to buy the product of the client time and time again and recommend it others. It is essential to have a well-planned strategy to be successful in the US market. This involves adapting your tools to local needs and positioning brands in a way that is competitive, and leveraging marketing platforms and distribution channels. It is also essential to collaborate with local authorities as well as industry associations and experts. You can be certain that your power tool will be in compliance with the requirements and standards of the country if you follow these guidelines. Tip 2: Know Your Products Retailers need to be knowledgeable about the products they offer particularly in a market which places a great value on the quality of the product. This will allow them to make informed choices about the products they offer their customers. This information can be the difference between making a successful or a bad purchase. Knowing which tool is suitable for a specific project will aid in matching the right tool to your customer's needs. You'll earn trust and loyalty among your customers. It will also give you the confidence that you're offering the complete solution. In addition, understanding the trends in DIY culture can help you better know what your customers are looking for. For instance, a rising number of homeowners are taking on home improvement projects that require power tools. This can result in a spike in the sale of these 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, both online and in-store purchases are on the rise. Tip 3: Offer Full-Service Repair The majority of consumers purchase power tools to repair a broken one or to tackle an upcoming project. Both of these tools offer 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 were the result of a planned replacement. The customers might require additional accessories or upgrade to a higher-performing model. If your customer is an experienced DIYer or just starting out in the hobby, they'll need to replace their carbon brushes for power tools as well as drive belts and power cords over time. These basic items will ensure that your customer gets the most from their investment. When purchasing power tools, technicians look at three factors: the application the power source, and security. These aspects allow technicians to make informed choices when it comes to selecting the right tools for their repair and maintenance work. This will help them improve the performance of their tools and lower the cost of ownership. Tip 4: Stay up-to-date with the latest technologies. The latest power tools, like, offer smart technology which enhances the user experience and differentiates them from rivals who depend on older battery technology. B2B wholesalers who stock and sell these tools could increase sales by focusing on professionals and contractors who are tech-savvy. Karch's business, which has more than 30 years of experience and a 12,000 square feet tooling department, is a testament to the importance of keeping up-to-date with the latest technology. power tools online store says that manufacturers are constantly changing their designs for their products. “They used to keep their designs for five or ten years, but now they're changing them each year.” B2B wholesalers must not only embrace the latest technologies but also improve existing models. By incorporating who makes the best power tools and adjustable handles, wholesalers can decrease fatigue due to long-term use. These features are essential to many contractors working in the field who utilize the tools over a long period of time. The industry of power tools is divided into professional and consumer groups which means that the major players are constantly improving their designs and introducing new features to reach an even larger audience. Tip 5: Make a Point of Sales The online marketplace has transformed the power tools market. Advancements in data collection methods have enabled business professionals to get an entire overview of market trends which allows them to design marketing and inventory strategies more effectively. Point of sale (POS) information, for instance, allows you to monitor the kinds of projects DIYers undertake when they purchase power tools and accessories. Knowing the type of projects that your customers are working on allows you to provide additional sales and upsell opportunities. It helps you anticipate your customers' needs to ensure that you have the right products on hand. Moreover, transaction data enables you to spot trends in the market and adjust production cycles in line with. For instance, you can make use of this information to track fluctuations in your brand's or the market share of your retail partners, enabling you to match your product strategies to consumer preferences. POS data can also be used to optimize inventory levels, which reduces the risk of stocking up. It can also help you to evaluate the effectiveness of promotions. Tip 6: Establish an Point of Service Power tools are a complicated market that is high-profit and requires a substantial amount marketing and sales effort to stay in the game. The classic ways to gain a strategic advantage in this field have been by establishing pricing or positioning of products, but these tactics no longer work in the omnichannel world of today where information is distributed in such a rapid manner. Retailers who provide a high level of providing a high-quality service are more likely to retain customers and develop brand loyalty. Mike Karch, the president of Nue's Hardware and Tools, in Menomonee falls, Wisconsin, runs a 12,000 square-foot power tool department. His initial department featured several brands. However when he spoke to contractors, he discovered that they were loyal to their favorite brand. To be successful in their business, Karch and his team first ask customers what they'd like to achieve using the tool, before showing them what they have available. This gives them confidence to recommend the best tool for the job and also builds trust with the customer. Customers who are familiar with their product are less likely to blame their retailer for a tool malfunction on the job. Tip 7: Create a point of customer service Power tool retailers face a fiercely competitive market. People who have had the most success in this market tend to make a firm commitment to a brand rather than simply carrying a selection of manufacturers. The amount of space a retailer is able to devote to a particular category can determine the number of brands they are able to carry. When customers visit a store to purchase power tools, they often need help selecting the right product. Sales associates can provide expert advice to customers looking to replace a broken tool or are planning an upgrade project. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin, says his store's sales associates are trained to ask the right questions to make a sale. They begin by asking what the customer is planning to use the tool according to him. “That's how you determine what kind of tool you need,” he says. Next, they ask about the project and the level of experience the client has with various types of projects. Tip 8: Be sure to mention your warranty The warranties of the power tool makers are quite different. Certain manufacturers offer a full warranty, whereas others offer more limited warranties or do not offer warranties for certain tools. Before buying a product, it is crucial that the retailer understands the differences. Customers will only purchase tools from companies that will back them up. Mike Karch is the president of Nue's Hardware and Tools, located in Menomonee, Wisconsin. He has an 12,000 square foot power tool department and a repair shop on site that repairs 50 different lines of tools. He has realized over the years that many of his contractors are loyal to their brands, which is why the company prefers to stick to a limited number of brands rather than offer a variety of products. He also likes the fact that his employees have the opportunity to get one-on-one time with vendors to discuss new products and give feedback. This kind of interaction is vital because it builds trust between the store's clients and employees. Good relationships with suppliers could even result in discounts for future purchases.