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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 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 is not far behind. Both are competing with power tools manufactured in China. Tip 1: Make a commitment to a brand Many industrial product manufacturers place a higher priority on sales and marketing. This is because a long-term sales requires a lot of back and forth communication and detailed product knowledge. This kind of communication does not lend itself to emotional consumer marketing tactics. Nevertheless, industrial tools manufacturing companies should consider rethinking their marketing strategy. The digital age has accelerated past traditional companies that rely on a small circle of retailers and distributors for sales. A key to power tool sales is brand loyalty. When a customer is loyal to a brand, they will be less sensitive to communications from competitors. Moreover they are more likely to buy the product of the client time and time again and recommend it others. To be successful on the United States market, you need to have an organized strategy. This includes adapting your tools to local needs and positioning brands in a competitive manner, and using marketing platforms and distribution channels. Collaboration with local authorities and associations, as well as experts is also essential. When you do this you can be sure that your power tools will 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 that places such a high value on product quality. This will help them make informed choices about the products they sell. This knowledge can also make the difference between a successful sale and a poor one. Knowing which tool is perfect for a specific project will aid in matching the right tool to the requirements of your customer. You will build trust and loyalty among your customers. It will also give you the confidence that you're offering a complete solution. In addition, understanding the trends in DIY culture can help you understand what your customers want. For instance, a growing number of homeowners are undertaking home renovation projects that require power tools. This can result in a surge in 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. However the fact that both in-store and online purchases are increasing. Tip 3: Offer Full-Service Repair The majority of people purchase power tools to repair a broken one or to tackle a new project. Both present opportunities for upsells and add-on 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 an anticipated replacement. These customers often require additional accessories or require an upgrade to better performing models. If your customer is a seasoned DIYer or just starting out in the hobby, they will likely need to replace their power tools' carbon brushes drive belts, drive belts, and power cords as time goes by. Keeping up with these essentials will help your customer get the most value from their investment. When buying power tools, technicians take into consideration three aspects: the tool's application, the power source and security. These aspects help technicians make educated decisions about the most suitable tools to use in their repairs and maintenance tasks. This allows them to optimize the effectiveness of their tools and reduce the cost of ownership. Tip 4: Keep up to date with technology The most recent power tools, for example they feature smart technology that enhances the user experience and differentiates them from competitors who still rely upon old battery technology. B2B wholesalers who stock and sell these tools could increase sales by focusing on professionals and contractors who are tech-savvy. For Karch, whose business has more than three years of experience and a 12,000 square-foot department for tools, staying up with the latest technologies is crucial. “Manufactures are constantly changing the design of their products” he says. “They used to keep their designs for five or 10 years, but they're now changing them every year.” B2B wholesalers must not only embrace the latest technologies but also upgrade their existing models. For instance, by adding adjustable handles and lightweight materials, they can lessen the fatigue caused by prolonged use. These features are crucial for professionals who employ the tools for a long period of time. The industry of power tools is divided into consumer and professional groups, which means that major players are constantly enhancing their designs and creating new features to reach a wider audience. Tip 5: Create a point of Sales The online marketplace has changed the power tool market. Data collection techniques have improved allowing business professionals to get a better understanding of the market. This allows them to develop more effective 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 accessories. Knowing what projects your customers are working on enables you to upsell and offer extras. It also helps you anticipate the requirements of your clients, ensuring that you have the right products available. Moreover, transaction data enables you to spot trends in the market and adjust your production cycles accordingly. For power tool store , you can make use of this information to track fluctuations in your brand's or the market share of your retail partners and help you align your product strategies with consumer preferences. Additionally, you can make use of POS data to improve levels of inventory and decrease the risk of stocking up. It is also used to assess the effectiveness of promotions. Tip 6: Be a good neighbor Power tools is a profitable complex market that requires significant marketing and sales efforts to remain competitive. In the past, getting an advantage in this market was accomplished through pricing or positioning products. But these methods are no longer effective in today's world of omnichannels where information is easily communicated. Retailers who are committed to providing a high level of providing excellent service are more likely to keep customers coming back and build brand loyalty. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls in Wisconsin, operates a 12,000-square-foot power tool department. His initial department featured various brands. However when he spoke to contractors, he discovered that they were loyal to their favorite brand. To make a mark in their customers' business, Karch and his team first ask their customers what they'd like to achieve with the tool, then show them what they have available. This gives them confidence to recommend the most effective tool for the job and builds trust with the customer. Customers who are familiar with their product are less likely to blame their vendor for a tool malfunction on the job. Tip 7: Become a guru in customer service Power tool retailers face a fiercely competitive market. Those who have seen success in this area tend to make a firm commitment to a brand rather than merely carrying a few manufacturers. The size of the space that a retailer needs to dedicate to this category could also play a role in how many brands it can carry. Customers usually require assistance when they go in to purchase a power tool. Sales associates can provide professional advice to customers seeking to replace a damaged tool or undertaking a renovation project. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin, says his sales associates at the store are trained to ask the right questions to make the sale. He says they begin by asking the customer about what he or she plans to use the product. “That's the way to decide what kind of tool they require,” he says. Then, they inquire about the project and what kind of experience the client has with various types of projects. Tip 8: Create an End of Warranty The warranty policies of the manufacturers of power tools differ greatly. Some are fully comprehensive, while others are stingy, or do not cover certain components of the tool at all. It's important for retailers to know these differences before making a purchase, because buyers will purchase tools from firms that provide them with a warranty. Mike Karch is the president of Nue's Hardware and Tools, located in Menomonee, Wisconsin. He has a 12,000 square foot power tool department and an on-site repair shop that repairs 50 different types of tools. He has discovered over the years that many of his contractor customers are brand loyal, so he focuses on the most popular brands rather than trying to offer a wide range of products. He also likes the fact that his employees have one-on-one meetings with vendors to discuss new products and share feedback. This kind of interaction is vital because it builds trust between the customers and employees. Good relationships with suppliers could result in discounts on future purchases.