Power Tool Sales and Marketing Strategies for B2B Retailers
Power tools are essential for both professional and consumer use. Despite an expected 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 sales of power tools based on dollar share. Lowe's is second in line. Both are however confronting stiff competition from Chinese-made power tools.
Tip 1: Make an Engagement to Brands
A lot of manufacturers of industrial products place emphasis on sales over marketing. This is because a long-term purchase requires a lot of back and forth communication and in-depth knowledge of the product. This kind of communication does not permit emotional marketing tactics.
But, companies that produce industrial tools need to rethink their marketing strategy. The digital world has surpassed traditional manufacturing companies that rely on a small group of retailers and distributors for sales.
Brand loyalty is a major element in the sale of power tools. If a client is adamant about a particular brand and brand, they are less responsive to competitors' communications. They are also more likely to purchase the products of the brand they are loyal to and to recommend them to others.
It is essential to have a well-planned strategy to have an impact on the American market. This means adjusting your tools to meet local requirements and positioning your brand in a strategic manner, 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 will meet the standards and regulations of the country if you follow these guidelines.
Tip 2: Be aware of Your Products
Retailers need to be knowledgeable about the products they are selling, especially in a market which places a great value on product quality. This will allow them to make informed decisions about what they are selling. This knowledge could make the difference between making a good or a bad purchase.
Knowing that a certain tool is suitable for a specific project will help you match the right tool to your customer's needs. This will help you build trust and loyalty with your customers. This will ensure that you're providing an entire service.
Additionally, understanding the trends in DIY culture will help you know what your customers are looking for. For example, a growing number of homeowners are taking on home improvement projects that require the use of power tools. This could lead to a rise in the sales of power tools.
According to DurableIQ, DeWalt is the leader in power tool units with 16 percent. However, Ryobi and Craftsman have decreased their share year-over-year. However, both online and in-store purchases are increasing.
Tip 3: Offer Full-Service Repair
The most frequent reason that a buyer makes a tool purchase is to replace one that is failed or to embark on the task of a new one. Both provide 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 of power tools were the result of a planned replacement. These customers often require additional accessories, or require an upgrade to better performance models.
If your customer is a seasoned DIYer or new to the hobby, they will likely require replacement of their carbon brushes for power tools, drive belts and power cords as time goes by. Making sure they are up to date with these essentials will allow your customer to get the most out of their investment.
When buying power tools, technicians take into consideration three aspects: the tool's application the power source, and safety. These factors help technicians make informed decisions about the best tools to use in their repairs and maintenance tasks. This allows them to maximize the efficiency of their tools and reduce the cost of owning it.
Tip 4: Stay up to date with technology
For instance, the most recent power tools feature smart technology that improves users' experience and sets them apart from other tools that depend on old-fashioned battery technology. B2B wholesalers that carry and sell these devices can boost sales by targeting professional and tech-savvy contractors.
For Karch the company, which has more than three years of experience and a 2,000-square-foot tool department, staying current with new technologies is essential. He states that manufacturers are constantly changing their product designs. "They used hold their designs for 5 or 10 years but now they change them every year."
In addition to embracing most recent technologies, B2B wholesalers should also concentrate on improving their existing models. By incorporating lightweight materials as well as adjustable handles, wholesalers can decrease fatigue caused by prolonged use. These features are essential for professionals who employ the tools for a long period of time. The power tool industry is split into consumer and professional groups. This means that major players are always working to improve their designs and create new features to appeal to a wider audience.
Tip 5: Create a Point of Sale
The online marketplace has transformed the power tools market. Data collection techniques have improved and business professionals can gain a better understanding of the market. This helps them develop more effective marketing and inventory strategies.
Point of sale (POS) information can, for example, allow you to track the types of projects DIYers undertake when purchasing power tools and accessories. Knowing what projects your customers are working on enables you to upsell and offer extras. It helps you anticipate your customers' needs, so that you always have the right products in the market.
You can also utilize transaction data to determine trends in the market and adapt production cycles accordingly. You could, for instance utilize this data to monitor fluctuations of your brand's and retail partners' market shares. This allows you to align your product strategies to the preferences of consumers. Additionally, you can make use of POS data to optimize levels of inventory and decrease the risk of overstocking. It can also assist you to evaluate the effectiveness of promotional campaigns.
Tip 6: Be a good neighbor
Power tools is a lucrative complex market that requires substantial marketing and sales efforts in order to stay competitive. The traditional methods to gain an advantage in this field were by positioning or pricing products. However, these methods are no longer effective in today's omnichannel marketplace in which information is dispersed rapidly.
Retailers who focus on service are more likely to retain 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 department for power tools. His initial department featured various brands. However when he talked to contractors, he noticed that they were loyal to their preferred brand.
Karch and his staff ask their customers what they plan to accomplish using a tool before showing them the alternatives. This gives them 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 than others to blame the store for the failure of a tool on the job.
Tip 7: Make a Point of Customer Service
Power tool retailers are in a fiercely competitive market. The retailers that are successful in this market tend to be more loyal to a single brand rather than to carry a variety of manufacturers. The amount of space that a retailer is able to devote to a category may also influence how many brands they can carry.
When customers go in to purchase a power tool, they often need help choosing a product. When they're replacing an old one that is broken or tackling the task of renovating Customers need advice from sales associates.
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 the sale. They begin by asking the buyer what he or she plans to use the product. " power tools offers 's the most important factor to consider when deciding what kind of tool to sell them," he adds. The next step is to inquire about the project and what kind of experience they have with different kinds of projects.
Tip 8: Make sure to be sure to mention your warranty
The manufacturers of power tools differ greatly in their warranty policies. Some companies offer a complete warranty, whereas others offer a limited warranty or refuse to cover certain tools. Before buying a product, it's important that retailers know the distinctions. Customers will only purchase tools from companies that back them up.
Mike Karch is the president of Nue's Hardware and Tools, located in Menomonee, Wisconsin. power tool price has a 12,000 square foot power tool department as well as a repair shop on site that repairs 50 different lines of tools. He has learned that many of his contractors are loyal to their brands. Therefore, he prefers to carry a limited number of brands instead of trying to carry a variety of products.
He is also happy that his employees have the ability to meet with vendors one-on-one to discuss new products and share feedback. This personal contact is crucial because it builds trust between the store's customers and employees. Good relationships with suppliers can even result in discounts on future purchases.