Power Tool Sales and Marketing Strategies for B2B Retailers
Power tools are essential for both professional and personal use. The demand for power tools is at or near pre-pandemic levels despite a slowdown owing to the COVID-19 epidemic that will hit in 2021.
In terms of dollar share, Home Depot leads all outlets in power tool sales. Lowe's follows closely. Both are however confronting stiff competition from Chinese-made power tools.
Tip 1: Be committed to a brand
Many industrial products manufacturers prioritize sales over marketing. This is because a long-term purchase requires a lot of back-and-forth communication and detailed product knowledge. https://www.powertoolsonline.uk/ of communication does not lend itself to emotional consumer marketing strategies.
However, industrial tools manufacturing companies should consider rethinking their approach to marketing. The digital world has raced past traditional companies that rely on a few retailers and distributors for sales.
One of the most important factors in power tool sales is brand commitment. If a customer is committed to a brand, they will be less prone to messages from competitors. Additionally they are more likely to purchase the product of the client time and time again and recommend it others.
You need a well-planned plan to have an impact on the US market. This includes adapting your tools to meet local needs and positioning your brand in a competitive manner, and leveraging distribution channels and marketing platforms. It is also essential to cooperate with local authorities and industry associations as well as experts. You can be certain that your power tool will be in compliance with the requirements and standards of the country if you follow these guidelines.
Tip 2: Be aware of Your Products
Retailers need to be knowledgeable about the products they offer, especially in a market which places a great value on the quality of the product. This will enable them to make informed choices about the products they offer. This information can be the difference between making a good or a bad purchase.
Knowing which tool is suitable for a particular project will aid in matching the right tool to the needs of your customer. This will help you build trust and loyalty with your customers. This will help you feel confident that you're providing an entire service.
Additionally, understanding the trends in DIY culture can help you better know what your customers are looking for. As an example increasing numbers of homeowners are completing home improvement projects that require the use of power tools. This can result in a surge in sales of power 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. However the fact that sales on both stores and online are increasing.
Tip 3: Offer Full-Service Repair
The majority of consumers purchase power tools to repair the broken one or tackle a 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 were the result of an anticipated replacement. Customers often require additional accessories, or require upgrading to better performing models.
Your customer may have experience in DIY or is new to the hobby they will need to replace the carbon brushes, drive cords and power cords of their tools over time. These essentials will ensure that your client gets the most out of their investment.
Technicians must consider three important aspects when purchasing power tools applications, how it will be powered and safety. These aspects help technicians make informed decisions when choosing the appropriate tools for their maintenance and repair work. This allows them to maximize the performance of their tool and lower the expense of owning it.
Tip 4: Always Keep Up With Technology
The latest power tools, for example they feature smart technology that enhances user experience and sets them apart from rivals who rely on old-fashioned battery technology. Wholesalers of B2B that carry and sell these devices can increase sales by focusing on tech-forward contractors and professionals.
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. "Manufactures are constantly adjusting the design of their products," he says. "They used to keep 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 enhance their existing models. For instance, by incorporating adjustable handles and lightweight materials, they can help reduce the strain caused by long use. These features are essential for many professionals who must utilize the tools for lengthy periods of time. The power tools industry is divided into professional and consumer groups and this means that the biggest players are always working on enhancing their designs and creating new features that will appeal to more people.
Tip 5: Create an Point of Sale
The e-commerce market has changed the power tools market. Data collection techniques have improved, allowing business professionals to gain a better understanding of the market. This helps them develop more efficient inventory and marketing strategies.
Utilizing information from the point of sale (POS), you can track DIY projects that customers undertake when buying power tools and accessories. Knowing what projects your customers are working on allows you to upsell and offer extras. It also helps you to anticipate the requirements of your clients and ensure that you have the right products in stock.
You can also use transaction data to spot market trends, and adjust production cycles accordingly. For instance, you can make use of this information to track fluctuations in your brand and retail partner market shares, enabling you to match your product strategies to consumer preferences. Additionally, you can make use of POS data to improve inventory levels and reduce the risk of overstocking. It can also be used to determine the effectiveness of promotional campaigns.
Tip 6: Be a good neighbor
Power tools are a tangled, high-profit market that requires a substantial amount of marketing and sales efforts to stay competitive. In the past, getting an advantage in this market was accomplished by establishing prices or positioning of products. But these methods are not as effective in the current world of omnichannels where information is easily available to be shared.
Retailers who concentrate on service are more likely to keep customers and build 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 initial department featured several brands. However when he spoke to contractors, he noticed that they were loyal to their favorite brand.
Karch and his team ask their customers what they plan to do with a tool before showing them the alternatives. This gives them the confidence to recommend the right 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 store for a failure of a tool for the job.
Tip 7: Be a customer service guru
Power tool retailers are in a fiercely competitive market. The retailers that have had success in this category tend to make a firm commitment to a brand rather than merely carrying a selection of manufacturers. The amount of space that a retailer can devote to a particular category can influence how many brands they can carry.
Customers usually require assistance when they come in to purchase a power tool. Whether they are replacing an old one that is broken or tackling a renovation project clients require expert advice from sales associates.
Mike Karch, the president of Nue's Hardware and Tools, in Menomonee falls, Wisconsin, said that his store's staff is trained to ask questions that can lead to a sale. They begin by asking what the customer plans to do with the tool, he says. "That's the key to determining the type of tool to sell them," he adds. Then, they inquire about the customer's experience with different types projects and the project.
Tip 8: Make sure to be sure to mention your warranty
The warranties of the manufacturers of power tools are quite different. Certain manufacturers offer a full warranty, whereas others offer a limited warranty or do not cover certain tools. It's important for retailers to understand the differences prior to making a purchase, because buyers will purchase tools from companies that back them up.
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 as well as an on-site repair shop that repairs 50 different types of tools. He has realized through the years that a majority of his contractor customers are brand loyal, so he prefers to focus on only a few brands rather than carry a sampling of different products.
He also appreciates that his employees have one-on-one meetings with vendors to discuss new products and give feedback. This kind of interaction is essential because it helps build trust between the store and the customers. Good relationships with suppliers can even lead to discounts on future purchases.