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Power Tool Sales and Marketing Strategies for B2B Retailers Power tools are a staple for both consumer and professional use. The demand for power tools remains at or near pre-pandemic levels despite a slowdown owing to the COVID-19 epidemic that will hit in 2021. Home Depot is the leader in the sales of power tools by dollar share. Lowe's is second in line. Both are however facing stiff competition from China-manufactured power tools. Tip 1: Make a commitment to a brand Many manufacturers of industrial products put an emphasis on sales than marketing. This is because a long-term sales requires a lot of back and forth communication and in-depth knowledge of the product. This kind of communication doesn't lend itself to emotional consumer marketing strategies. However, companies that manufacture industrial equipment should reconsider their marketing strategy. The digital age has accelerated past traditional companies that rely on a small circle of retailers and distributors to sell their products. Brand loyalty is a major element in the sale of power tools. If a client is adamant about a particular brand they are less receptive to competitor's messages. Additionally they are more likely to purchase the product of the client again and recommend it to others. To make a successful impact in the United States market, you need to have an organized strategy. 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 work with local authorities, industry associations, and experts. In this way you can ensure that the power tools you purchase be in compliance with the regulations of the country and standards. Tip 2: Be aware of Your Products In a marketplace where quality of the product is so crucial, retailers should be aware of the products they offer. This will help them make informed decisions about what they offer. This knowledge could also be the difference between a good deal and a bad one. For instance knowing which tool is best suited to the particular task can help you connect your customer with the right tool to meet their requirements. This will aid in building trust and loyalty with your customers. This will ensure that you provide the complete service. Understanding DIY culture trends can also help you better understand the needs of your customers. For instance the increasing number of homeowners are taking on home renovation projects requiring the use of power tool. This can result in an increase in the sales of these tools. According to DurableIQ, DeWalt is the leader in power tool sales with 16 percent. However, Ryobi and Craftsman have seen their shares decrease year-overyear. Despite this, both online and in-store purchases are increasing. Tip 3: Offer Full-Service Repair The majority of people purchase power tools to replace the broken one or tackle the new project. Both offer 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 resulted from an anticipated replacement. The customers might require additional accessories, or upgrade to a better-performing model. No matter if your customer is a seasoned DIYer or just starting out in the hobby, they'll need to replace their carbon brushes for power tools as well as drive belts and power cords as time goes by. These items will ensure your customer gets the most from their investment. Technicians must consider three important aspects when making power tool purchases the application, the way it will be operated and safety. These aspects help technicians make informed decisions when choosing the appropriate tools for their repair and maintenance work. This helps them improve the performance of their tools and lower the cost of ownership. Tip 4: Continue to Keep Up with Technology The latest battery tools, for instance, offer smart technology which enhances the user experience and differentiates them from rivals who rely upon old battery technology. B2B wholesalers who stock and sell these devices can increase sales by targeting professional and tech-savvy contractors. Karch's business, which has more than 30 years of experience and a 12,000 square foot tooling department is a testament to the importance of staying up-to-date with new technologies. He states that manufacturers are constantly changing their product designs. “They used to hold their designs for five or ten years, but now they alter them each year.” B2B wholesalers should not just adopt the latest technology, but also upgrade their existing models. For instance, by adding adjustable handles and lightweight materials, they can reduce the fatigue caused by prolonged use. These features are essential for many professional contractors who use the tools over a long period of time. The market for power tools is divided into professional and consumer groups and this means that the biggest players are constantly improving their designs and introducing new features to appeal to an even larger audience. Tip 5: Make a Point of Sales The e-commerce landscape has transformed the power tools market. Data collection techniques have been improved, allowing business professionals to gain a better understanding of the market. This allows them to develop more effective inventory and marketing strategies. Point of sale (POS) information can, for example, allow you to track the types of projects that DIYers are working on when they purchase tools and accessories. Knowing what projects your customers are working on enables you to upsell and offer additional products. It also helps you anticipate the needs of your customers and ensure that you have the appropriate products in stock. Moreover, transaction data enables you to identify market trends and adjust your production cycles accordingly. For instance, you could make use of this information to track fluctuations in your brand's or market share of retail partners and help you align your product strategies with consumer preferences. In the same way, you can utilize POS data to improve levels of inventory and decrease the risk of stocking up. It can also help you to assess the effectiveness of promotional campaigns. Tip 6: Establish a Point of Service Power tools are a tangled, high-profit market that requires a substantial amount of marketing and sales effort to stay in the game. In the past, gaining an advantage in this market was achieved by pricing or positioning products. But these methods are no longer effective in today's world of omnichannels where information is readily available to be shared. power tools online Powertools Online who provide a high level of providing excellent service are more likely to retain customers and develop brand loyalty. Mike Karch, the president of Nue's Hardware and Tools, located in Menomonee Falls, Wisconsin, runs a 12,000 square-foot power tool department. His department initially featured several brands. However when he talked to contractors, he realized that they were loyal to their preferred brand. To win their customers' business, Karch and his team first ask customers what they would like to accomplish with the tool, then show them the options available. This gives them the 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 than others to blame the retailer for the failure of a tool on the job. Tip 7: Be a guru in customer service Power tool retailers are in an extremely competitive market. People who succeed in this category tends to be more committed to a single brand rather than to carry a variety of brands. The amount of space that retailers can dedicate to a category may also determine the number of brands they carry. When customers visit a store to purchase power tools and require assistance, they usually need help selecting the right product. If they're replacing an old tool damaged or undertaking the task of renovating clients require expert guidance from sales associates. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin, says his sales staff is educated to ask the right questions to make an offer. They begin by asking questions about what the customer is planning to do with the tool, he says. “That's the best way to decide what kind of tool you need,” he says. Then, they inquire about the experience of the customer with different types projects and the project. Tip 8: Create an End of Warranty The warranty policies of the manufacturers of power tools are quite different. Some manufacturers offer a comprehensive warranty, while others offer more limited warranties or refuse to cover certain tools. Before making a purchase it is essential that retailers understand the distinctions. Customers will only purchase tools from companies that will guarantee their products. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin, has a 12,000-square-foot power tool department and an in-house repair shop that handles 50 kinds of tools. He has learned over the years that many of his contractors are loyal to a particular brand, so he prefers to focus on only a few brands rather than offer a wide range of products. He is also happy that his employees have the ability to meet with vendors one-on-one to discuss new products and exchange feedback. This type of personal interaction is crucial because it helps create trust between the retailer and customers. Good relationships with suppliers may even result in discounts on future purchases.