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Power Tool Sales and Marketing Strategies for B2B Retailers Power tools are essential for both professional and personal use. The demand for power tools remains at or near pre-pandemic levels despite a slowdown due to the COVID-19 epidemic that will hit in 2021. Home Depot is the leader in the sales of power tools based on dollar share. Lowe's follows closely. Both are however confronting stiff competition from Chinese-made power tools. Tip 1: Make a commitment to a brand Many manufacturers of industrial products prioritize sales over marketing. This is due to the fact that the long-term sales process requires a lot back-and-forth communication and detailed knowledge of the product. This kind of communication isn't suitable for emotional marketing strategies. However, industrial tool manufacturing companies should think about rethinking their approach to marketing. The digital world has raced over traditional manufacturers who depend on a small circle of distributors and retailers for sales. Brand loyalty is a major aspect in the sales of power tools. If a client is committed to a certain brand, they are less sensitive to the messages of competitors. They are also more likely to buy the client's products again and to recommend them to friends and family. You require a well-planned strategy to be successful in the US market. This includes adapting tools to local requirements and positioning your brand in a way that is competitive, and making use of distribution and marketing platforms channels. Collaboration with local authorities, associations and experts is also crucial. You can be assured that your power tool will be in compliance with the standards and regulations of the country if you follow these guidelines. Tip 2: Be aware of Your Products Retailers should be familiar with the products they offer particularly in a market which places a great importance on the quality of products. This will enable them to make informed choices about what they can offer their customers. This knowledge could make the difference between a successful or a poor sale. Knowing that a certain tool is perfect for a particular project will help you match the right tool to the needs of your customer. You'll earn trust and loyalty with 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 example, a growing number of homeowners are taking on home renovation projects that require the use of power tools. This can lead a spike in the sale of power tools. According to Durable IQ, DeWalt leads in power tool unit share, which is 16%, while Ryobi and Craftsman brands have seen their share decrease year-over-year. However the fact that sales on both stores and online are on the increase. Tip 3: Offer Full-Service Repair The most frequent reason why that a buyer makes a purchase is to either replace one that is been damaged or broken, or to embark on a new project. shop power tools provide opportunities for upsells or additional sales. According to the Home Improvement Research Institute (HIRI) 2020 Tracking Study of Power Tools and Accessories 35 percent of all power tool purchases are the result of planned replacements. These customers often require additional accessories or may need to upgrade to higher quality models. No matter if your customer is an experienced DIYer or just starting out in the hobby, they'll likely require replacing their carbon brushes for power tools, drive belts and power cords with time. Being on top of these important items will help your customer make the most of their investment. When purchasing power tools, technicians take into consideration three aspects: the tool's application, the power source and safety. These factors allow technicians to make informed choices when selecting the right tools for maintenance and repair work. This allows them to optimize the efficiency of their tools as well as lower the cost of ownership. Tip 4: Keep up-to-date with the latest technologies. The latest battery tools, for instance are equipped with smart technology that enhances user experience and sets them apart from competitors who still rely on old-fashioned battery technology. Wholesalers in B2B who offer and sell these tools can increase sales by focusing on tech-forward contractors and professionals. Karch's company, which has over 30 years of experience and a 12,000 square feet tooling department is a testament to the importance of staying up-to-date with new technologies. “Manufactures are constantly changing the design of their products,” Karch says. “They used to hold their designs for five or ten years, but they're now changing them every year.” B2B wholesalers should not just adopt the latest technology, but also upgrade their existing models. By adding lightweight materials and adjustable handles, wholesalers can decrease fatigue due to prolonged use. These features are essential for a lot of professionals who must make use of the tools for long durations. The power tool industry is divided into professional and consumer groups. This means that the biggest players are constantly working to improve their designs and create new features in order to reach a larger audience. Tip 5: Create a point of Sales The online marketplace has transformed the market for power tools. Data collection techniques have improved allowing business professionals to gain a better understanding the market. This allows them to develop more effective inventory and marketing strategies. Point of sale (POS) information for instance, allows you to monitor the kinds of projects DIYers undertake when purchasing power tools and other accessories. Knowing the type of projects your customers are working on allows you to provide additional sales and opportunities for upselling. It also allows you to anticipate the requirements of your clients, ensuring that you have the correct products in stock. You can also utilize transaction data to identify trends in the market and adjust production cycles accordingly. For instance, you can utilize this information to track fluctuations in your brand and market share of retail partners and help you adapt your product strategies to consumer preferences. Similarly, you can use POS data to optimize levels of inventory and decrease the risk of stocking up. It is also used to determine the effectiveness of promotions. Tip 6 Tip 6: Be a good neighbor Power tools are a tangled, high-profit market that requires a substantial amount marketing and sales efforts to remain competitive. The most common methods of gaining an advantage in this field were by positioning or pricing products. However, these tactics no longer work in today's multichannel marketplace in which information is dispersed in such a rapid manner. Retailers who make a point of providing excellent service are more likely to retain customers and develop 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. At first, the department offered a sampling of brands, but when he began listening to the customers of contractors, he learned that most were loyal to a particular brand. Karch and his team ask their customers what they plan to do with the tool prior to showing them the options. This gives them the 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 store for the failure of a tool on the job. Tip 7: Become a guru in customer service Power tool retailers are facing an extremely competitive market. Those who have seen the most success in this market tend to make a firm commitment to a particular brand instead of simply carrying a few manufacturers. The amount of space that a retailer can devote to a category may also affect the number of brands they are able to carry. Customers usually require assistance when they visit to purchase a power device. Whether they are replacing an old tool that is broken or tackling a renovation project, customers need expert advice from sales representatives. 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 help make an offer. They start by asking what the customer plans to use the tool for according to him. “That's the most important factor to consider when deciding the kind of tool to sell them,” he adds. Then, they inquire about the customer's experience with different types projects and the project. Tip 8: Be sure to be sure to mention your warranty The warranties of the power tool makers are quite different. Some are completely comprehensive, while others aren't as generous or do not cover certain components of the tool at all. It's important for retailers to be aware of the differences prior to 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 models of tools. He has discovered over the years that many of his contractor customers are loyal to a particular brand, so he focuses on a limited number of brands rather than attempting to carry a sampling of different products. He is also happy that his employees have the ability to meet with vendors one-on-one to discuss new products and share feedback. This type of personal interaction is crucial as it helps establish trust between the store and the customers. Good relationships with suppliers may even result in discounts for future purchases.