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Power Tool Sales and Marketing Strategies for B2B Retailers Power tools are essential for both consumer and professional use. The demand for power tools is at or near pre-pandemic levels despite a slowdown due to the COVID-19 epidemic that will hit in 2021. In terms of dollar share, Home Depot leads all outlets in power tool sales. Lowe's is close behind. Both are competing with power tools manufactured in China. Tip 1: Create a Brand Commitment Many manufacturers of industrial products put an emphasis on sales and marketing. This is because a long-term sales requires a lot of back-and-forth communication and in-depth knowledge of the product. This kind of communication doesn't allow for emotional consumer marketing techniques. However, companies that make industrial tools should rethink their marketing strategy. The digital world has raced past traditional manufacturers who rely on a small circle of retailers and distributors to sell their products. The key to power tool sales is brand loyalty. If a customer is committed to a brand they are less sensitive to communications from competitors. They are also more likely to purchase the product of the customer again and to recommend them to others. You require a well-planned strategy to make an impact on the American market. This means adjusting your tools to meet the local requirements and positioning your brand in a competitive manner, and leveraging distribution channels and marketing platforms. It is also important to work with local authorities as well as industry associations and experts. You can be sure that your power tool will meet the standards and regulations of the country when you do this. Tip 2: Know Your Products In a marketplace where product quality is important, retailers must be aware of the products they offer. This will allow them to make informed choices about the products they are selling. This information can make the difference between a good sale and a poor one. Knowing which tool is ideal for a project will assist you in matching the perfect tool to the requirements of your customer. This will aid in building trust and loyalty with your customers. This will ensure that you're providing the complete service. Additionally, understanding the trends in DIY culture can help you better understand what your customers want. For instance, a rising number of homeowners are taking on home improvement projects that require the use of power tools. This can result in a surge in sales of power tools. According to Durable IQ, DeWalt leads in power tool unit share at 16%, although Ryobi and Craftsman brands have seen their share drop year-over-year. However, both online and in-store purchases are on the rise. Tip 3: Offer Full-Service Repair Most consumers purchase power tools to replace a broken one or to tackle a new project. Both offer opportunities for upsells and additional sales. According to powertools online (HIRI) 2020 Tracking Study of Power Tools and Accessories, 35 percent of all purchases of power tools are the result of planned replacements. These customers often require additional accessories, or require an upgrade to better performance models. If your customer is experienced in DIY or is new to the hobby, they will have to replace the carbon brushes, drive cords and power cords of their tools as time passes. Keeping up with these essentials will help your customer make the most of their investment. Technicians consider three key items when purchasing power tools the application, the way it will be operated and safety. These factors aid technicians in making informed decisions about the best tools to use for their maintenance and repairs. This will help them optimize the efficiency of their tools as well as lower the cost of ownership. Tip 4: Keep up-to-date with the latest technologies. For instance, the latest power tools feature smart technology that improves users' experience and differentiates them from other brands that still depend on old-fashioned battery technology. Wholesalers of B2B that carry and sell these devices can increase sales by focusing on tech-forward contractors and professionals. For Karch who's business has more than three years of experience and a 12,000-square-foot tool department, staying current with new technologies is essential. He states that manufacturers are constantly changing their product designs. “They used to hold their designs for 5 or 10 years but now they alter their designs every year.” B2B wholesalers need to not only embrace the latest technologies but also improve existing models. For instance, by adding adjustable handles and lightweight materials, they can 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 durations. The power tools industry is divided into professional and consumer groups, which means that major players are always working on improving their designs and introducing new features to reach a wider audience. Tip 5: Create a point of Sales The ecommerce landscape has changed the power tool market. Advancements in data collection methods have allowed business professionals to gain an entire overview of market trends which allows them to design inventory and marketing strategies more efficiently. By utilizing information from the point of sale (POS) using data from the point of sale (POS), you can track DIY projects your customers are completing when purchasing power tools and other accessories. Knowing what projects your customers are working on permits you to upsell and offer extras. It helps you anticipate your customers' needs to ensure that you have the appropriate products on the market. You can also utilize transaction data to identify trends in the market and adjust production cycles in line with these trends. For instance, you can make use of this information to track fluctuations in your brand and market share of retail partners and help you align your product strategies with consumer preferences. POS data can also be used to optimize inventory levels, reducing the risk of stocking up. It can also assist you to assess the effectiveness of promotions. Tip 6: Establish an Point of Service Power tools are a tangled market that is high-profit and requires a substantial amount marketing and sales efforts to remain competitive. In the past, gaining an advantage in this market was accomplished by establishing prices or positioning of products. But these methods are not as effective in the current multichannel environment, where information is easily available to be shared. Retailers who are committed to providing a high level of service are better able to retain customers and develop brand loyalty. Mike Karch, the president of Nue's Hardware and Tools, located in Menomonee Falls, Wisconsin, runs a 12,000 square foot power tool section. Initially, his department featured several brands, but as he listened to customers who were contractors and found that the majority were brand loyal. To win their customers' business, Karch and his team first ask their customers what they would like to accomplish using the tool, before showing them what they have available. This gives them the confidence to recommend the best tool for the job and builds trust with the customer. Customers who know their product well are less likely to blame their vendor for a tool malfunction during the course of work. Tip 7: Be a customer service guru Power tool retailers are facing a fiercely competitive market. Those who have seen the most success in this market tend to have a strong commitment to a brand rather than merely carrying a few manufacturers. The amount of space retailers can dedicate to a specific category could influence how many brands they are able to carry. Customers usually require assistance when they visit to purchase a power tool. If they're replacing an old tool damaged or undertaking a renovation project, customers need expert guidance from sales associates. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin, says his store's sales associates are trained to ask the right questions to make the sale. They begin by asking the buyer what they intend to do with the item. “That'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 the level of experience the client has with different types of projects. Tip 8: Be sure to mention your warranty The makers of power tools vary widely in their warranty policies. Some are fully comprehensive, while others are stingy, or refuse to cover certain aspects of the tools at all. Before buying a product, it is essential that retailers understand the distinctions. Customers will only purchase tools from companies that will provide a warranty. Mike Karch is the president of Nue's Hardware and Tools, located in Menomonee, Wisconsin. He has a 12,000 square-foot power tool department and repair shop on site that repairs 50 different types of tools. He has observed that many of his clients are loyal to their brands. Therefore, he prefers to carry only a few brands rather than carry samples of different products. He also likes the fact that his employees meet with vendors one-on-one to discuss new products and provide feedback. This type of personal interaction is essential because it helps build trust between the store's clients and employees. Building strong relationships with suppliers may lead to discounts on future purchases.