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Power Tool Sales and Marketing Strategies for B2B Retailers Power tools are essential for both professional and consumer use. Full Posting for power tools remains at or close to pre-pandemic levels despite a slowdown owing to the COVID-19 epidemic that will hit in 2021. Home Depot is the leader in power tool sales based on dollar share. Lowe's is second in line. However, both are confronting stiff competition from Chinese-made power tools. Tip 1: Make an Efficacious Brand Commitment Many manufacturers of industrial products put an emphasis on sales than marketing. This is because a long-term purchase 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, companies that make industrial tools need to rethink their marketing strategy. The digital world has raced over traditional manufacturers who depend on a small circle of distributors and retailers for sales. Brand loyalty is a major element in the sale of power tools. When a customer is loyal to a particular brand they are less prone to messages from competitors. Moreover they are more likely to purchase the product of the client repeatedly and recommend it to others. You need a well-planned plan to be successful in the American market. This includes adapting tools to local requirements and positioning your brand in a manner that is competitive and making use of distribution and marketing platforms channels. It is also important to collaborate with local authorities, industry associations, and experts. By doing so, you can be confident that your power tools comply with the country's regulations and standards. Tip 2: Be aware of Your Products Retailers must be aware of the products they offer especially in a marketplace that places such a high importance on the quality of products. This will allow them to make informed decisions about the products they can offer their customers. This information can make the difference between a successful sale and a bad one. Knowing which tool is perfect for a particular project will assist you in matching the perfect tool to the needs of your customer. You'll earn trust and a sense of loyalty among your customers. It will also give you the confidence that you're offering the complete solution. Understanding DIY cultural trends can help you understand the needs of your customers. As an example the increasing number of homeowners are taking on home renovation projects requiring the use of power tools. This can result in a surge in the 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. However the fact that both in-store and online purchases are on the rise. Tip 3: Offer Full-Service Repair Most consumers purchase power tools to replace a broken one or to tackle the new project. Both offer opportunities for upsells or additional sales. According to the Home Improvement Research Institute's (HIRI) 2020 Power Tools and Accessories Product Purchase Tracking Study, 35 percent of power tool purchases were the result of a planned replacement. power tools shop near me require additional accessories, or require upgrading to better performing models. Your customer may have experience in DIY or is just beginning the hobby, they will need to replace the carbon brushes, drive cords and power cords of their tools over time. Being on top of these important items will help your customer get the most out of their investment. When buying power tools, technicians look at three factors: the application the power source, and security. These aspects allow technicians to make informed choices when selecting the right tools for their repair and maintenance work. This helps them optimize the performance of their tools and reduce the cost of ownership. Tip 4: Keep Keeping Up with Technology For instance, the latest battery tools have smart technology that improves the user experience and sets them apart from other tools that depend on old-fashioned battery technology. Wholesalers in B2B who stock and sell these devices can boost sales by targeting professional and tech-savvy contractors. For Karch the company, which has more than three years of experience and a 12,000-square-foot tool department, keeping up with the latest technologies is crucial. He says that manufacturers are constantly changing their designs for their products. “They used to hold their designs for five or 10 years, but now they're changing them every year.” In addition to embracing the modern technologies, B2B wholesalers should also concentrate on improving their existing models. By adding lightweight materials and adjustable handles, wholesalers can reduce fatigue caused by prolonged use. These features are essential for many professionals who must utilize the tools for lengthy periods. The market for power tools is divided between professional and consumer groups. This means that the major players are constantly working to improve their designs and create new features in order to appeal to a wider public. Tip 5: Create a point of Sale The e-commerce landscape has transformed the market for power tools. The advancements in data collection techniques have allowed business professionals to gain a holistic overview of market trends, allowing them to shape marketing and inventory strategies more effectively. Point of sale (POS) data, for instance, allows you to track the types of projects DIYers undertake when they purchase power tools and other accessories. Knowing what projects your customers are working on permits you to offer upsells and additional products. It also helps you anticipate the requirements of your customers making sure you have the correct products on hand. You can also utilize transaction data to determine trends in the market, and then adjust production cycles in line with these trends. You can, for example make use of this information to monitor fluctuations of your retail partners' and your brand's market shares. This will allow you to align product strategies to consumer preferences. In the same way, you can utilize POS data to optimize inventory levels and reduce the risk of stocking up. It can also help you to assess the effectiveness of promotional campaigns. Tip 6: Make a Point of Service Power tools is a profitable, complex market that requires significant marketing and sales efforts in order to remain competitive. The classic ways to gain an advantage in this industry have been by positioning or pricing products. However, these methods are no longer effective in the omnichannel world of today where information is shared so quickly. 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, Wisconsin has a 12,000 square-foot department for power tools. In the beginning, his store featured various brands, but when he listened to the customers of contractors, he discovered that the majority were brand loyal. To win their customers' business, Karch and his team first ask customers what they'd like to achieve using the tool, before showing them the options available. This gives them the confidence to recommend the appropriate tool for the job, and creates trust with customers. Customers who are familiar with their product are less likely to blame the store for a malfunction of a tool on the job. Tip 7: Be a customer service guru Power tool retailers are in an extremely competitive market. People who succeed in this area tend to be more loyal to a specific brand rather than to carry a variety of manufacturers. The amount of space that a retailer is able to devote to a particular category can influence how many brands they carry. Customers often need assistance when they visit to purchase a power tool. If they're replacing an old model that is broken or tackling the task of renovating, customers need expert advice from sales representatives. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin, says his sales associates at the store are educated to ask the right questions to help make an offer. They begin by asking questions about what the buyer is planning to use the tool for, he says. “That's the primary factor in deciding the type of tool to market them,” he adds. Next, they ask about the project and what kind of experience the client has with different kinds of projects. Tip 8: Create an End of Warranty The warranties of the power tool makers differ greatly. Some are fully comprehensive, while some are stingy, or refuse to cover certain parts of the equipment. Before buying a product, it's important that retailers know the differences. Customers will only buy tools from companies that will guarantee their products. 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 learned through the years that a majority of his customers who are contractors are loyal to a particular brand, so he focuses on a limited number of brands rather than attempting to carry a sampling of different products. He also appreciates that his employees have the opportunity to meet with vendors one-on-one to discuss new products and give feedback. This type of personal interaction is crucial because it helps to establish trust between the retailer and customers. Good relationships with suppliers can even result in discounts for future purchases.