Power Tool Sales and Marketing Strategies for B2B Retailers
Power tools are essential for both professional and consumer use. Despite a slowdown in 2021 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 when it comes to sales of power tools. Lowe's is close behind. However, both are confronting stiff competition from Chinese-made power tools.
Tip 1: Make a commitment to a brand
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 detailed knowledge of the product. This type of communication does not lend itself to emotional consumer marketing strategies.
However, industrial tools manufacturing companies should consider rethinking their marketing strategy. The digital age has raced past traditional companies that rely on a small circle of retailers and distributors for sales.
A key to power tool sales is brand commitment. If a customer is loyal to a brand they are less prone to messages from competitors. They are also more likely to purchase the products of the brand they are loyal to and to recommend them to friends and family.
It is essential to have a well-planned strategy to make an impact on the American market. This means adapting your tools to meet local requirements and positioning your brand in a competitive way, and leveraging marketing channels and distribution channels. Collaboration with local authorities and associations, as well as experts is also crucial. You can be sure that your power tool will be in compliance with the standards and regulations of the country if you do this.
Tip 2: Be aware of Your Products
Retailers need to be knowledgeable about the products they offer particularly in a market that places such a high importance on the quality of products. This will enable them to make informed choices about the products they are selling. This knowledge could also be the difference between a successful sale and a bad one.
For example, knowing that a tool is ideal for specific projects will help you match your client with the appropriate tool for their requirements. This will help you build trust and loyalty with your customers. This will give you confidence that you provide a complete service.
In addition, understanding the trends in DIY culture can help you better understand what your customers want. For instance increasing numbers of homeowners are completing home renovations that require the use of power tool. This can lead to an increase in the sales of these tools.
According to Durable IQ, DeWalt leads in power tool unit share, which is 16%, however Ryobi and Craftsman brands have seen their share drop year-over-year. Despite this sales 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 either replace a tool that has been damaged or failed or to embark on the task of a new one. Both of these tools offer opportunities for upsells or additional sales.
According to the Home Improvement Research Institute's (HIRI) 2020 Power Tools and Accessories Product Purchase Tracking Study 35 percent of purchases of power tools resulted from a planned replacement. These customers may require additional accessories, or upgrade to a more powerful model.
Whether your customer has experience in DIY or is just beginning the hobby, they will have to replace the carbon brushes, drive cords and power cords of their power tools in time. These basic items will ensure that your customer reaps the maximum benefit out of their investment.
Technicians take into consideration three main aspects when purchasing power tools: application, how it will be operated and safety. These factors allow technicians to make informed decisions when choosing the right tools for maintenance and repair tasks. This allows them to maximize the performance of their tool and lower the cost of owning it.
Tip 4: Keep Keeping Up with Technology
The most recent battery tools, for instance they feature smart technology that enhances the user experience and sets them apart from competitors who still rely upon old battery technology. Wholesalers of B2B that offer and sell these tools can boost sales by targeting 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 technology is vital. He says that manufacturers are constantly changing their product designs. " mouse click the up coming website used to hold their designs for five or 10 years, but now they're changing them every year."
B2B wholesalers need to not only adopt the latest technology, but also enhance their existing models. By incorporating lightweight materials and adjustable handles, wholesalers can decrease fatigue due to long-term use. These features are essential to many professional contractors who use the tools for a lengthy period of time. The market for power tools is split into consumer and professional groups. This means that the major players are constantly striving to improve their designs and create new features to reach a wider audience.
Tip 5: Create a Point of Sale
The online marketplace has changed the market for power tools. The advancements in data collection techniques have allowed business professionals to get an entire view of market trends and help them develop marketing and inventory strategies more efficiently.
Point of sale (POS) data, for instance, allows you to track the types of projects that DIYers are working on when purchasing power tools and other accessories. Knowing the types of projects that your customers are undertaking enables you to provide additional sales and upsell opportunities. It helps you anticipate your customers' needs to ensure that you have the right products in the market.
Additionally, transaction data can help you to spot trends in the market and adjust production cycles in line with. For instance, you can make use of this information to monitor fluctuations of your retail partners' and brand's' market shares. This allows you to align product strategies to consumer preferences. In the same way, you can utilize POS data to improve inventory levels and reduce the risk of overstocking. It can also be used to assess the effectiveness of promotional campaigns.
Tip 6 Tip 6: Be a good neighbor
Power tools are a complex market that is high-profit and requires a substantial amount marketing and sales effort to stay competitive. The classic ways to gain a strategic advantage in this market were by establishing pricing or positioning of products, but these methods are no longer effective in today's omnichannel marketplace where information is shared so quickly.
Retailers who provide a high level of providing a high-quality 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 section. At first, the department offered several brands, but as he began listening to the customers of contractors, he discovered that the majority were loyal to a particular brand.
Karch and his staff ask their customers what they would like to accomplish using a tool before presenting them with the options. This gives them the confidence to recommend the right tool for the job, and also increases trust with their customers. Customers who are familiar with their product are less likely than others to blame the retailer for a malfunction of a device on the job.
Tip 7: Be a guru in customer service
Power tool retailers are facing an extremely competitive market. The retailers that have had success in this area tend to have a strong commitment to a brand rather than merely carrying a selection of manufacturers. The amount of space a retailer can devote to a category may also affect the number of brands they are able to carry.
When customers go in to purchase power tools they may need assistance selecting a product. When they're replacing an old one damaged or undertaking the task of renovating clients require expert advice from sales representatives.
Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin, says his sales staff is trained to ask the right questions to help make an offer. They begin by asking the customer about what he or she plans to use the product. "That's the primary factor in deciding what kind of tool to sell them," he adds. The next step is to inquire about the project and the level of experience they have with different kinds of projects.
Tip 8: Be sure to make mention of your warranty
The warranty policies of the power tool makers differ greatly. Some are fully comprehensive, while some aren't as generous or refuse to cover certain parts of the equipment. Before making a purchase it is crucial that the retailer understands the differences. Customers will only purchase tools from companies who 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 shop and an on-site repair shop that repairs 50 different lines of tools. He has learned that many of his contractor clients are loyal to their brands. So, he chooses to carry a limited number of brands rather than carry a variety of products.
He also appreciates that his employees are able to meet with vendors one-on-1 to discuss new products and exchange feedback. This kind of interaction is essential because it helps to build trust between the store and its customers. Good relationships with suppliers could even lead to discounts for future purchases.