Power Tool Sales and Marketing Strategies for B2B Retailers
Power tools are 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.
Home Depot is the leader in power tool sales in terms of dollar share. Lowe's follows closely behind. Both are competing against power tools manufactured in China.
Tip 1: Make an Engagement to Brands
Many manufacturers of industrial products place a higher priority on sales over marketing. This is because a long-term purchase requires a lot back-and forth communication and in-depth knowledge of the product. This kind of communication isn't ideal for marketing that is based on emotion.
However, industrial tool manufacturing companies should consider rethinking their approach to marketing. The digital world has raced past traditional companies that rely on a few retailers and distributors to sell their products.
Brand loyalty is a major aspect in the sales of power tools. When a customer is committed to a specific brand and brand, they are less responsive to competitor's messages. Moreover they are more likely to buy the client's product time and time again and recommend it others.
It is essential to have a well-planned strategy to be successful in the US market. This means adapting your tools to local needs, positioning brands in a manner that is competitive and leveraging marketing platforms and distribution channels. Collaboration with local authorities and associations, as well as experts is also essential. You can be certain that your power tool will be in compliance with the standards and regulations of the country if you follow these guidelines.
Tip 2: Know Your Products
In a marketplace where product quality is so crucial, retailers should be aware of the products they sell. This will enable them to make informed decisions 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 suitable for a particular project will assist you in matching the perfect tool to your customer's needs. You'll build trust and a sense of loyalty among your customers. It will also give you assurance that you're offering a complete solution.
Understanding DIY cultural trends can help you better understand your customers' requirements. For instance, more homeowners are undertaking home renovation projects requiring the use of power tool. This can lead a spike in the sales 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 decline year-over-year. However the fact that sales on both stores and online are increasing.
Tip 3: Offer Full-Service Repair
Most consumers purchase power tools to repair a broken one or to tackle the new project. Both present opportunities for upsells and 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 may require additional accessories, or upgrade to a higher-performing model.
Whether your customer is an experienced DIYer or is new to the hobby, they'll require replacing their power tools' carbon brushes as well as drive belts and power cords with time. Being on top of these important items will help your customer get the most value from their investment.
Technicians must consider three important aspects when making power tool purchases: application, how it will be operated and safety. These factors help technicians make informed choices about the best tools to use in their maintenance and repairs. This will help them maximize the performance of their tools and reduce the cost of ownership.
Tip 4: Stay up to date with technology
For instance, the most recent power tools feature intelligent technology that enhances the user experience and sets them apart from other brands that still rely on older battery technology. Wholesalers of B2B who stock and sell these devices can increase sales by targeting tech savvy contractors and professionals.
power tools electric , with over 30 years of experience, and a 12,000 square feet department for tools is a testimony to the importance of keeping up-to-date with new technologies. He states that manufacturers are constantly changing their product designs. "They used hold their designs for five or ten years, but now they alter them each year."
In addition to embracing the latest technologies, B2B wholesalers should also concentrate on improving their existing models. For instance, by incorporating adjustable handles and lightweight materials, they can reduce the fatigue caused by prolonged use. These features are important for many professionals who must make use of the tools for long periods of time. The power tool industry is split into professional and consumer groups. This means that the biggest players are always working to improve their designs and develop new features in order to reach a larger audience.
Tip 5: Create an Point of Sale
The e-commerce market has changed the market for power tools. Data collection methods have improved, allowing business professionals to get a better understanding of the market. This allows them to develop more effective marketing and inventory strategies.
Point of sale (POS) information, for instance, allows you to track the types of projects that DIYers are working on when they purchase tools and accessories. Knowing the types of projects that your customers are working on allows you to provide additional sales and opportunities to upsell. It helps you anticipate the needs of your customers, so that you always have the appropriate products on the market.
You can also utilize transaction data to spot trends in the market and adapt production cycles accordingly. For instance, you could utilize this information to track fluctuations in your brand's or retail partner market shares and help you align your product strategies with consumer preferences. POS data can also be used to improve inventory levels, which reduces the chance of overstocking. It is also used to evaluate the effectiveness of promotional campaigns.
Tip 6 Tip 6: Be a good neighbor
Power tools is a profitable complex market that requires substantial sales and marketing efforts to stay competitive. The classic ways to gain an advantage in this field have been by positioning or pricing products. However, these methods are no longer effective in the omnichannel world of today where information is distributed rapidly.
Retailers who make a point of providing a high-quality service are more likely to keep customers coming back and build brand loyalty. Mike Karch, the president of Nue's Hardware and Tools, in Menomonee falls, Wisconsin, runs a 12,000 square-foot power tool department. His initial department featured a variety of brands. However when he talked to contractors, he realized that they were loyal to their preferred brand.
Karch and his team ask their customers what they plan to accomplish using a tool before presenting them with the options. This gives them the confidence to recommend the appropriate tool for the job, and it increases trust with their customers. Customers who are familiar with their product are less likely than others to blame the store for a malfunction of a tool on the job.
Tip 7: Be a customer service guru
Power tool retailers face an extremely competitive market. The retailers that have had success in this category tend to make a strong commitment to a particular brand rather than simply carrying a few manufacturers. The amount of space that a retailer needs to devote to this category can also play a role in how many brands it can carry.
When power tools online come in to purchase a power tool they may need assistance selecting the right product. Sales associates can provide professional advice to customers who are seeking to replace a damaged tool or undertaking an upgrade project.
Mike Karch, the president of Nue's Hardware and Tools, in Menomonee falls, Wisconsin, said that the staff at his store is educated to ask questions that could lead to a sale. He says they start by asking the customer what they intend to use the product. "That's the best way to determine the type of tool you need," he says. Then, they inquire about the project and what level of experience the client has with different kinds of projects.
Tip 8: Be sure to mention your warranty
The warranty policies of the manufacturers of power tools are very different. Certain manufacturers offer a full warranty, while others are more limited or do not cover certain tools. It is crucial for retailers to know the differences prior to buying, since customers will buy tools from companies that offer warranties.
Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin, has a 12,000 square-foot power tools department as well as an repair shop within the premises that can handle 50 models of tools. He has learned through the years that a majority of his contractor customers are loyal to their brands, which is why the company prefers to stick to the most popular brands rather than attempting to offer a wide range of products.
He also likes the fact that his employees have the opportunity to get one-on-one time with vendors to discuss new products and share feedback. This kind of interaction is essential as it helps establish trust between the store and its customers. Good relationships with suppliers could even lead to discounts for future purchases.