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Power Tool Sales and Marketing Strategies for B2B Retailers Power tools are vital for both professionals and users. Despite an expected slowdown in 2021 due to the COVID-19 pandemic, demand remains near or at levels prior to the pandemic. In terms of dollar share, Home Depot leads all outlets in power tool sales. Lowe's is second in line. But both companies are being pushed by China-made power tools. Tip 1: Be committed to a brand Many industrial product manufacturers place an emphasis on sales over marketing. This is due to the fact that the long-term sales process involves a lot of back and forth communication as well as a detailed understanding of the product. This kind of communication doesn't permit emotional marketing tactics. But, companies that produce industrial tools need to rethink their marketing strategy. The digital world has raced past traditional manufacturers who rely on a few retailers and distributors to sell their products. The key to selling power tools is brand loyalty. If a client is adamant about a particular brand, they are less sensitive to the messages of competitors. They are also more likely to purchase the products of the brand they are loyal to and to recommend them to friends and family. You need a well-planned plan to be successful in the American market. This means adjusting your tools to meet local needs, positioning your brand in a competitive way, and leveraging distribution channels and marketing platforms. Collaboration with local authorities, associations and experts is also essential. You can be assured that your power tool will be in compliance with the standards and regulations of the country if you do this. Tip 2: Know Your Products In a world where product quality is so important, retailers should know the products they offer. This will allow them to make informed decisions about the products they can offer their customers. This information can make the difference between a good sale and a poor one. Knowing which tool is suitable for a specific project will assist you in matching the perfect tool to your customer's needs. You'll earn trust and loyalty among your customers. It will also give you confidence that you're providing the complete solution. Also, knowing the latest trends in DIY culture can help you better understand what your customers want. As an example, more homeowners are undertaking home renovation projects requiring the use of power tool. This could lead to an increase in the sales of these tools. According to DurableIQ, DeWalt is the leader in power tool units at 16 percent. However, Ryobi and Craftsman have seen their shares decrease year-overyear. However the fact that both in-store and online purchases are increasing. Tip 3: Offer Full-Service Repair The most frequent reason why that a buyer makes a purchase is to replace a tool that has been damaged or failed or to embark on an entirely new project. Both provide opportunities for upsells or add-on sales. According to the Home Improvement Research Institute (HIRI) 2020 Tracking Study of Power Tools and Accessories, 35 percent of all purchases of power tools are the result of planned replacements. Customers may require additional accessories or upgrade to a more powerful model. Whether your customer has experience in DIY or is just beginning the hobby, they will have to replace their carbon brushes, drive cords and the power cords on their power tools in time. These essentials will ensure that your client gets the most out of their investment. When buying power tools, technicians consider three factors: the application, the power source and security. These factors aid technicians in making educated decisions about the most suitable tools to use in their repairs and maintenance tasks. This allows them to optimize the efficiency of their tools as well as reduce the cost of ownership. Tip 4: Keep up-to-date with the latest technologies. For example, the latest battery tools have smart technology that improves the user experience and differentiates them from competitors that still rely on older battery technology. Wholesalers in B2B who offer and sell these tools can increase sales by targeting professional and tech-savvy contractors. Karch's company, which has more than 30 years of experience and a 12,000 square feet tooling department is a testimony to the importance of staying up-to-date with the latest technology. He says that manufacturers are constantly changing their product designs. “They used to keep their designs for five or ten years, but now they're changing them every year.” B2B wholesalers should not just take advantage of the latest technologies, but also upgrade their existing models. For instance, by adding adjustable handles and lightweight materials, they can reduce the fatigue that comes from prolonged use. These features are essential for a lot of professionals who must utilize the tools for lengthy periods of time. The market for power tools is divided into professional and consumer groups. This means that the major players are always working to improve their designs and come up with new features in order to appeal to a wider audience. Tip 5: Create a Point of Sales The e-commerce market has changed the market for power tools. Advancements in data collection methods have allowed business professionals to gain an overall view of market trends which allows them to design strategies for inventory and marketing more effectively. By utilizing data from the point of sale (POS) 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 the kinds of projects that your customers are working on allows you to offer additional sales and upsell opportunities. It helps you anticipate the needs of your customers, so that you always have the right products on hand. You can also utilize transaction data to spot trends in the market and adjust production cycles accordingly. You could, for instance utilize this data to monitor fluctuations of your retail partners' and brand's market share. This allows you to align product strategies to the preferences of consumers. Similarly, you can use POS data to improve inventory levels and reduce the chance of overstocking. It also helps to assess the effectiveness of promotions. Tip 6: Make a Point of Service Power tools are a complicated market with high profits that requires a substantial amount sales and marketing effort to stay in the game. The most common methods of gaining a strategic advantage in this market were by establishing pricing or positioning of products, but these methods are no longer effective in today's omnichannel marketplace in which information is dispersed so quickly. look here that focus on customer service are more likely to retain customers and build brand loyalty. Mike Karch, the president of Nue's Hardware and Tools, located in Menomonee Falls, Wisconsin, runs a 12,000 square-foot power tool section. In the beginning, his store featured a sampling of brands, but as he began to listen to contractor customers and found that the majority were brand loyal. To be successful in their customers, Karch and his team first ask customers what they want to do with the tool before showing them the options available. This gives them confidence to recommend the most effective tool for the job and builds trust with the customer. Customers who are familiar with their product are less likely to blame the retailer for a malfunction of a device on the job. Tip 7: Become a customer service guru The power tool market has become a highly competitive market for hardware retailers. Those who have seen success in this area tend to have a strong commitment to a particular brand rather than simply carrying a sampling of manufacturers. The amount of space a retailer must devote to this category can also affect how many brands it can carry. When customers go in to purchase an electric tool they may need assistance selecting the right product. Whether they are replacing an old one that is broken or tackling the task of renovating, customers need expert guidance from sales associates. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin, says his store's sales associates are educated to ask the right questions to help make the sale. They begin by asking the customer what they intend to do with the item. “That's the best way to decide what kind of tool they need,” he says. Then, they inquire about the experience of the customer with different types projects and the project. Tip 8: Make sure to mention your warranty The warranties of the manufacturers of power tools are very different. Some manufacturers offer a comprehensive warranty, while others offer a limited warranty or refuse to cover certain tools. It's crucial for retailers to understand the distinctions before buying, since customers will purchase tools from firms that provide them with a warranty. 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 kinds of tools. He has learned over time that a lot of his contractors are brand loyal, so the company prefers to stick to only a few brands rather than trying to offer a variety of products. He is also happy that his employees have the ability to meet with vendors one-on-one to discuss new products and give feedback. This kind of interaction is essential because it helps create trust between the store and its customers. Having good relationships with suppliers could result in discounts on future purchases.