Power Tool Sales and Marketing Strategies for B2B Retailers
Power tools are vital for both consumers and professionals. The demand for power tools remains 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 sales of power tools. Lowe's isn't far behind. Both are competing with power tools made in China.
Tip 1: Make an Efficacious Brand Commitment
Many manufacturers of industrial products place an emphasis on sales than marketing. This is due to the fact that the long-term sales process requires a lot of back-and-forth communication and a thorough understanding of the product. This kind of communication doesn't allow for emotional consumer marketing tactics.
However, industrial tools manufacturing companies must rethink their marketing strategy. The digital world has surpassed traditional manufacturers who depend on a small group of retailers and distributors for sales.
Brand loyalty is a major element in the sale of power tools. When a customer is committed to a certain brand they are less receptive to competitors' communications. Additionally they are more likely to buy the client's product repeatedly and recommend it to others.
You require a well-planned strategy to have an impact on the US 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. Collaboration with local authorities as well as associations and experts is also essential. You can be certain that your power tool will be in compliance with the standards and regulations of the country when you do this.
Tip 2: Know Your Products
In a marketplace where quality of the product is so important, retailers must be aware of the products they sell. This will allow them to make informed decisions about what they are selling. This knowledge could make the difference between making a good or bad sale.
For instance knowing which tool is ideal for specific projects can help you connect your customer with the right tool to meet their needs. This will help you build trust and loyalty with your customers. It will also give you confidence that you're offering a complete solution.
Understanding DIY culture trends can help you better understand your customers' requirements. For instance, a rising number of homeowners are tackling home improvement projects which require power tools. This can lead to an increase in sales of these tools.
According to Durable IQ, DeWalt leads in power tool share of 16%, however Ryobi and Craftsman brands have seen their share decrease year-over-year. Despite this sales in stores and online are increasing.
Tip 3: Offer Full-Service Repair
The most common reason a consumer makes a power tool purchase is to replace one that is broken down or to take on an entirely new project. 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 resulted from a planned replacement. These customers may require additional accessories, or upgrade to a higher-performing model.
No matter if your customer is a seasoned DIYer or new to the hobby, they'll require replacing their carbon brushes for power tools as well as drive belts and power cords as time goes by. Being on top of these important items will allow your customer to get the most out of their investment.
Technicians must consider three important aspects when purchasing power tools applications, how it will be used and safety. These aspects help technicians make informed choices when selecting the right tools for maintenance and repair tasks. This will help them maximize the efficiency of their tools as well as reduce the cost of ownership.
Tip 4: Keep current with the latest technology
For instance, the most recent battery tools have smart technology that improves users' 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 boost sales by targeting professional and tech-savvy contractors.
For Karch who's business has more than three years of experience and a 2,000-square-foot tool department, keeping up with the latest technologies is crucial. "Manufactures are constantly adjusting the design of their products" he says. "They used to hold their designs for five or ten years, but now they're changing them every year."
B2B wholesalers should not just adopt the latest technology, but also enhance their existing models. By incorporating Power Tools Online , wholesalers can decrease fatigue from long-term use. These features are crucial for many professional contractors who use the tools over a long period of time. The market for power tools is divided into professional and consumer groups and this means that the biggest players are always working on improving their designs and developing new features that will appeal to an even larger audience.
Tip 5: Create a Point of Sale
The ecommerce landscape has changed the power tool market. The advancements in data collection techniques have allowed business professionals to gain an overall perspective of market trends and help them develop strategies for inventory and marketing more effectively.
By utilizing information from the point of sale (POS) You can track DIY projects your customers complete when purchasing power tools and accessories. Knowing what projects your customers are working on enables you to offer upsells and extras. It allows you to anticipate the needs of your customers to ensure that you have the right products on hand.
Moreover, transaction data enables you to spot trends in the market and adjust production cycles in line with. You could, for instance, use this data to monitor changes in your retail partners' and your brand's' market shares. This will allow you to align your strategy for product with consumer preferences. Additionally, you can make use of POS data to improve inventory levels and reduce the risk of stocking up. It can also help you to assess the effectiveness of promotional campaigns.
Tip 6: Create an Point of Service
Power tools is a high-profit, complex market that requires significant sales and marketing efforts to remain competitive. In the past, getting a competitive advantage in this market was accomplished by establishing prices or positioning of products. But these methods are no longer effective in today's world of omnichannels where information is easily communicated.
Retailers that focus on customer 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. His initial department featured various brands. However when he spoke to contractors, he discovered that they were loyal to their favorite brand.
Karch and his team ask their customers what they plan to accomplish using a tool prior to showing them the alternatives. This gives them the confidence to recommend the appropriate tool for the job, and it builds trust with customers. Customers who know their product well are less likely to blame their vendor for a tool failure on the job.
Tip 7: Make a Point of Customer Service
The market for power tools has become a highly competitive market for hardware retailers. People who succeed in this category tends to be more committed to a single brand rather than to carry a variety of manufacturers. The amount of space a retailer must devote to this category can also affect the amount of brands it is able to carry.
Customers usually require assistance when they come in to purchase a power tool. When they're replacing an old model that is broken or tackling the task of renovating Customers need advice from sales representatives.
Mike Karch, the president of Nue's Hardware and Tools, located in Menomonee Falls, Wisconsin, said that the staff at his store is trained to ask questions that will result in an offer. They start by asking what the buyer is planning to use the tool according to him. "That's the most important factor to consider when deciding the kind of tool to offer them," he adds. Then they ask about the customer's experience with different types projects and the project.
Tip 8: Be sure to mention your warranty
The warranties of the manufacturers of power tools differ greatly. Certain manufacturers offer a full warranty, whereas others offer a limited warranty or do not offer warranties for certain tools. Before purchasing a tool, it is essential that retailers understand the differences. Customers will only buy tools from companies that will guarantee their products.
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 as well as an on-site repair shop that repairs 50 different brands of tools. He has observed that many of his contractor clients are loyal to their brands. Therefore, he prefers to carry only a few brands instead of trying to carry a variety of products.
He also likes the fact that his employees have the opportunity to meet with vendors one-on-one to discuss new products and share feedback. This personal contact is crucial because it helps build trust between the store's customers and employees. Good relationships with suppliers may even lead to discounts for future purchases.