Power Tool Sales and Marketing Strategies for B2B Retailers
Power tools are an essential for both consumer and professional use. Despite an expected slowdown in 2021 due to the COVID-19 pandemic, demand remains near or at pre-pandemic levels.
Home Depot is the leader in the sales of power tools by dollar share. Lowe's follows closely behind. Both are however being pushed by China-made power tools.
Tip 1: Make an Efficacious Brand Commitment
Many manufacturers of industrial products place a higher priority on sales over marketing. This is due to the fact that the long-term sales process requires a lot back-and-forth communication as well as a detailed understanding of the product. This kind of communication isn't ideal for marketing that is based on emotion.
However, industrial tools manufacturing companies should consider rethinking their approach to marketing. The digital age has accelerated past traditional manufacturers who rely on a few retailers and distributors to sell their products.
Brand commitment is an important factor in power tool sales. When a customer is adamant about a particular brand and brand, they are less responsive to competitor's messages. Moreover, they are more likely to purchase the product of the client repeatedly and recommend it to others.
You require a well-planned strategy to make an impact on the American market. This means adapting your cheapest Tools online to meet local requirements and positioning your brand in a competitive way, and leveraging marketing channels and distribution channels. It is also essential to cooperate with local authorities as well as industry associations and experts. By doing so, you can be confident that your power tools comply with the country's regulations and standards.
Tip 2: Be aware of Your Products
Retailers should be familiar with the products they are selling especially in a marketplace which places a great value on the quality of the product. This will help them make informed choices about the products they offer. This knowledge can make the difference between making a good or a bad purchase.
Knowing that a certain tool is perfect for a 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. It will also give you confidence that you're providing the complete solution.
Also, knowing the latest trends in DIY culture can help you comprehend what your customers want. For example, a growing number of homeowners are taking on home renovation projects that require power tools. This can result in a spike in the sale of these tools.
According to DurableIQ, DeWalt is the leader in power tool sales with 16%. However, Ryobi and Craftsman have decreased their share year-over-year. However the fact that sales on both stores and online are increasing.
Tip 3: Offer Full-Service Repair
The majority of consumers purchase power tools to replace an old one or tackle an upcoming project. Both offer opportunities for upsells and additional sales.
According to the Home Improvement Research Institute (HIRI) 2020 Tracking Study of Power Tools and Accessories 35 percent of all purchases of best power tool tools are the result of planned replacements. These customers often require additional accessories or may need to upgrade to higher performing models.
If your customer is an experienced DIYer or new to the hobby, they'll likely need to replace their carbon brushes for power tools as well as drive belts and power cords as time goes by. These basic items will ensure that your customer gets 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 aspects allow technicians to make informed choices when selecting the right tools for their maintenance and repair tasks. This will help them improve the performance of their cheap tools online and reduce the cost of ownership.
Tip 4: Continue to Keep Up With Technology
For instance, the latest power tools offer advanced technology that enhances users' experience and differentiates them from competitors that still depend on old-fashioned battery technology. B2B wholesalers that stock and sell these devices can increase sales by targeting professionals and contractors who are technologically advanced.
For Karch, whose 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 design of their products," Karch says. "They were able to hold their designs for five or 10 years, but now they change their designs every year."
B2B wholesalers must not only adopt the latest technology, but also upgrade their existing models. For instance, by incorporating adjustable handles and lightweight materials, they can help reduce the strain caused by long use. These features are crucial for a lot of professional contractors who need to make use of the tools for long durations. The power tool industry is split into professional and consumer groups. This means that the biggest players are constantly working to improve their designs and create new features to appeal to a wider market.
Tip 5: Create a point of Sale
The online marketplace has transformed the market for power tools. Data collection techniques have been improved allowing business professionals to get a better understanding of the market. This allows them to create more effective inventory and marketing strategies.
Point of sale (POS) information can, for example, allow you to keep track of the types of projects that DIYers are working on when purchasing power tools and accessories. Knowing what projects your customers are working on allows you to upsell and offer add-ons. It also helps you to anticipate the needs of your customers, ensuring that you have the right products in stock.
Moreover, transaction data enables you to identify market trends and adjust your production cycles accordingly. For instance, you can utilize this information to track fluctuations in your brand's or the market share of your retail partners, enabling you to adapt your product strategies to consumer preferences. In the same way, you can utilize POS data to improve inventory levels and reduce the risk of stocking up. It can also assist you to assess the effectiveness of promotional campaigns.
Tip 6 Tip 6: Be a good neighbor
Power tools are a complex, high-profit market that requires a substantial amount marketing and sales effort to remain in the game. In the past, gaining a competitive advantage in this market was achieved by pricing or positioning products. However, these strategies are no longer effective in today's omnichannel environment where information is easily communicated.
Retailers that focus on customer service are more likely to retain customers 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. At first, the department offered a sampling of brands, but when he listened to contractor customers and found that the majority were loyal to a particular brand.
Karch and his staff ask their customers what they plan to do with a tool before presenting them with the options. This gives them the confidence to recommend the appropriate tool for the job and also increases trust with their customers. Customers who are familiar with their product are less likely to blame the store for a failure of a device on the job.
Tip 7: Create a Point of Customer Service
Power tool retailers face a fiercely competitive market. The retailers that are successful in this market tend to be more committed to a specific brand rather than to carry a variety of brands. The amount of space that a retailer can devote to a category may also influence how many brands they are able to carry.
When customers go in to purchase a best power tools deals tool and require assistance, they usually need help choosing a product. Whether they are replacing an old model that is broken or tackling a renovation project clients require expert guidance from sales associates.
Mike Karch, the president of Nue's Hardware and Tools, located in Menomonee Falls, Wisconsin, said that his store's staff is trained to ask questions that will lead to an offer. They begin by asking questions about what the customer is planning to do with the tool, he adds. "That's the most important factor to consider when deciding what kind of tool to market them," he adds. The next step is to inquire about the project and what kind of experience the customer has with different kinds of projects.
Tip 8: Be sure to make mention of your warranty
Power tool manufacturers vary greatly in their warranty policies. Some companies offer a complete warranty, whereas others offer more limited warranties or refuse to cover certain tools. It's important for retailers to understand the differences prior to purchasing, as customers will buy power tools online 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 discovered that a lot of his contractor clients are loyal to a particular brand. So, he chooses to carry a limited number of brands rather than carry a variety of products.
He also likes the fact that his employees have one-on-one meetings with vendors to discuss new products and share feedback. This personal contact is important as it helps build trust between the retailer and customers. Good relationships with suppliers can even lead to discounts for future purchases.