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Power Tool Sales and Marketing Strategies for B2B Retailers Power tools are essential for both consumers and professionals. The demand for power tools is 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 by dollar share. Lowe's is close behind. However, both are being pushed by China-made power tools. Tip 1: Make an Efficacious Brand Commitment Many industrial products manufacturers prioritize sales over marketing. This is because the long-term selling process requires a lot back-and-forth communication as well as a detailed understanding of the product. This type of communication does not lend itself to emotional consumer marketing tactics. But, companies that produce industrial tools should rethink their marketing strategy. The digital age has outpaced traditional manufacturing companies that rely on a small group of distributors and retail outlets for sales. Brand commitment is an important element in the sale of power tools. If a client is loyal to a brand, they will be less prone to messages from competitors. Moreover they are more likely to purchase the client's product repeatedly and recommend it to others. It is essential to have a well-planned strategy to be successful in the American market. This includes adapting tools to local requirements and positioning brands in a manner that is competitive and using marketing platforms and distribution channels. It is also crucial to collaborate with local authorities, industry associations, and experts. When you do this you can ensure that the power tools you purchase conform to the laws of the country and standards. Tip 2: Know Your Products Retailers need to be knowledgeable about the products they offer particularly in a market that places such a high importance on the quality of products. This will enable them to make informed choices about what they can offer their customers. This knowledge could also be the difference between a good sale and a bad one. For instance knowing which tool is ideal for a particular project will allow you to match your client with the appropriate tool for their needs. You'll earn trust and a sense of loyalty among your customers. This will ensure that you provide the complete service. Understanding DIY culture trends can help you better understand your customers' needs. For instance, more homeowners are undertaking home renovations that require the use of power tool. This can result in an increase in sales of these tools. According to DurableIQ, DeWalt is the leader in power tool sales with 16 percent. However, Ryobi and Craftsman have decreased their share 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 has broken down or to take on an entirely new project. Both offer opportunities for upsells 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. Customers often require additional accessories or may require upgrading to better quality models. No matter if your customer is an experienced DIYer or new to the hobby, they'll need to replace their power tools' carbon brushes, drive belts and power cords over time. Making sure they are up to date with these essentials will allow your customer to 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 help technicians make informed decisions about the best tools to use in their repairs and maintenance work. This will help them optimize the efficiency of their tools as well as lower the cost of ownership. Tip 4: Stay up-to-date with the latest technologies. The most recent battery tools, for instance are equipped with smart technology that enhances user experience and differentiates them from those who rely upon old battery technology. B2B wholesalers who stock and sell these tools could boost sales by targeting tech savvy contractors and professionals. Karch's business, with more than 30 years of experience and a 12,000 square feet department for tools, is a testament to the importance of keeping current with the latest technologies. “Manufactures are constantly adjusting the design of their products” he says. “They used hold their designs for 5 or 10 years but now they change them every year.” B2B wholesalers must not only take advantage of the latest technologies, but also enhance their existing models. For instance, by incorporating adjustable handles and lightweight materials, they can help reduce the strain caused by long use. These features are important for many professionals who have to utilize the tools for lengthy periods. The power tools industry is divided into consumer and professional groups, which means that major players are always working on enhancing their designs and creating new features that will appeal to a wider audience. Tip 5: Create a Point of Sale The ecommerce landscape has changed the power tool market. Modern methods for data collection have enabled business professionals to get an entire view of market trends and help them develop strategies for inventory and marketing more efficiently. Utilizing information from the point of sale (POS), you can track DIY projects your customers undertake when buying power tools and accessories. Knowing what projects your customers are working on permits you to offer upsells and additional products. It also helps you anticipate the needs of your customers making sure you have the appropriate products available. You can also use transaction data to determine market trends, and adjust production cycles accordingly. powertoolsonline can, for example utilize this data to monitor fluctuations of your retail partners' and brand's' market shares. This allows you to align your strategy for product to the preferences of consumers. Additionally, you can make use of POS data to improve levels of inventory and decrease the chance of overstocking. It is also used to evaluate the effectiveness of promotional campaigns. Tip 6: Make a Point of Service Power tools are a tangled, high-profit market that requires a substantial amount of marketing and sales effort to remain competitive. In the past, gaining an advantage in this market was accomplished by pricing or positioning products. However, these tactics are not effective in today's world of omnichannels where information is readily available to be shared. Retailers who concentrate on 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 department for power tools. In the beginning, his store featured various brands, but when he listened to customers who were contractors and found that the majority were brand loyal. Karch and his staff members ask their customers what they would like to do with the tool prior to showing them the options. This gives them the confidence to recommend the best tool for the job and also builds trust with the customer. Customers who are familiar with their product are less likely to blame the retailer for a failure of a tool on the job. Tip 7: Create an effort to be a Point of Customer Service The power tool market has become a highly competitive category for retailers of hardware. Those who are successful in this area tend to be more committed to a single brand than to carry a variety of manufacturers. The amount of space a retailer can devote to a particular category can determine the number of brands they can carry. When customers visit a store to purchase an electric tool they may need assistance selecting a product. Sales associates can offer expert guidance to customers looking to replace a broken device or completing the renovation of their home. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin, says his sales staff is educated to ask the right questions in order to make the sale. They begin by asking questions about what the customer plans to do with the tool according to him. “That's the best way to decide what kind of tool they require,” he says. Then, they inquire about the project and the level of experience the customer has with different types of projects. Tip 8: Make sure to mention your warranty The warranty policies of power tool manufacturers are very different. Certain manufacturers offer a full warranty, while others are more limited or do not offer warranties for certain tools. It is crucial for retailers to be aware of the distinctions before making a purchase, because customers will purchase tools from companies that offer warranties. Mike Karch is the president of Nue's Hardware and Tools, located in Menomonee, Wisconsin. He has a 12,000 square foot power tool shop and repair shop on site that repairs 50 different lines of tools. He has realized over time that a lot of his contractor customers are brand loyal, so the company prefers to stick to only a few brands rather than trying to offer a variety of 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 kind of interaction is vital because it helps build trust between the customers and employees. Having good relationships with suppliers may result in discounts on future purchases.