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Power Tool Sales and Marketing Strategies for B2B Retailers Power tools are crucial for both consumers and professionals. Despite the fact that 2021 will see a slowdown due to the COVID-19 pandemic demand remains close to or at pre-pandemic levels. In terms of dollar share, Home Depot leads all outlets in sales of power tools. Lowe's follows closely. But both companies are being pushed by China-made power tools. Tip 1: Make a Brand Commitment Many industrial products manufacturers prioritize sales over marketing. This is because the long-term sales process involves a lot of back and forth communication and a thorough understanding of the product. This type of communication is not suitable for emotional marketing strategies. Nevertheless, industrial tools manufacturing companies must rethink their marketing strategy. The digital age has raced past traditional manufacturers who rely on a few retailers and distributors for sales. The key to power tool sales is brand commitment. If a customer is loyal to a particular brand, they will be less prone to the messages of competitors. Additionally, they are more likely to buy the client's product repeatedly and recommend it to others. To have a positive impact on the United States market, you need to have a well-planned strategy. This involves adapting your tools to local needs, positioning brands in a competitive manner, and using marketing platforms and distribution channels. Collaboration with local authorities as well as associations and experts is also essential. In this way, you can be confident that your power tools will conform to the laws of the country and standards. Tip 2: Know Your Products In a marketplace where quality of the product is so important, retailers should know the products they offer. This will help them make informed decisions about what they offer. This information can make the difference between a good sale and a bad one. Knowing that a certain tool is ideal 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. This will help you feel confident that you provide the complete service. Also, knowing the latest trends in DIY culture can help you know what your customers are looking for. As an example the increasing number of homeowners are taking on home renovation projects requiring the use of power tool. This can result in a surge in sales of power tools. According to DurableIQ, DeWalt is the leader in power tool units at 16%. However, Ryobi and Craftsman have decreased their share year-over-year. However, both online and in-store purchases are increasing. Tip 3: Offer Full-Service Repair The majority of people purchase power tools to repair the broken one or tackle an upcoming project. Both of these tools offer opportunities for upsells or add-on sales. According to the Home Improvement Research Institute's (HIRI) 2020 Power Tools and Accessories Product Purchase Tracking Study, 35 percent of purchases for power tools were the result of an anticipated replacement. The customers might require additional accessories or upgrade to a higher-performing model. Whether your customer has experience in DIY or is new to the hobby, they will need to replace their carbon brushes, drive cords and the power cords on their power tools as time passes. Being on top of these important items will allow your customer to make the most of their investment. power tool suppliers take into consideration three main aspects when making power tool purchases the application, the way it will be powered and safety. These aspects allow technicians to make informed choices when selecting the right tools for their maintenance and repair work. This helps them optimize the effectiveness of their tools and reduce the cost of ownership. Tip 4: Stay up to date with technology The most modern power tools, like are equipped with smart technology that improves the user's experience and differentiates them from competitors who still rely on old-fashioned battery technology. Wholesalers in B2B who carry and sell these devices can boost sales by targeting tech savvy contractors and professionals. For Karch who's business has more than three years of experience and a 12,000-square-foot department for tools, staying up with the latest technology is vital. He says that manufacturers are constantly changing their designs for their products. “They used to hold their designs for five or ten years, but now they're changing them each year.” B2B wholesalers should not just adopt the latest technology, but also improve existing models. For instance, by adding adjustable handles and lightweight materials, they can reduce the strain caused by long use. These features are essential for a large number of professionals who have to make use of the tools for long periods of time. The market for power tools is divided into professional and consumer groups, which means that major players are constantly enhancing their designs and creating new features to reach an even larger audience. Tip 5: Make a Point of Sales The e-commerce landscape has transformed the market for power tools. Modern methods for data collection allow professionals in the field to get an overall overview of market trends which allows them to design inventory and marketing strategies more effectively. Point of sale (POS) information for instance, allows you to monitor the kinds of projects DIYers tackle when purchasing power tools and accessories. Knowing the kinds of projects that your customers are undertaking enables you to provide additional sales and upsell opportunities. It allows you to anticipate the needs of your customers to ensure that you have the right products on the market. Moreover, transaction data enables you to detect trends in the market and adjust production cycles in line with. For example, you can make use of this information to track changes in your brand's and market share of retail partners which allows you to match your product strategies to consumer preferences. Additionally, you can make use of POS data to optimize inventory levels and reduce the risk of overstocking. It can also be used to determine the effectiveness of promotions. Tip 6: Create a Point of Service Power tools is a lucrative, complex market that requires substantial marketing and sales efforts to remain competitive. In the past, gaining an advantage in this market was accomplished by establishing prices or positioning of products. However, these strategies are not effective in today's multichannel environment, where information is easily communicated. Retailers who make a point of service are better able to keep customers coming back and build brand loyalty. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin, operates a 12,000-square-foot department for power tools. His department initially featured various brands. However when he talked to contractors, he discovered that they were loyal to their favorite brand. Karch and his team ask their customers what they plan to do with the tool prior to showing them the alternatives. 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 well are less likely to blame their vendor for a malfunctioning tool during the course of work. Tip 7: Become a customer service guru Power tool retailers face a fiercely competitive market. The retailers that are successful in this market tend to be more committed to a single brand rather than to carry a variety of brands. The amount of space retailers can dedicate to a specific category could influence how many brands they can carry. When customers visit a store to purchase a power tool, they often need help selecting a product. Sales associates can offer professional advice to customers who are looking to replace a damaged tool or undertaking a renovation project. Mike Karch, the president of Nue's Hardware and Tools, located in Menomonee Falls, Wisconsin, said that the employees at his store are trained to ask questions that could lead to the sale. They begin by asking questions about what the buyer is planning to use the tool for, he adds. “That's the best way to decide what kind of tool you 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 makers of power tools vary widely in their warranty policies. Some are completely comprehensive, while others aren't as generous or refuse to cover certain parts of the tools at all. It's crucial for retailers to know these differences before buying, since customers will buy tools from firms that provide them with a warranty. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin, has a 12,000 square-foot power tool department as well as an in-house repair shop that handles 50 lines of tools. He has learned over time that a lot of his contractors are loyal to a particular brand, so he focuses on a limited number of brands rather than trying to offer a wide range of products. He is also happy that his employees are able to meet with vendors one-on-1 to discuss new products and give feedback. This personal contact is important because it helps build trust between the store and its customers. Having good relationships with suppliers could result in discounts on future purchases.