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Power Tool Sales and Marketing Strategies for B2B Retailers Power tools are essential for both professional and personal use. Despite an expected slowdown in 2021 due to the COVID-19 virus, demand remains near or at pre-pandemic levels. In terms of dollar share, Home Depot leads all outlets in power tool sales. Lowe's is close behind. Both are however facing stiff competition from China-manufactured power tools. Tip 1: Create an Efficacious Brand Commitment Many manufacturers of industrial products put an emphasis on sales over marketing. This is because a long-term sales requires a lot of back-and-forth communication and in-depth knowledge of the product. This kind of communication doesn't allow for emotional consumer marketing strategies. Nevertheless, industrial tools manufacturing companies must rethink their marketing strategy. The digital age has accelerated past traditional companies that rely on a few retailers and distributors for sales. The key to selling power tools is brand commitment. When a customer is committed to a certain brand and brand, they are less responsive to competitors' communications. They are also more likely to purchase the products of the brand they are loyal to and to recommend them to others. You require a well-planned strategy to have an impact on the US market. This includes adapting your tools to local needs and positioning brands in a way that is competitive, and making use of distribution and marketing platforms channels. Collaboration with local authorities and associations, as well as experts is also essential. In this way you can ensure that your power tools be in compliance with the regulations of the country and standards. Tip 2: Be aware of Your Products Retailers need to be knowledgeable about the products they are selling, especially in a market that places such a high value on the quality of the product. This will help them make informed choices about the products they can offer their customers. This information can make the difference between a good deal and a bad one. For example knowing which tool is best suited to the particular task will help you match your customer with the right tool to meet their requirements. This will help you build trust and loyalty with your customers. This will give you confidence that you're providing a complete service. Understanding DIY culture trends can also help you better understand your customers' requirements. For instance, a growing number of homeowners are tackling home renovation projects that require power tools. This could lead to a rise in the sale of power tools. According to Durable IQ, DeWalt leads in power tool unit share, which is 16%, however Ryobi and Craftsman brands have seen their share decrease year-over-year. Despite this, both online and in-store purchases are increasing. Tip 3: Offer Full-Service Repair The most frequent reason why a consumer makes a power purchase is to replace one that is been damaged or broken, or to embark on an entirely new project. Both provide opportunities for upsells or add-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. Customers often require additional accessories or may require upgrading to better quality models. Whether your customer is an experienced DIYer or new to the hobby, they'll likely require replacing their power tools' carbon brushes, drive belts and power cords over time. These items will ensure your customer gets the most from their investment. Technicians consider three key items when purchasing power tools applications, how it will be operated and safety. These aspects help technicians make educated decisions about the most suitable tools to use in their maintenance and repairs. This helps them maximize the effectiveness of their tools and reduce the cost of ownership. Tip 4: Continue to Keep Up With Technology The most modern power tools, for example, offer smart technology which enhances the user experience and sets them apart from competitors who still depend on older battery technology. Wholesalers of B2B that stock and sell these devices can increase sales by targeting professionals and contractors who are technologically advanced. For Karch, whose business has more than three years of experience and a 2,000-square-foot tool department, keeping up with new technologies is essential. “Manufactures are constantly adjusting the design of their products” he says. “They used hold their designs for 5 or 10 years but now they alter them each year.” In addition to embracing modern technologies, B2B wholesalers should also be looking to improve existing models. For instance, by adding adjustable handles and lightweight materials, they can reduce the fatigue that comes from 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 divided between the consumer and professional segments. This means that major players are always working to improve their designs and develop new features to reach a wider audience. Tip 5: Create a point of Sale The online marketplace has changed the market for power tools. Data collection techniques have improved and business professionals can gain a better understanding the market. This allows them to create more efficient inventory and marketing strategies. Utilizing data from the point of sale (POS) You can track DIY projects that customers undertake when buying power tools and accessories. Knowing what projects your customers are working on permits you to increase sales and provide extras. It also allows you to anticipate the needs of your customers making sure you have the correct products on hand. You can also use transaction data to spot market trends, and adjust production cycles accordingly. For instance, you could make use of this information to track fluctuations in your brand's or market share of retail partners, enabling you to match your product strategies to consumer preferences. Additionally, you can make use of POS data to optimize levels of inventory and decrease the risk of overstocking. It can also help you to evaluate the effectiveness of promotions. Tip 6: Create an Point of Service Power tools is a high-profit complex market that requires significant marketing and sales efforts in order to remain competitive. power tools uk to gain an advantage in this field were by positioning or pricing products. However, these tactics no longer work in the omnichannel world of today where information is shared rapidly. Retailers who make a point of providing excellent service are more likely to keep customers and build brand loyalty. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls in Wisconsin has a 12,000 square-foot power tool department. His initial department featured several brands. However when he spoke to contractors, he noticed that they were loyal to their preferred brand. To make a mark in their business, Karch and his team first ask customers what they would like to accomplish using the tool, before showing them the options available. This gives them the confidence to recommend the best tool for the job and builds trust with the customer. Customers who know their product well are less likely to blame their retailer for a malfunctioning tool on the job. Tip 7: Make a Point of Customer Service Power tool retailers are facing a fiercely competitive market. People who succeed in this category tends to be more committed to a single brand rather than to carry a variety of manufacturers. The size of the space a retailer has to devote to this category can also play a role in the number of brands it can carry. Customers usually require assistance when they come in to purchase a power device. Sales associates can provide expert advice to customers who are looking to replace a broken tool or are planning 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 could lead to the sale. He says they start by asking the customer what they plan to do with the product. “That's how you determine the type of tool you need,” he says. Then, they inquire about the customer's experience with various types of projects and the project. Tip 8: Be sure to make mention of your warranty The manufacturers of power tools differ greatly in their warranty policies. Some are completely comprehensive, while some aren't as generous or do not cover certain components of the tool at all. Before making a purchase it is crucial that the retailer understands the differences. Customers will only purchase tools from companies that provide 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 repair shop on site that repairs 50 different brands of tools. He has discovered that a lot of his clients are loyal to a particular brand. So, he chooses to carry only a few brands instead of trying to offer samples of various products. He also appreciates that his employees have the opportunity to meet with vendors one-on-one to discuss new products and share feedback. This type of personal interaction is crucial because it helps establish trust between the store and its customers. Good relationships with suppliers could even result in discounts for future purchases.