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Power Tool Sales and Marketing Strategies for B2B Retailers Power tools are crucial for both professionals and consumers. Despite an expected slowdown in 2021 due to the COVID-19 pandemic demand remains near or at levels prior to the pandemic. Home Depot is the leader in the sales of power tools based on dollar share. Lowe's follows closely. Both are however facing stiff competition from China-manufactured power tools. Tip 1: Commit to a brand A lot of manufacturers of industrial products place emphasis on sales over marketing. This is because a long-term sale requires a lot back-and forth communication and in-depth knowledge of the product. This kind of communication isn't suitable for emotional marketing strategies. However, industrial tool manufacturing companies must rethink their marketing strategy. The digital age has accelerated over traditional manufacturers who depend on a small circle of retailers and distributors to sell their products. A key to selling power tools is brand commitment. When a buyer is committed to a specific brand they are less receptive to competitors' communications. They are also more likely to buy the client's products again and to recommend them to others. It is essential to have a well-planned strategy to be successful in the US market. This means adjusting your tools to meet local requirements and positioning your brand in a competitive way, and leveraging marketing channels and distribution channels. Collaboration with local authorities as well as associations and experts is also crucial. In this way you can be sure that your power tools comply with the country's regulations and standards. Tip 2: Be aware of Your Products Retailers need to be knowledgeable about the products they sell, especially in a market that places such a high importance on the quality of products. This will allow them to make informed choices about the products they sell. This knowledge could also be the difference between a successful deal and a bad one. For instance, knowing that a tool is best suited to specific projects will allow you to match your client with the appropriate tool to meet their needs. This will allow you to build trust and loyalty with your customers. It will also give you confidence that you're offering a complete solution. Understanding DIY culture trends can help you understand the needs of your customers. For example, a growing number of homeowners are taking on home renovation projects that require the use of power tools. This can result in a surge in sales of power tools. According to Durable IQ, DeWalt leads in power tool share of 16%, while Ryobi and Craftsman brands have seen their share drop year-over-year. Despite this the fact that both in-store and online purchases are on the rise. Tip 3: Offer Full-Service Repair The most frequent reason that a buyer makes a tool purchase is to replace one that is been damaged or broken, or to embark on the task of a new one. Both of these can be used to increase sales and add-on 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. The customers might require additional accessories or upgrade to a better-performing model. If your customer is a seasoned DIYer or new to the hobby, they'll need to replace their carbon brushes for power tools drive belts, drive belts, and power cords with time. Being on top of these important items will allow your customer to make the most of their investment. Technicians take into consideration three main aspects when purchasing power tools the application, the way it will be used and safety. These factors allow technicians to make informed decisions when choosing the appropriate tools for their maintenance and repair tasks. This enables them to maximize the efficiency of their tools and lower the cost of owning it. Tip 4: Keep current with the latest technology The most modern power tools, for example they feature smart technology that enhances user experience and sets them apart from competitors who still rely on old-fashioned battery technology. B2B wholesalers who stock and sell these tools can increase sales by focusing on professionals and contractors who are tech-savvy. For Karch the company, which has more than three decades of experience and a 12,000 square-foot tool department, staying current with new technologies is essential. He says that manufacturers are constantly changing their product designs. “They used to keep their designs for five or 10 years, but now they're changing them every year.” In addition to taking advantage of the most recent technologies, B2B wholesalers should also focus on improving existing models. For instance, by adding adjustable handles and lightweight materials, they can lessen the strain caused by long use. These features are essential for a lot of professionals who have to use the tools for long periods. The market for power tools is split into the consumer and professional segments. This means that major players are constantly striving to improve their designs and develop new features to reach a wider public. Tip 5: Create a Point of Sales The ecommerce landscape 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 create more effective inventory and marketing strategies. Point of sale (POS) information for instance, allows you to track the types of projects that DIYers are working on when they purchase power tools and other accessories. Knowing the kinds of projects your customers are working on enables you to provide additional sales and upsell opportunities. It helps you anticipate the needs of your customers to ensure that you have the right products in hand. You can also use transaction data to determine trends in the market and adjust production cycles in line with these trends. You can, for example make use of this information to monitor changes in your retail partners' and your brand's market shares. This will allow you to align your product strategies to the preferences of consumers. Similarly, you can use POS data to optimize levels of inventory and decrease the risk of overstocking. It can also assist you to evaluate the effectiveness of promotional campaigns. Tip 6: Be a good neighbor Power tools is a profitable complex market that requires significant sales and marketing efforts to remain competitive. In the past, gaining a competitive advantage in this market was accomplished through pricing or positioning products. However, these tactics are not effective in today's world of omnichannels where information is readily communicated. Retailers that focus on customer service are more likely to retain customers and build brand loyalty. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls in Wisconsin, operates a 12,000-square-foot power tool department. In the beginning, his store featured a sampling of brands, but as he began to listen to the customers of contractors, he learned that most were loyal to a particular brand. To win their customers' business, Karch and his team first ask their customers what they want to do with the tool, then show them the options available. This gives them the confidence to recommend the right tool for the job, and also builds trust with customers. Customers who are familiar with their product are less likely to blame the store for the failure of a tool for the job. Tip 7: Be a guru in customer service The market for power tools has become a highly competitive category for hardware retailers. People who have had success in this category tend to make a strong commitment to a brand rather than merely carrying a sampling of manufacturers. The amount of space that retailers can dedicate to a specific category could determine the number of brands they are able to carry. Customers often need assistance when they visit to purchase a power device. Whether they are replacing an old tool that's broken or taking on a renovation project clients require expert advice from sales associates. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin, says his sales associates at the store are trained to ask the right questions to make an offer. He says they begin by asking the customer about what they intend to use the product. “ power tools electric 's how you decide what kind of tool they require,” he says. Then, they inquire about the customer's experience with various types of projects and the project. Tip 8: Be sure to mention your warranty The makers of power tools vary widely in their warranty policies. Some manufacturers offer a comprehensive warranty, whereas others offer a limited warranty or do not offer warranties for certain tools. Before buying a product, it's important that retailers know the differences. Customers will only purchase tools from companies who back them up. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin, has a 12,000 square-foot power tools department as well as an in-house repair shop that handles 50 models of tools. He has learned over the years that many of his customers who are contractors are brand loyal, so he prefers to focus on a limited number of brands rather than offer a wide range of products. He also appreciates that his employees have the ability to meet with vendors one-on-one to discuss new products and share feedback. This kind of interaction is essential because it helps establish trust between the retailer and customers. Building strong relationships with suppliers can even result in discounts on future purchases.