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Power Tool Sales and Marketing Strategies for B2B Retailers Power tools are crucial for both consumers and professionals. The demand for power tools remains at or near pre-pandemic levels, despite a slowdown due to the COVID-19 epidemic that will hit in 2021. In terms of outlet dollar share, Home Depot leads all outlets when it comes to sales of power tools. Lowe's follows closely. However, both are being pushed by China-made power tools. Tip 1: Create an Engagement to Brands Many industrial product manufacturers place a higher priority on sales than marketing. This is because a long-term sale requires a lot of back and forth communication and detailed product knowledge. This type of communication is not ideal for marketing that is based on emotion. Nevertheless, industrial tools manufacturing companies must rethink their marketing strategy. The digital age has raced past traditional companies that rely on a small group of retailers and distributors to sell their products. A key to power tool sales is brand loyalty. If a customer is loyal to a particular brand and is loyal to a brand, they are less prone to the messages of competitors. They are also more likely to buy the client's products again and to recommend them to others. To be successful on the United States market, you must develop an organized strategy. This includes adapting your tools to local needs and positioning brands in a way that is competitive, and leveraging marketing platforms and distribution channels. 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 comply with the country's regulations and standards. Tip 2: Know Your Products In a marketplace where product quality is so important, retailers should know the products they offer. This will help them make informed choices about what they offer their customers. This information can make the difference between a successful sale and a poor one. Knowing which tool is ideal for a particular project will help you match the right tool to the requirements of your customer. 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. Also, knowing the latest trends in DIY culture will help you know what your customers are looking for. As an example increasing numbers of homeowners are completing home improvement projects that require the use of power tool. This can result in a surge in the sales of power tools. According to Durable IQ, DeWalt leads in power tool unit share, which is 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 increasing. Tip 3: Offer Full-Service Repair The majority of consumers purchase power tools to replace the broken one or tackle a new project. Both offer opportunities for upsells or additional sales. According to the Home Improvement Research Institute (HIRI) 2020 Tracking Study of Power Tools and Accessories, 35 percent of all purchases for power tools are the result of planned replacements. Customers may require additional accessories, or upgrade to a higher-performing model. 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 as time goes by. These items will ensure your customer reaps the maximum benefit out of their investment. When purchasing power tools, technicians consider three factors: the application, the power source and security. These aspects help technicians make informed decisions about the best tools to use for their repairs and maintenance work. This allows them to 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 power tools, for example, offer smart technology which enhances the user experience and differentiates them from those who rely upon old battery technology. Wholesalers in B2B who offer and sell these tools can boost sales by targeting tech-forward contractors and professionals. For Karch, whose business has more than three decades of experience and a 12,000 square-foot tool department, staying current with new technologies is essential. “Manufactures are constantly changing the design of their products,” he says. “They used hold their designs for 5 or 10 years but now they are changing them each year.” B2B wholesalers should not just take advantage of the latest technologies, but also upgrade their existing models. By incorporating lightweight materials and adjustable handles, wholesalers can reduce fatigue caused by long-term use. These features are crucial for many professionals who must make use of the tools for long periods of time. The power tool industry is split into professional and consumer groups. This means that major players are constantly working to improve their designs and come up with new features in order to appeal to a wider market. Tip 5: Create a Point of Sale The e-commerce market has changed the market for power tools. 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. Point of sale (POS) information, for instance, allows you to monitor the kinds of projects DIYers undertake when purchasing tools and accessories. Knowing the types of projects that your customers are undertaking enables you to offer additional sales and opportunities for upselling. It also allows you to anticipate the requirements of your clients, ensuring that you have the correct products available. You can also utilize transaction data to determine trends in the market and adjust production cycles in line with these trends. For instance, you can utilize this information to track fluctuations in your brand and the market share of your retail partners, enabling you to adapt your product strategies to consumer preferences. Similarly, you can use POS data to improve levels of inventory and decrease the risk of stocking up. It can also be used to assess the effectiveness of promotional campaigns. Tip 6: Establish a Point of Service Power tools are a complicated, high-profit market that requires a substantial amount marketing and sales efforts to remain competitive. In the past an advantage in this market was accomplished by establishing prices or positioning of products. However, these strategies are not effective in today's multichannel environment, where information is readily shared. Retailers who are committed to providing a high level of providing a high-quality service are more likely to retain customers and develop 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. Initially, his department featured several brands, but as he began listening to the customers of contractors, he discovered that the majority were brand loyal. Karch and his staff members ask their customers what they plan to do with the tool prior to showing them the options. This gives them the confidence to recommend the best tool for a job, and increases trust with their customers. Customers who are familiar with their product are less likely to blame the store for the failure of a device on the job. Tip 7: Become a master of customer service Power tool retailers are facing an extremely competitive market. People who have had the most success in this market tend to make a strong commitment to a particular brand rather than simply carrying a few manufacturers. The amount of space that a retailer can devote to a particular category can affect the number of brands they can carry. When customers go in to purchase an electric tool, they often need help choosing a product. When cheap power tools replacing an old tool that's broken or taking on a renovation project clients require expert guidance from sales associates. Mike Karch, the president of Nue's Hardware and Tools, located in Menomonee Falls, Wisconsin, said that the staff at his store is educated to ask questions that can result in an offer. They begin by asking questions about what the customer plans to use the tool, he adds. “That's the way to determine what kind of tool they require,” he says. Then they ask about the experience of the customer with different types of projects as well as the project. Tip 8: Be sure to make mention of your warranty The warranties of the manufacturers of power tools are very different. Some are completely comprehensive, while others are stingy or even refuse to cover certain aspects of the tool at all. It's crucial for retailers to know these differences before buying, since customers will purchase tools from companies that offer warranties. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin, has a 12,000 square-foot power tool department as well as an repair shop in-house that handles 50 lines of tools. He has learned through the years that a majority of his contractors are brand loyal, so he focuses on only a few brands rather than trying to offer a variety of products. He also appreciates that his employees can have one-on-one meetings with vendors to discuss new products and provide feedback. This type of personal interaction is essential because it helps build trust between the store's clients and employees. Building strong relationships with suppliers can even lead to discounts on future purchases.