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Power Tool Sales and Marketing Strategies for B2B Retailers Power tools are vital 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 sales of power tools based on dollar share. Lowe's is close behind. However, both are confronting stiff competition from Chinese-made power tools. Tip 1: Create an Efficacious Brand Commitment Many manufacturers of industrial products prioritize sales over marketing. This is because a long-term sale requires a lot of back-and-forth communication and a thorough understanding of the product. This type of communication is not ideal for marketing that is based on emotion. Nevertheless, industrial tools manufacturing companies should think about rethinking their approach to marketing. The digital world has surpassed traditional manufacturers who depend on a few retailers and distributors for sales. One of the most important factors in selling power tools is brand commitment. If a client is adamant about a particular brand they are less receptive 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. To be successful in the United States market, you must develop a well-planned strategy. This involves adapting your tools to local needs and positioning your brand in a way that is competitive, and making use of distribution and marketing platforms channels. Collaboration with local authorities, associations and experts is also essential. In this way you can be sure that the power tools you purchase be in compliance with the regulations of the country and standards. Tip 2: Know Your Products Retailers should be familiar with the products they offer particularly in a market which places a great value on the quality of the product. This will allow them to make informed choices about the products they are selling. This knowledge could also be the difference between a good sale and a bad one. Knowing which tool is suitable for a project will assist you in matching the perfect tool to the requirements of your customer. This will allow you to build trust and loyalty with your customers. It will also give you the confidence that you're providing an entire solution. Understanding DIY cultural trends can help you understand your customers' needs. For instance the increasing number of homeowners are taking on home renovations that require the use of power tools. This could lead to an increase in the sales of these tools. According to Durable IQ, DeWalt leads in power tool unit share at 16%, however Ryobi and Craftsman brands have seen their share drop year-over-year. However the fact that both in-store and online purchases are on the rise. Tip 3: Offer Full-Service Repair The most common reason that a buyer makes a tool purchase is to replace a tool that has been damaged or broken down or to take on a new project. Both offer opportunities for upsells and additional 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. These customers often require additional accessories or need to upgrade to higher performing models. If your customer is a seasoned DIYer or just starting out in the hobby, they'll likely require replacing their carbon brushes for power tools drive belts, drive belts, and power cords with time. Being on top of these important items will help your customer get the most out of their investment. Technicians must consider three important aspects when making power tool purchases applications, how it will be used and safety. These factors help technicians make educated decisions about the most suitable tools to use for their repairs and maintenance work. This allows them to maximize the efficiency of their tools and lower the expense of owning it. Tip 4: Stay up-to-date with the latest technologies. The most recent power tools, like are equipped with smart technology that improves the user's experience and sets them apart from rivals who rely on old-fashioned battery technology. B2B wholesalers that stock and sell these devices can boost sales by targeting professionals and contractors who are technologically advanced. Karch's business, with 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. He says that manufacturers are constantly changing their designs for their products. “They used hold their designs for five or 10 years, but now they are changing them every year.” B2B wholesalers should not just adopt the latest technology, but also upgrade their existing models. For instance, by incorporating adjustable handles and lightweight materials, they can help reduce the fatigue that comes from prolonged use. These features are essential for many contractors working in the field who utilize the tools over a long period of time. The power tool industry is split into the consumer and professional segments. This means that major players are constantly striving to improve their designs and come up with new features to reach a larger public. Tip 5: Create a Point of Sale The landscape of e-commerce has transformed the market for power tools. Data collection methods have improved, allowing business professionals to get a better understanding of the market. This helps them develop more efficient inventory and marketing strategies. Utilizing data from the point of sale (POS), you can track DIY projects that customers are completing when purchasing power tools and accessories. Knowing the kinds of projects your customers are working on enables you to offer additional sales and opportunities for upselling. It also helps you to anticipate the needs of your customers making sure you have the appropriate products on hand. You can also utilize transaction data to spot market trends, and adjust production cycles accordingly. For example, you can use this data to monitor fluctuations in your brand's or retail partner market shares and help you align your product strategies with consumer preferences. In the same way, you can utilize POS data to optimize levels of inventory and decrease the chance of overstocking. It can also help you to evaluate the effectiveness of promotional campaigns. Tip 6 Tip 6: Be a good neighbor Power tools is a lucrative, complex market that requires substantial marketing and sales efforts in order to stay competitive. The classic ways to gain an advantage in this market have been by establishing pricing or positioning of products, but these methods are no longer effective in today's omnichannel marketplace in which information is dispersed in such a rapid manner. Retailers that focus on customer service are more likely to retain customers and build 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. At first, the department offered a sampling of brands, but when he began to listen to the customers of contractors, he discovered that the majority were loyal to a particular brand. Karch and his staff ask their customers what they intend to do with the tool before showing them the possibilities. This gives them the confidence to recommend the best tool for a job, and builds trust with customers. Customers who are familiar with their product are less likely than others to blame the store for a malfunction of a tool on the job. Tip 7: Become a master of customer service The market for power tools has become a highly competitive market for retailers of hardware. Those who are successful in this category tends to be more loyal to a single brand than to carry a variety of manufacturers. The amount of space that a retailer can devote to a particular category can influence how many brands they can carry. When customers visit a store to purchase an electric tool and require assistance, they usually need help choosing a product. Sales associates can offer professional advice to customers seeking to replace a damaged 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 trained to ask the right questions to help make a sale. They begin by asking questions about what the buyer is planning to use the tool for according to him. “ power tools deals 's how you determine the type of tool they need,” he says. Then they ask about the customer's experience with different types of projects as well as the project. Tip 8: Create an End of Warranty The warranty policies of the manufacturers of power tools are quite different. Some are fully complete, while others are stingy or even do not cover certain components of the tools at all. Before making a purchase it is crucial that the retailer understands the differences. Customers will only purchase tools from companies that will provide a warranty. 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 kinds of tools. He has learned that many of his clients are brand loyal. So, he chooses to carry a limited number of brands instead of trying to carry a variety of products. He also likes the fact that his employees have one-on-one meetings with vendors to discuss new products and give feedback. This kind of interaction is vital since it builds trust between the customers and employees. Building strong relationships with suppliers could result in discounts on future purchases.