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Power Tool Sales and Marketing Strategies for B2B Retailers Power tools are vital for both professionals and users. Despite a slowdown in 2021 due to the COVID-19 pandemic demand remains close to or at pre-pandemic levels. In terms of outlet dollar share, Home Depot leads all outlets when it comes to sales of power tools. Lowe's isn't far behind. Both are competing against power tools manufactured in China. Tip 1: Make a commitment to a brand Many manufacturers of industrial products place more emphasis on sales and marketing. This is due to the fact that the long-term sales process involves a lot of back and forth communication and detailed knowledge of the product. This type of communication does not allow for emotional consumer marketing techniques. However, industrial tool manufacturing companies must rethink their approach to marketing. The digital age has overtaken traditional manufacturing companies that rely on a small group of distributors and retail outlets to sell their products. One of the most important factors in power tool sales is brand commitment. If a customer is committed to a brand and is loyal to a brand, they are less sensitive to communications from competitors. They are also more likely to buy the client's products again and to recommend them to others. To make a successful impact in the United States market, you must develop a well-planned strategy. This includes adapting your tools to meet local requirements, positioning your brand in a competitive way, and leveraging distribution channels and marketing platforms. Collaboration with local authorities and associations, as well as experts is also essential. You can be assured that your power tool will be in compliance with the standards and regulations of the country when you do this. Tip 2: Be aware of Your Products Retailers need to be knowledgeable about the products they sell especially in a marketplace that places such a high importance on the quality of products. This will allow them to make informed choices about what they can offer their customers. This knowledge could also be the difference between a successful sale and a poor one. Knowing which tool is ideal for a particular project will aid in matching the right tool to the requirements of your customer. This will help you build trust and loyalty with your customers. It will also give you the assurance that you're offering a complete solution. Understanding DIY cultural trends can help you understand your customers' needs. For instance, a growing number of homeowners are undertaking home renovation projects that require power tools. This can result in an increase in the sales of these tools. According to DurableIQ, DeWalt is the leader in power tool units with 16%. However, Ryobi and Craftsman have seen their shares decrease year-overyear. However power tools deals in stores and online are growing. Tip 3: Offer Full-Service Repair The most frequent reason why that a buyer makes a purchase is to replace a tool that has been damaged or failed or to embark on the task of a new one. Both provide the possibility of upselling or adding on sales. According to the Home Improvement Research Institute (HIRI) 2020 Tracking Study of Power Tools and Accessories, 35 percent of all purchases for power tools are the result of planned replacements. These customers typically require additional accessories, or require upgrading to better performance models. Whether your customer has experience in DIY or is just beginning the hobby they will need to replace carbon brushes, drive cords, and the power cords on their power tools over time. Making sure power tools shop are up to date with these essentials will allow your customer to get the most out of their investment. Technicians must consider three important aspects when purchasing power tools: application, how it will be operated and safety. These aspects allow technicians to make informed choices when it comes to selecting the right tools for repair and maintenance work. This enables them to maximize the efficiency of their tools and reduce the cost of owning it. Tip 4: Always Keep Up with Technology For example, the latest power tools offer intelligent technology that enhances users' experience and sets them apart from competitors that still rely on old battery technology. B2B wholesalers who stock and sell these devices can 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 technology is vital. “Manufactures are constantly changing the look of their products” Karch says. “They used hold their designs for five or 10 years, but now they alter their designs every year.” B2B wholesalers need to not only embrace the latest technologies but also improve existing models. By adding lightweight materials and adjustable handles, wholesalers can reduce fatigue due to long-term use. These features are essential for many contractors working in the field who utilize the tools for a long period of time. The power tool industry is split into the consumer and professional segments. This means that the major players are always working to improve their designs and develop new features to appeal to a wider audience. Tip 5: Create a Point of Sale The e-commerce market has changed the power tools market. The advancements in data collection techniques have enabled business professionals to gain a holistic view of market trends which allows them to design marketing and inventory strategies more effectively. Using information from the point of sale (POS) You can track DIY projects your customers undertake when buying power tools and other accessories. Knowing the types of projects your customers are working on enables you to offer additional sales and opportunities for upselling. It helps you anticipate your customers' needs to ensure that you have the right products on hand. Additionally, transaction data can help you to detect trends in the market and adjust production cycles in line with. You can, for example utilize this data to monitor fluctuations of your brand's and retail partners market shares. This will allow you to align your product strategies to the preferences of consumers. POS data can also be used to optimize inventory levels, which reduces the risk of stocking up. It can also help you to assess the effectiveness of promotional campaigns. Tip 6: Create an Point of Service Power tools is a profitable, complex market that requires significant sales and marketing efforts to remain competitive. In the past, getting a competitive advantage in this market was achieved through pricing or positioning products. But these methods are not as effective in the current world of omnichannels where information is readily shared. Retailers who concentrate on service are more likely to retain 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 section. At first, the department offered several brands, but when he began to listen to contractor customers and found that the majority were loyal to a particular brand. To be successful in their customers, Karch and his team first ask their customers what they want to do with the tool, then show them what they have available. This gives them the confidence to recommend the best tool for the job, and builds trust with the customer. Customers who are familiar with their product are less likely to blame the retailer for a failure of a tool for the job. Tip 7: Create a point of customer service The power tool market has become a highly competitive market for retailers of hardware. The retailers that have had success in this area tend to make a strong commitment to a brand instead of simply carrying a few manufacturers. The size of the space a retailer has to devote to this category can be a factor in how many brands it can carry. When customers go in to purchase a power tool they may need assistance selecting the right product. When they're replacing an old model that is broken or tackling an upgrade project clients require expert advice from sales representatives. 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 a sale. He says they begin by asking the customer about what they plan to use the product. “That's the most important factor to consider when deciding the kind of tool to offer them,” he adds. Next, they ask about the project and the level of experience the client has with different kinds of projects. Tip 8: Make an End of Warranty The makers of power tools vary widely in their warranty policies. Some manufacturers offer a comprehensive warranty, while others are more limited or do not offer warranties for certain tools. Before buying a product, it is essential that retailers understand the differences. Customers will only purchase tools from companies that will back them up. 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 kinds of tools. He has realized over time that a lot of his contractor customers are loyal to their brands, which is why he prefers to focus on a limited number of brands rather than trying to offer a wide range of products. He also appreciates that his employees can meet with vendors one-on-one to discuss new products and give feedback. This personal contact is important as it helps establish trust between the retailer and customers. Building strong relationships with suppliers can even result in discounts on future purchases.