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Power Tool Sales and Marketing Strategies for B2B Retailers Power tools are vital for both professionals and users. The demand for power tools is at or close to pre-pandemic levels despite a slowdown due to the COVID-19 outbreak in 2021. Home Depot is the leader in the sales of power tools in terms of dollar share. Lowe's is not far behind. Both are however facing stiff competition from China-manufactured power tools. Tip 1: Make a Brand Commitment A lot of manufacturers of industrial products place emphasis on sales over 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 ideal for marketing that is based on emotion. However, industrial tools manufacturing companies should think about rethinking their approach to marketing. The digital age has accelerated over traditional manufacturers who depend on a few retailers and distributors to sell their products. Brand commitment is a key factor in power tool sales. If a client is loyal to a brand they are less sensitive to communications from competitors. Moreover, they are more likely to purchase the client's product again and recommend it to others. To have a positive impact in the United States market, you need to have an organized strategy. This means adapting your tools to local needs and positioning brands in a manner that is competitive and making use of distribution and marketing platforms channels. It is also crucial to work with local authorities and industry associations as well as experts. By doing so you can be sure that your power tools will conform to the laws of the country and standards. Tip 2: Be aware of Your Products In a marketplace where product quality is so crucial, retailers should be aware of the products they offer. This will allow them to make informed choices about what they can offer their customers. This knowledge could make the difference between making a good or a poor sale. Knowing which tool is perfect for a project will help you match the right tool to the requirements of your customer. You'll build trust and a sense of loyalty among your customers. It will also give you confidence that you're providing an entire solution. Understanding DIY cultural trends can help you understand your customers' requirements. For instance, a growing number of homeowners are undertaking home renovation projects that require the use of power tools. This could lead to a rise in sales of power tools. According to DurableIQ, DeWalt is the leader in power tool sales with 16%. However, Ryobi and Craftsman have decreased their share year-over-year. However the fact that both in-store and online purchases are on the rise. content : Offer Full-Service Repair The majority of consumers purchase power tools to replace the broken one or tackle an upcoming project. Both of these can be used to increase sales and 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 an anticipated replacement. These customers may require additional accessories, or upgrade to a higher-performing model. Whether your customer has experience in DIY or is just beginning the hobby, they will need to replace carbon brushes, drive cords, and power cords of their tools as time passes. These essentials will ensure that your client gets the most from their investment. When purchasing power tools, technicians take into consideration three aspects: the tool's application the power source, and safety. These aspects help technicians make informed decisions about the best tools to use for their repairs and maintenance tasks. This enables them to maximize the efficiency of their tools and reduce the cost of owning it. Tip 4: Keep current with the latest technology For example, the latest power tools offer intelligent technology that enhances the user experience and sets them apart from other tools that rely on old battery technology. Wholesalers in B2B who stock and sell these devices can increase sales by focusing on tech-forward contractors and professionals. For Karch, whose business has more than three years of experience and a 12,000 square-foot tool department, staying current with the latest technologies is crucial. He says that manufacturers are constantly changing their product designs. “They used to hold their designs for five or 10 years, but now they're changing them every year.” In addition to embracing the most recent technologies, B2B wholesalers should also focus on improving existing models. By adding lightweight materials and adjustable handles, wholesalers can reduce fatigue from prolonged use. These features are crucial for many contractors working in the field who utilize the tools for a long period of time. The market for power tools is split into the consumer and professional segments. This means that major players are constantly striving to improve their designs and develop new features in order to appeal to a wider audience. Tip 5: Create a point of Sales The e-commerce market has changed the power tools market. Modern methods for data collection allow business professionals to gain an overall view of market trends, allowing them to shape inventory and marketing strategies more effectively. By utilizing information from the point of sale (POS), you can track DIY projects your customers are completing when purchasing power tools and accessories. Knowing what projects your customers are working on enables you to increase sales and provide extras. It also allows you to anticipate the requirements of your clients and ensure that you have the appropriate products available. You can also utilize transaction data to identify trends in the market and adjust production cycles in line with these trends. For example, you can use this data to monitor fluctuations in your brand and retail partner market shares, enabling you to align your product strategies with consumer preferences. POS data can also be used to improve levels of inventory, reducing the chance of overstocking. It can also be used to determine the effectiveness of promotional campaigns. content : Make a Point of Service Power tools are a tangled market that is high-profit and requires a significant amount of marketing and sales efforts to remain in the game. In the past, gaining an advantage in this market was accomplished by establishing prices or positioning of products. But these methods are no longer effective in today's world of omnichannels where information is easily shared. Retailers that focus on customer service are more likely to keep 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. Initially, his department featured several brands, but as he began to listen to contractor customers, he discovered that the majority were loyal to a particular brand. To win their business, Karch and his team first ask their 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 increases trust with their customers. Customers who know their product are less likely to blame their retailer for a tool failure on the job. Tip 7: Be a master of customer service The market for power tools has become a highly competitive category for hardware retailers. Those who are successful in this category tends to be more committed to a specific brand rather than to carry a variety of manufacturers. The amount of space a retailer is able to devote to a category may also determine the number of brands they are able to carry. Customers often need assistance when they go in to buy a power tool. Sales associates can provide the best advice to customers who are looking to replace a damaged tool or are planning an upgrade project. 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 make the sale. They begin by asking the customer what they intend to do with the item. “That's the best way to determine what kind of tool you need,” 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 mention your warranty The warranties of the power tool makers are quite different. Some manufacturers offer a comprehensive warranty, while others offer a limited warranty or do not cover certain tools. It's important for retailers to understand these differences before purchasing, as customers will buy 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 an on-site repair shop that repairs 50 different lines of tools. He has observed that many of his clients are loyal to a particular brand. So, he chooses to carry only a few brands rather than offer samples of various products. He also appreciates that his employees are able to meet with vendors one-on-1 to discuss new products and share feedback. This kind of interaction is vital since it builds trust between the store's clients and employees. Good relationships with suppliers can even result in discounts for future purchases.