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Power Tool Sales and Marketing Strategies for B2B Retailers Power tools are a staple for both consumer and professional use. The demand for power tools is at or near pre-pandemic levels despite a slowdown owing 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 behind. Both are competing with power tools manufactured in China. Tip 1: Create a Brand Commitment Many manufacturers of industrial products place a higher priority on sales over marketing. This is because a long-term purchase requires a lot back-and forth communication and in-depth knowledge of the product. This type of communication is not suitable for emotional marketing strategies. However, companies that make industrial equipment should reconsider their marketing strategy. The digital age has accelerated over traditional manufacturers who depend on a small circle of retailers and distributors for sales. One of the most important factors in power tool sales is brand commitment. If a client is committed to a specific 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 require a well-planned strategy to make an impact on the American market. This means adapting your tools to meet the local requirements, positioning your brand in a competitive manner, and leveraging distribution channels and marketing platforms. Collaboration with local authorities as well as associations and experts is also crucial. When you do this, you can be confident that the power tools you purchase conform to the laws of the country and standards. Tip 2: Know Your Products In a world where quality of the product is so crucial, retailers should be aware of the products they offer. This will enable them to make informed choices about the products they are selling. This knowledge can make the difference between making a good or a bad purchase. For instance, knowing that a tool is suitable for a particular project will help you match your client with the appropriate tool to meet their needs. This will allow you to build trust and loyalty with your customers. This will help you feel confident that you are offering an entire service. In power tools stores , understanding the trends in DIY culture will help you comprehend what your customers want. For instance the increasing number of homeowners are taking on home renovation projects requiring the use of power tool. This can lead to a spike in the sale of these tools. According to Durable IQ, DeWalt leads in power tool unit share at 16%, however Ryobi and Craftsman brands have seen their share decrease year-over-year. However, online and in-store sales are growing. Tip 3: Offer Full-Service Repair The majority of consumers purchase power tools to replace an old one or tackle a new project. Both offer opportunities for upsells and additional 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. These customers typically require additional accessories, or need to upgrade to higher performing models. Whether your customer is a seasoned DIYer or new to the hobby, they'll likely need to replace their power tools' carbon brushes as well as drive belts and power cords over time. These items will ensure your customer reaps the maximum benefit out of their investment. Technicians consider three key items when making power tool purchases the application, the way it will be operated and safety. These aspects help technicians make informed choices about the best tools to use in their repairs and maintenance tasks. This helps them maximize the efficiency of their tools and reduce the expense of owning it. Tip 4: Continue to Keep Up With Technology For instance, the most recent power tools feature advanced technology that enhances users' experience and sets them apart from competitors that still depend on old-fashioned battery technology. Wholesalers in B2B who carry and sell these devices can increase sales by targeting professional and tech-savvy contractors. For Karch who's business has more than three decades of experience and a 2,000-square-foot department for tools, staying up with the latest technologies is crucial. “Manufactures are constantly changing the design of their products,” he says. “They used to hold their designs for five or 10 years, but they're now changing them each year.” In addition to taking advantage of the latest technologies, B2B wholesalers should also concentrate on improving 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 to many contractors working in the field who utilize the tools for 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 developing new features that will appeal to an even larger audience. Tip 5: Make an Point of Sale The online marketplace has changed the power tool market. Data collection techniques have been improved, allowing business professionals to gain a better understanding of the market. This allows them to develop more efficient inventory and marketing strategies. Utilizing information from the point of sale (POS) You can track DIY projects that customers are completing when purchasing power tools and accessories. Knowing the kinds of projects that your customers are working on allows you to provide additional sales and opportunities to upsell. It also helps you anticipate the requirements of your clients and ensure that you have the appropriate products on hand. You can also utilize transaction data to determine market trends, and adjust production cycles in line with these trends. For instance, you could utilize this information to track fluctuations in your brand and market share of retail partners which allows you to adapt your product strategies to consumer preferences. In the same way, you can utilize POS data to optimize levels of inventory and decrease the chance of overstocking. It can also be used to evaluate the effectiveness of promotional campaigns. Tip 6 Tip 6: Be a good neighbor Power tools are a complicated market that is high-profit and requires a substantial amount of sales and marketing effort to stay competitive. In the past, getting a competitive advantage in this market was achieved by establishing prices or positioning of products. However, these tactics are not as effective in the current multichannel environment, where information is easily shared. Retailers who focus on 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 initial department featured a variety of brands. However, as he listened to contractors, he realized that they were loyal to their preferred brand. Karch and his staff ask their customers what they intend to do with the tool before presenting them with the possibilities. This gives them the confidence to recommend the best 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 malfunction of a tool for the job. Tip 7: Become a guru in customer service The market for power tools has become a very competitive area for retailers of hardware. Those who are successful in this category tends to be more loyal to a single brand than to carry a variety of brands. The amount of space a retailer has to devote to the category may be a factor in the number of brands it can carry. When customers come in to purchase a power tool and require assistance, they usually need help choosing a product. Sales associates can offer the best guidance to customers seeking to replace a damaged device or completing the renovation of their home. Mike Karch, the president of Nue's Hardware and Tools, in Menomonee falls, Wisconsin, said that his store's staff is educated to ask questions that can result in the sale. They begin by asking questions about what the customer plans to use the tool, he says. “That's how you decide what kind of tool they require,” he says. Then they ask about the customer's experience with different types of projects as well as the project. Tip 8: Be sure to mention your warranty The warranty policies of the manufacturers of power tools are very different. Some manufacturers offer a comprehensive warranty, while others offer a limited warranty or do not offer warranties for certain tools. Before purchasing a tool, it's important that retailers know the distinctions. Customers will only purchase tools from companies that back them up. 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 as well as an on-site repair shop that repairs 50 different lines of tools. He has learned that many of his contractors are loyal to their brands. So, he chooses to carry a limited number of brands instead of trying to carry samples of different products. He also likes the fact that his employees can have one-on-one meetings with vendors to discuss new products and provide feedback. This kind of interaction is essential because it helps create trust between the store and its customers. Good relationships with suppliers may even result in discounts on future purchases.