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Power Tool Sales and Marketing Strategies for B2B Retailers Power tools are essential for both consumer and professional use. Despite a slowdown in 2021 due to the COVID-19 pandemic demand remains close to or at levels prior to the pandemic. Home Depot is the leader in power tool sales by dollar share. Lowe's follows closely. Both are competing against power tools manufactured in China. Tip 1: Make an Engagement to Brands Many manufacturers of industrial products prioritize sales over marketing. This is because the long-term sales process involves a lot of back and forth communication and a thorough understanding of the product. This type of communication is not conducive to emotional marketing tactics. Nevertheless, industrial tools manufacturing companies should consider rethinking their marketing strategy. The digital age has overtaken traditional manufacturers who depend on a few retailers and distributors for sales. A key to selling power tools is brand commitment. When a customer is committed to a certain brand they are less receptive to competitors' communications. They are also more likely to purchase the client's products again and to recommend them to friends and family. It is essential to have a well-planned strategy to be successful in the American market. This includes adapting your tools to local needs and positioning your brand in a way that is competitive, and using marketing platforms and distribution channels. Collaboration with local authorities, associations and experts is also essential. You can be certain that your power tool will meet the standards and regulations 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 value on product quality. This will help them make informed choices about the products they can offer their customers. This information can be the difference between a successful or bad sale. Knowing that a certain tool is ideal for a particular project will aid in matching the right tool to your customer's needs. This will help you build trust and loyalty with your customers. This will ensure that you provide the complete service. Understanding DIY culture trends can also aid in understanding your customers' needs. As an example, more homeowners are undertaking home improvement projects that require the use of power tool. This could lead to a rise in the sale of power tools. According to Durable IQ, DeWalt leads in power tool unit share, which is 16%, although Ryobi and Craftsman brands have seen their share decrease year-over-year. Despite this the fact that both in-store and online purchases are increasing. Tip 3: Offer Full-Service Repair Most consumers purchase power tools to repair an old one or tackle an upcoming project. Both of these tools offer opportunities for upsells or additional sales. According to the Home Improvement Research Institute (HIRI) 2020 Tracking Study of Power Tools and Accessories 35 percent of all power tool purchases are the result of planned replacements. Customers often require additional accessories, or require an upgrade to better quality models. Your customer may have experience in DIY or is new to the hobby, they will need to replace carbon brushes, drive cords and power cords of their tools in time. Making sure they are up to date with these essentials will allow your customer to make the most of their investment. When purchasing power tools, technicians consider three aspects: the tool's application, the power source and security. These factors aid technicians in making educated decisions about the most suitable tools to use in their maintenance and repairs. This allows them to maximize the performance of their tool and lower the cost of owning it. Tip 4: Keep up to date with technology For instance, the latest battery tools have intelligent technology that enhances the user experience and sets them apart from other tools that depend on old-fashioned battery technology. Wholesalers in B2B who carry and sell these tools could increase sales by focusing on professionals and contractors who are tech-savvy. For Karch who's business has more than three decades of experience and a 12,000-square-foot department for tools, staying up with new technologies is essential. “Manufactures are constantly changing the look of their products,” Karch says. “They used to keep their designs for five or 10 years, but they're now changing them every year.” In addition to embracing modern technologies, B2B wholesalers should also focus on improving existing models. For instance, by incorporating adjustable handles and lightweight materials, they can help reduce the fatigue that comes from prolonged use. These features are essential to many professional contractors who use the tools over a long period of time. The power tool industry is divided into the consumer and professional segments. This means that the biggest players are constantly striving to improve their designs and come up with new features to appeal to a wider audience. Tip 5: Make a Point of Sale The online marketplace has changed the power tool market. Data collection techniques have been improved and business professionals can get a better understanding of the market. This helps them develop more effective marketing and inventory strategies. Using information from the point of sale (POS), you can track DIY projects that customers undertake when buying power tools and other accessories. Knowing what projects your customers are working on enables you to offer upsells and extras. It also allows you to anticipate the requirements of your clients making sure you have the appropriate products on hand. Additionally, transaction data can help you to identify market trends and adjust production cycles in line with. For instance, you can make use of this information to track fluctuations in your brand's or market share of retail partners, enabling you to adapt your product strategies to consumer preferences. POS data can also be used to optimize levels of inventory, reducing the risk of overstocking. It can also help you to evaluate the effectiveness of promotional campaigns. Tip 6 Tip 6: Be a good neighbor Power tools are a complex market with high profits that requires a substantial amount of marketing and sales effort to remain in the game. The most common methods of gaining a strategic advantage in this market have been through pricing or product positioning—but these strategies are no longer effective in today's omnichannel marketplace where information is distributed rapidly. Retailers that focus on customer service are more likely to keep customers and build brand loyalty. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls in Wisconsin has a 12,000 square-foot power tool department. In the beginning, his store featured various brands, but when he began listening to customers who were contractors and found that the majority were brand loyal. Karch and his staff ask their customers what they intend to do with a tool prior to showing them the alternatives. This gives them confidence to recommend the best tool for the job and also builds trust with the customer. Customers who are familiar with their product are less likely to blame the retailer for a malfunction of a tool for the job. Tip 7: Make an effort to be a Point of Customer Service Power tool retailers are in an extremely competitive market. The retailers that are successful in this market tend to be more committed to a single brand rather than to carry a variety of brands. The amount of space that a retailer is able to devote to a category may also determine the number of brands they are able to carry. Customers often need assistance when they go in to purchase a power tool. Sales associates can provide expert advice to customers seeking to replace a damaged device or completing a renovation project. Mike Karch, the president of Nue's Hardware and Tools, located in Menomonee Falls, Wisconsin, said that the employees at his store are trained to ask questions that can lead to the sale. He says they begin by asking the customer what they plan to do with the product. “That's the key to determining what kind of tool to sell them,” he adds. Then, they inquire about the experience of the customer with various types of projects and the project. Tip 8: Create a Point of Warranty The warranty policies of the manufacturers of power tools differ greatly. Certain manufacturers offer a full warranty, whereas others offer more limited warranties or refuse to cover certain tools. It is crucial for retailers to understand the differences prior to buying, since customers will purchase tools from companies that offer warranties. Mike Karch is the president of Nue's Hardware and Tools, located in Menomonee, Wisconsin. the original source has a 12,000 square-foot power tool shop and repair shop on site that repairs 50 different types of tools. He has learned that many of his contractors are loyal to their brands. Therefore, he prefers to carry only a few brands rather than carry a variety of 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 essential since it builds trust between the store's customers and employees. Good relationships with suppliers could result in discounts on future purchases.