Power Tool Sales and Marketing Strategies for B2B Retailers
Power tools are a staple for both professional and personal use. Despite an expected slowdown in 2021 due to the COVID-19 pandemic, demand remains near or at levels prior to the pandemic.
Home Depot is the leader in the sales of power tools by dollar share. Lowe's isn't far behind. Both are competing against power tools manufactured in China.
Tip 1: Be committed to a brand
A lot of manufacturers of industrial products place emphasis on sales over marketing. This is because a long-term purchase requires a lot back-and forth communication and detailed product knowledge. This kind of communication does not permit emotional marketing techniques.
Nevertheless, industrial tools manufacturing companies should consider rethinking their marketing strategy. The digital age has outpaced traditional manufacturers who depend on a few retailers and distributors for sales.
Brand commitment is a key aspect in the sales of power tools. If a client is committed to a brand they are less sensitive to communications from competitors. Additionally they are more likely to purchase the client's product repeatedly and recommend it to others.
To have a positive impact to be successful in the United States market, you must develop a well-planned strategy. This includes adapting your tools to meet the local requirements, positioning your brand in a strategic way, and leveraging distribution channels and marketing platforms. It is also essential to collaborate with local authorities and industry associations as well as experts. By doing so buy power tools online uk can be sure that your power tools be in compliance with the regulations of the country and standards.
Tip 2: Be aware of Your Products
In a market where quality of the product is so important, retailers must be aware of the products they sell. This will allow them to make informed choices about the products they offer. This information can make the difference between a successful sale and a bad one.
For instance, knowing that a tool is ideal for specific projects will allow you to match your customer with the right tool to meet their needs. You will build trust and a sense of loyalty among your customers. This will ensure that you are offering the complete service.
Additionally, understanding the trends in DIY culture can help you better know what your customers are looking for. For instance, a rising number of homeowners are undertaking home renovation projects that require power tools. This can lead to a spike in the sale of these tools.
According to DurableIQ, DeWalt is the leader in power tool units with 16 percent. However, Ryobi and Craftsman have seen their shares decrease year-overyear. Despite this the fact that both in-store and online purchases are on the rise.
Tip 3: Offer Full-Service Repair
The most common reason that a buyer makes a tool purchase is to replace one that is been damaged or broken, or to embark on a new project. Both of these can be used to increase sales 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 resulted from an anticipated replacement. Customers often require additional accessories or may require upgrading to better performing models.
Your customer may have experience in DIY or is just beginning the hobby, they will have to replace the carbon brushes, drive cords and power cords of their power tools over time. Making sure they are up to date with these essentials will help your customer get the most out of their investment.
When purchasing power tools, technicians take into consideration three aspects: the tool's application, the power source and safety. These aspects allow technicians to make informed choices when it comes to selecting the right tools for their maintenance and repair tasks. This helps them improve the efficiency of their tools as well as lower the cost of ownership.
Tip 4: Keep Keeping Up with Technology
For instance, the most recent power tools offer advanced technology that enhances users' experience and differentiates them from other tools that depend on old-fashioned battery technology. B2B wholesalers who stock and sell these tools could increase sales by focusing on tech savvy contractors and professionals.
Karch's company, which has more than 30 years of experience, and a 12,000 square feet department for tools, is a testament to the importance of keeping current with the latest technologies. He says that manufacturers are constantly changing their designs for their products. "They were able to hold their designs for five or ten years, but now they alter them each year."
In addition to embracing the most recent technologies, B2B wholesalers should also focus on improving existing models. For instance, by adding adjustable handles and lightweight materials, they can help reduce the fatigue that comes from prolonged use. These features are crucial for a lot of professional contractors who need to utilize the tools for lengthy periods of time. The market for power tools is divided into consumer and professional groups and this means that the biggest players are always working on improving their designs and developing new features to appeal to an even larger audience.
Tip 5: Create a Point of Sales
The ecommerce landscape has changed the market for power tools. Data collection techniques have been improved and business professionals can get 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 accessories. Knowing the kinds of projects your customers are undertaking enables you to provide additional sales and opportunities to upsell. It also allows you to anticipate the requirements of your clients, ensuring that you have the right products on hand.
You can also use transaction data to determine trends in the market, and then adjust production cycles accordingly. For instance, you could use this data to monitor changes in your brand's and retail partner market shares and help you align your product strategies with consumer preferences. Similarly, you can use POS data to improve inventory levels and reduce the risk of overstocking. It can also help you to assess the effectiveness of promotions.
Tip 6: Be a good neighbor
Power tools is a lucrative complex market that requires substantial sales and marketing efforts to stay competitive. The most common methods of gaining an advantage in this field were through pricing or product positioning--but these methods are no longer effective in today's omnichannel marketplace where information is shared in such a rapid manner.
Retailers who concentrate on 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, operates a 12,000-square-foot power tool department. Initially, his department featured various brands, but as he began listening to contractor customers, he discovered that the majority were brand loyal.
Karch and his staff ask their customers what they intend to accomplish using a tool before presenting them with the alternatives. This gives them the confidence to recommend the best tool for the job, and builds trust with the customer. Customers who are familiar with their product well are less likely to blame their retailer for a tool malfunction during the course of work.
Tip 7: Become a customer service guru
Power tool retailers are in an extremely competitive market. People who succeed in this category tends to be more devoted to a single brand than to carry a variety of brands. The amount of space a retailer must dedicate to this category could also affect how many brands it can carry.
Customers frequently require assistance when they go in to buy a power tool. Whether they are replacing an old tool that is broken or tackling the task of renovating Customers need guidance from sales associates.
Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin, says his sales associates at the store are educated to ask the right questions to make an offer. They begin by asking the customer about what they plan to use the product. "That's the way to decide what kind of tool they need," he says. Then, they inquire about the project and what kind of experience the customer has with different types of projects.
Tip 8: Make sure to mention your warranty
The makers of power tools vary widely in their warranty policies. Some are fully comprehensive, while some are stingy or even refuse to cover certain parts of the equipment. It is crucial for retailers to know the differences prior to buying, since customers will purchase tools from companies that back them up.
Mike Karch is the president of Nue's Hardware and Tools, located in Menomonee, Wisconsin. He has an 12,000 square foot power tool shop and a repair shop on site that repairs 50 different lines of tools. He has learned over time that a lot of his contractor customers are loyal to a particular brand, so he focuses on a limited number of brands rather than attempting to offer a variety of products.
He also appreciates that his employees have one-on-one meetings with vendors to discuss new products and share feedback. This type of personal interaction is crucial because it helps build trust between the store and its customers. Building strong relationships with suppliers could result in discounts on future purchases.