Power Tool Sales and Marketing Strategies for B2B Retailers
Power tools are a staple for both professional and consumer use. The demand for power tools is at or close to pre-pandemic levels, despite a slowdown due to the COVID-19 epidemic that will hit in 2021.
Home Depot is the leader in power tool sales by dollar share. Lowe's follows closely behind. However, both are confronting stiff competition from Chinese-made power tools.
Tip 1: Create an Efficacious Brand Commitment
Many industrial product manufacturers place an emphasis on sales and marketing. This is because the long-term selling process requires a lot of back-and-forth communication and detailed knowledge of the product. This type of communication is not ideal for marketing that is based on emotion.
However, industrial tool manufacturing companies should think about rethinking their approach to marketing. The digital world has raced past traditional companies that rely on a few retailers and distributors for sales.
Brand commitment is a key factor in power tool sales. If a client is committed to a brand, they will be less prone to the messages of competitors. They are also more likely to purchase the product of the customer again and to recommend them to others.
To have a positive impact in the United States market, you need to have an organized strategy. This means adapting tools to local requirements and positioning your brand in a competitive manner, and leveraging marketing platforms and distribution channels. Collaboration with local authorities as well as associations and experts is also crucial. You can be assured that your power tool will meet the standards and regulations of the country when you do this.
Tip 2: Be aware of Your Products
In a market where quality of the product is so crucial, retailers should be aware of the products they offer. This will enable them to make informed decisions about the products they offer their customers. This knowledge could make the difference between a successful or a bad purchase.
Knowing that a certain tool is ideal for a particular project will aid in matching the right tool to the needs of your customer. This will help you build trust and loyalty with your customers. It will also give you confidence that you're offering an entire solution.
Understanding DIY culture trends can also help you understand your customers' needs. As an example, more homeowners are undertaking home renovations that require the use of power tools. This can result in an increase in the sales of these tools.
According to DurableIQ, DeWalt is the leader in power tool units with 16%. However, Ryobi and Craftsman have seen their shares decrease year-overyear. However sales in stores and online are on the increase.
Tip 3: Offer Full-Service Repair
The most frequent reason for a person to make a power purchase is to either replace a tool that has been damaged or broken down or to take on the task of a new one. 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 for power tools were the result of a planned replacement. Customers may require additional accessories, or upgrade to a more powerful model.
If your customer is experienced in DIY or is just beginning the hobby they will need to replace the carbon brushes, drive cords, and power cords of their power tools over time. Keeping up with these essentials will allow your customer to make the most of their investment.
Technicians must consider three important aspects when buying power tools the application, the way it will be operated and safety. These factors allow technicians to make informed choices when selecting the right tools for their maintenance and repair tasks. This will help them optimize the efficiency of their tools as well as lower the cost of ownership.
Tip 4: Always Keep Up With Technology
For instance, the latest power tools offer smart technology that improves the user experience and sets them apart from other tools that rely on older battery technology. Wholesalers of B2B who stock and sell these tools can increase sales by targeting professional and tech-savvy contractors.
Karch's business, 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," he says. "They used to keep their designs for five or ten years, but now they're changing them each year."
B2B wholesalers should not just embrace the latest technologies but also enhance their existing models. For instance, by adding adjustable handles and lightweight materials, they can reduce the fatigue caused by prolonged use. These features are crucial for a large number of professionals who have to use the tools for long durations. The industry of power tools is divided into consumer and professional groups, which means that major players are constantly improving their designs and introducing new features to reach more people.
Tip 5: Create a Point of Sale
The e-commerce market has changed the market for power tools. Data collection methods have improved and business professionals can gain a better understanding the market. This allows them to develop more efficient inventory and marketing strategies.
Using information from the point of sale (POS) You can track DIY projects your customers complete when purchasing power tools and other accessories. Knowing the kinds of projects that your customers are undertaking enables you to offer additional sales and opportunities for upselling. It helps you anticipate your customers' needs to ensure that you have the appropriate products on your shelves.
You can also use transaction data to identify trends in the market and adjust production cycles in line with these trends. For instance, you could use this data to monitor changes in your brand's and market share of retail partners, enabling you to match your product strategies to consumer preferences. POS data can also be used to improve levels of inventory, reducing the risk of stocking up. It is also used to determine the effectiveness of promotions.
Tip 6: Create a Point of Service
Power tools are a complicated market with high profits that requires a significant amount of sales and marketing effort to remain competitive. In the past an advantage in this market was achieved by establishing prices or positioning of products. However, these tactics are no longer effective in today's multichannel environment, where information is readily available to be shared.
Retailers who are committed to providing a high level of providing a high-quality service are more likely to keep 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. His department initially featured several brands. However when he talked to contractors, he discovered that they were loyal to their preferred brand.
To make a mark in their customers' business, Karch and his team first ask customers what they want to do using the tool, before showing them what they have available. This gives them confidence to recommend the right tool for the job and also builds trust with the customer. Customers who are familiar with their product are less likely than others to blame the store for a malfunction of a device on the job.
Tip 7: Be a guru in customer service
The market for power tools has become a highly competitive market for retailers of hardware. The retailers that are successful in this area tend to be more loyal to a single brand rather than to carry a variety of manufacturers. The amount of space that a retailer needs to devote to the category may also play a role in how many brands it can carry.
When customers visit a store to purchase power tools and require assistance, they usually need help selecting the right product. Sales associates can provide expert guidance to customers seeking to replace a damaged tool or undertaking a renovation project.
Mike Karch, the president of Nue's Hardware and Tools, located in Menomonee Falls, Wisconsin, said that the employees at his store are trained to ask questions that can lead to a sale. They begin by asking what the buyer is planning to use the tool, he adds. " mouse click the following internet site 's the most important factor to consider when deciding what kind of tool to offer them," he adds. Then, they inquire about the customer's experience with different types projects and the project.
Tip 8: Be sure to make mention of your warranty
Power tool manufacturers vary greatly in their warranty policies. Some manufacturers offer a comprehensive warranty, whereas others are more limited 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 that will back them up.
Mike Karch is the president of Nue's Hardware and Tools, located in Menomonee, Wisconsin. He has an 12,000 square foot power tool department as well as repair shop on site that repairs 50 different lines of tools. He has discovered through the years that a majority of his contractors are brand loyal, so he focuses on a limited number of brands rather than offer a wide range of products.
He also appreciates that his employees can get one-on-one time with vendors to discuss new products and give feedback. This kind of interaction is vital because it helps build trust between the store's customers and employees. Good relationships with suppliers may result in discounts on future purchases.