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Power Tool Sales and Marketing Strategies for B2B Retailers Power tools are an essential for both professional and consumer use. The demand for power tools is at or close to pre-pandemic levels despite a slowdown due to the COVID-19 outbreak in 2021. 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. But both companies are facing stiff competition from China-manufactured power tools. Tip 1: Make a commitment to a brand Many industrial product manufacturers place a higher priority on sales over marketing. This is because the long-term sales process requires a lot of back-and-forth communication and detailed knowledge of the product. This kind of communication does not lend itself to emotional consumer marketing tactics. However, companies that make industrial tools should rethink their marketing strategy. The digital age has accelerated past traditional manufacturers who rely on a small circle of retailers and distributors to sell their products. Brand loyalty is a major element in the sale of power tools. If a client is committed to a specific brand they are less receptive to competitor's messages. They are also more likely to purchase the client's products again and to recommend them to others. You require a well-planned strategy to make an impact on the US market. This means adjusting your tools to meet local needs and positioning your brand in a strategic way, and leveraging marketing channels and distribution channels. Collaboration with local authorities as well as associations and experts is also essential. You can be assured that your power tool is in line with the requirements and standards of the country when you follow these guidelines. Tip 2: Know Your Products Retailers should be familiar with the products they sell, especially in a market that places such a high importance on the quality of products. This will help them make informed decisions about what they offer. This knowledge could make the difference between making a good or a poor sale. Knowing which tool is perfect for a specific 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 are offering the complete service. Understanding DIY culture trends can also help you better understand your customers' needs. For online power tools , a growing number of homeowners are undertaking home improvement projects which 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 percent. However, Ryobi and Craftsman have seen their share decrease year-over-year. Despite this the fact that sales on both stores and online are on the increase. Tip 3: Offer Full-Service Repair The most common reason for a person to make a power purchase is to replace a tool that has been damaged or broken down or to take on the task of a new one. Both 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 resulted from an anticipated replacement. These customers often require additional accessories or may need to upgrade to higher performance models. If your customer is experienced in DIY or is just beginning the hobby they will need to replace the carbon brushes, drive cords, and power cords of their power tools in time. Keeping up with these essentials will allow your customer to make the most of their investment. Technicians must consider three important aspects when purchasing power tools the application, the way it will be operated and safety. These aspects help technicians make informed decisions when choosing the right tools for repair and maintenance work. This allows them to maximize the effectiveness of their tools and reduce the cost of ownership. Tip 4: Always Keep Up with Technology The most recent power tools, like, offer smart technology which enhances the user experience and sets them aside from competitors who still depend on older battery technology. Wholesalers in B2B who carry and sell these devices can increase sales by targeting professionals and contractors who are technologically advanced. Karch's business, which has over 30 years of experience, and a 12,000 square foot department for tools, is a testament to the importance of keeping up-to-date with new technologies. “Manufactures are constantly changing the design of their products,” he says. “They used to keep their designs for five or 10 years, but now they're changing them every year.” B2B wholesalers must not only take advantage of the latest technologies, but also improve existing models. For instance, by incorporating adjustable handles and lightweight materials, they can lessen the fatigue that comes from prolonged use. These features are crucial for many contractors working in the field who utilize the tools over a long period of time. The market for power tools is divided into professional and consumer groups which means that the major players are constantly enhancing their designs and creating new features to appeal to a wider audience. Tip 5: Create a Point of Sales The online marketplace has changed the power tool 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 data from the point of sale (POS) You can track DIY projects that customers complete when purchasing power tools and other accessories. Knowing the kinds of projects your customers are working on allows you to provide additional sales and upsell opportunities. It also helps you anticipate the needs of your customers, ensuring that you have the appropriate products available. You can also use transaction data to spot market trends, and adapt production cycles accordingly. For instance, you can utilize this data to monitor fluctuations of your retail partners' and your brand's market shares. This allows you to align your strategy for product with consumer preferences. POS data can also be used to optimize levels of inventory, reducing the chance of overstocking. It can also assist you to evaluate the effectiveness of promotional campaigns. Tip 6 Tip 6: Be a good neighbor Power tools are a complicated, high-profit market that requires a substantial amount marketing and sales effort to stay in the game. In the past, gaining an advantage in this market was accomplished by establishing prices or positioning of products. But these methods are no longer effective in today's world of omnichannels where information is readily shared. Retailers who provide a high level of service are better able to keep customers and build brand loyalty. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin has a 12,000 square-foot power tool department. His initial department featured various brands. However, as he listened to contractors, he realized that they were loyal to their preferred brand. Karch and his team ask their customers what they would like to do with a tool before presenting them with the possibilities. This gives them confidence to recommend the most effective tool for the job, and builds trust with the customer. Customers who know their product well are less likely to blame their vendor for a tool malfunction on the job. Tip 7: Make a point of customer service Power tool retailers face a fiercely competitive market. The retailers that have had success in this area tend to make a strong commitment to a particular brand rather than merely carrying a selection of manufacturers. The amount of space that a retailer needs to devote to this category can also affect the number of brands it can carry. When customers come in to purchase power tools, they often need help choosing a product. When they're replacing an old model that's broken or taking on an upgrade project clients require expert advice from sales associates. Mike Karch, the president of Nue's Hardware and Tools, in Menomonee falls, Wisconsin, said that the employees at his store are educated to ask questions that can lead to an offer. He says they begin by asking the buyer what he or she plans to do with the product. “That's the best way to decide what kind of tool you need,” he says. Then, they inquire about the experience of the customer with different types projects and the project. Tip 8: Make sure to be sure to mention your warranty The makers of power tools vary widely in their warranty policies. Some are completely comprehensive, while others are stingy, or refuse to cover certain parts of the tool at all. Before purchasing a tool, it is crucial that the retailer understands 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 and an in-house repair shop that handles 50 kinds of tools. He has learned that many of his contractors are loyal to their brands. Therefore, he prefers to carry only a few brands instead of trying to carry samples of different products. He also appreciates that his employees are able to meet with vendors one-on-one to discuss new products and give feedback. This type of personal interaction is crucial as it helps create trust between the retailer and customers. Good relationships with suppliers can even result in discounts on future purchases.