Power Tool Sales and Marketing Strategies for B2B Retailers
Power tools are an essential for both professional and personal use. The demand for power tools remains at or near pre-pandemic levels, despite a slowdown due to the COVID-19 epidemic in 2021.
In terms of outlet dollar share, Home Depot leads all outlets when it comes to sales of power tools. Lowe's follows closely behind. However, both are being pushed by China-made power tools.
Tip 1: Create an Efficacious Brand Commitment
Many manufacturers of industrial products put a higher priority on sales than marketing. This is because a long-term sale requires a lot of back-and-forth communication and in-depth knowledge of the product. This kind of communication doesn't permit emotional marketing strategies.
However, industrial tool manufacturing companies should consider rethinking their approach to marketing. The digital age has overtaken traditional manufacturers who depend on a select group of retailers and distributors to sell their products.
Brand loyalty is a major element in the sale of power tools. If a client is loyal to a particular brand and is loyal to a brand, they are less sensitive to communications from competitors. Additionally, they are more likely to buy the product of the client time and time again and recommend it others.
You need a well-planned plan to make an impact on the American market. This involves adapting your tools to local needs and positioning brands in a competitive manner, and leveraging marketing platforms and distribution channels. Collaboration with local authorities as well as associations and experts is also essential. By doing so top power tools can be sure 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 market where product quality is so important, retailers must be aware of the products they offer. This will allow them to make informed choices about the products they offer. This knowledge could also be the difference between a good sale and a bad one.
For example, knowing that a tool is ideal for the particular task will allow you to connect your customer with the best tool to meet their needs. You will build trust and loyalty with your customers. It will also give you assurance that you're offering the complete solution.
Understanding DIY cultural trends can help you understand the needs of your customers. For instance increasing numbers of homeowners are completing home renovations that require the use of power tools. This could lead to a spike in the sale 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. However, both online and in-store purchases are on the rise.
Tip 3: Offer Full-Service Repair
The majority of consumers purchase power tools to replace the broken one or tackle an upcoming project. Both of these can be used to increase sales and add-on sales.
According to the Home Improvement Research Institute (HIRI) 2020 Tracking Study of Power Tools and Accessories, 35 percent of all purchases of power tools are the result of planned replacements. The customers might require additional accessories or upgrade to a better-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 power cords of their power tools as time passes. These essentials will ensure that your customer gets the most from their investment.
Technicians consider three key items when making power tool purchases the application, the way it will be operated and safety. These factors help technicians make informed decisions about the best tools to use for their repairs and maintenance tasks. This helps them maximize the efficiency of their tools and reduce the expense of owning it.
Tip 4: Stay current with the latest technology
The most modern power tools, for example, offer smart technology which enhances user experience and sets them apart from those who depend on older battery technology. B2B wholesalers that carry and sell these devices can increase sales by focusing on professionals and contractors who are technologically advanced.
Karch's company, which has more than 30 years of experience, and a 12,000 square foot department for tools is a testimony to the importance of keeping current with the latest technologies. He states that manufacturers are constantly changing their product designs. "They were able to hold their designs for five or ten years, but now they alter them every year."
B2B wholesalers must not only take advantage of the latest technologies, but also upgrade their existing models. By incorporating lightweight materials and adjustable handles, wholesalers can reduce fatigue due to long-term use. These features are crucial for many professional contractors who use the tools for a lengthy 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 in order to reach a larger audience.
Tip 5: Create a Point of Sales
The e-commerce market has changed the market for power tools. Data collection techniques have been improved and business professionals can gain a better understanding the market. This allows them to develop more efficient inventory and marketing strategies.
Using information from the point of sale (POS) You can track DIY projects that customers are completing when purchasing power tools and other accessories. Knowing what projects your customers are working on allows you to increase sales and provide additional products. It also helps you anticipate the requirements of your clients making sure you have the right products on hand.
Additionally, transaction data can help you to spot trends in the market and adjust your production cycles accordingly. For instance, you can utilize this information to track changes in your brand's and market share of retail partners, enabling you to align your product strategies with consumer preferences. POS data can also be utilized to optimize levels of inventory, reducing the risk of overstocking. It can also help you to assess the effectiveness of promotions.
Tip 6: Create an Point of Service
Power tools is a profitable complex market that requires substantial sales and marketing efforts to stay competitive. The traditional methods to gain a strategic advantage in this field were through pricing or product positioning--but these tactics no longer work in today's omnichannel marketplace where information is distributed rapidly.
Retailers who focus 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 section. At first, the department offered various brands, but when he began to listen to customers who were contractors and found that the majority were brand loyal.
To make a mark in their business, Karch and his team first ask customers what they would like to accomplish using the tool, before showing them the options available. This gives them the confidence to recommend the most effective tool for the job and also builds trust with the customer. Customers who are familiar with their product are less likely to blame the store for a malfunction of a tool for the job.
Tip 7: Be a guru in customer service
Power tool retailers are facing an extremely competitive market. People who have had success in this category tend to have a strong commitment to a particular brand instead of simply carrying a sampling of manufacturers. The amount of space a retailer must devote to the category may also play a role in the amount of brands it is able to carry.
Customers frequently require assistance when they come in to purchase a power tool. Sales associates can offer the best advice to customers seeking to replace a damaged tool or undertaking a renovation project.
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 will result in an offer. They begin by asking what the customer plans to do with the tool, he says. "That's the way to determine what kind of tool you need," he says. Then they ask about the customer's experience with different types projects and the project.
Tip 8: Be sure to mention your warranty
The makers of power tools vary widely in their warranty policies. Some are fully comprehensive, while others are stingy, or refuse to cover certain aspects of the tool at all. It's important for retailers to know the differences prior to buying, since customers will buy 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 brands of tools. He has discovered through the years that a majority of his contractor customers are brand loyal, so he focuses on the most popular brands rather than trying to offer a variety of products.
He also likes that his employees can meet with vendors one-on-one to discuss new products and provide feedback. This type of personal interaction is essential because it helps build trust between the store's clients and employees. Good relationships with suppliers can even lead to discounts on future purchases.