Power Tool Sales and Marketing Strategies for B2B Retailers
Power tools are an essential for both consumer and professional use. Despite a slowdown in 2021 due to the COVID-19 virus, demand remains close to or at levels prior to the pandemic.
In terms of outlet dollar share, Home Depot leads all outlets in sales of power tools. Lowe's follows closely behind. Both are however facing stiff competition from China-manufactured power tools.
Tip 1: Be committed to a brand
Many manufacturers of industrial products prioritize sales over marketing. This is because a long-term sales 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.
But, companies that produce industrial tools should rethink their marketing strategy. The digital age has raced past traditional companies that rely on a few distributors and retailers for sales.
The key to power tool sales is brand commitment. If a client is loyal to a particular brand they are less sensitive to communications from competitors. They are also more likely to buy the products of the brand they are loyal to and to recommend them to others.
To have a positive impact in the United States market, you must have a well-planned strategy. This includes adapting your tools to meet local needs, positioning your brand in a strategic way, and making use of marketing channels and distribution channels. Collaboration with local authorities, associations and experts is also essential. By doing so you can ensure that the power tools you purchase conform to the laws of the country and standards.
Tip 2: Be aware of Your Products
In a marketplace where product quality is important, retailers should know the products they offer. This will enable them to make informed decisions about the products they can offer their customers. This information can make the difference between a successful sale and a bad one.
Knowing which tool is perfect for a particular 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. This will ensure that you're providing the complete service.
Understanding DIY culture trends can help you better understand your customers' requirements. As an example increasing numbers of homeowners are completing home renovation projects requiring the use of power tool. This can result in a surge in the sales of power tools.
According to DurableIQ, DeWalt is the leader in power tool units with 16%. However, Ryobi and Craftsman have decreased their share year-over-year. Despite this, both online and in-store purchases are on the rise.
Tip 3: Offer Full-Service Repair
The majority of consumers purchase power tools to repair an old one or tackle the new project. Both provide the possibility of upselling or adding on sales.
According to the Home Improvement Research Institute's (HIRI) 2020 Power Tools and Accessories Product Purchase Tracking Study 35 percent of power tool purchases resulted from a planned replacement. Customers often require additional accessories or may require an upgrade to better performance models.
Whether your customer has experience in DIY or is new to the hobby, they will need to replace the carbon brushes, drive cords, and the power cords on their power tools as time passes. These items will ensure your client gets the most from their investment.
When purchasing power tools, technicians look at three factors: the application, the power source and safety. These factors allow technicians to make informed decisions when choosing the right tools for repair and maintenance work. This enables them to maximize the effectiveness of their tool and reduce the cost of owning it.
Tip 4: Keep Keeping Up with Technology
For instance, the most recent power tools offer advanced technology that enhances users' experience and sets them apart from other brands that still rely on old battery technology. Wholesalers in B2B who carry and sell these devices can increase sales by targeting professionals and contractors who are tech-savvy.
For Karch who's business has more than three years of experience and a 12,000-square-foot department for tools, staying up with the latest technologies is crucial. "Manufactures are constantly changing the look of their products" Karch says. "They used to hold their designs for five or 10 years, but now they alter their designs every year."
In addition to embracing the modern technologies, B2B wholesalers should also concentrate on improving their existing models. By incorporating lightweight materials and adjustable handles, wholesalers can reduce fatigue caused by prolonged use. These features are essential for a large number of professional contractors who need to utilize the tools for lengthy periods of time. The power tools industry is divided into professional and consumer groups and this means that the biggest players are constantly improving their designs and introducing new features to appeal to an even larger audience.
Tip 5: Make a Point of Sales
The online marketplace has changed the market for power tools. Modern methods for data collection have allowed business professionals to gain an overall view of market trends which allows them to design marketing and inventory strategies more effectively.
By utilizing power tools store near me 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 the kinds of projects that your customers are working on allows you to offer additional sales and upsell opportunities. It helps you anticipate your customers' needs to ensure that you have the right products in 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 fluctuations of your brand's and retail partners market share. This allows you to align your product strategies with consumer preferences. In the same way, you can utilize POS data to improve levels of inventory and decrease the risk of stocking up. It can also be used to determine the effectiveness of promotions.
Tip 6: Make a Point of Service
Power tools are a complicated, high-profit market that requires a significant amount of marketing and sales efforts to remain in the game. In the past, getting a competitive 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 make a point of providing excellent 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 has a 12,000 square-foot department for power tools. In the beginning, his store featured various brands, but as he began listening to customers who were contractors, he learned that most were brand loyal.
Karch and his team ask their customers what they would like to do with the tool prior to showing them the alternatives. This gives them the confidence to recommend the most effective tool for the job, and builds trust with the customer. Customers who are familiar with their product are less likely than others to blame the retailer for a failure of a tool for the job.
Tip 7: Create a point of customer service
Power tool retailers are facing an extremely competitive market. Those who are successful in this market tend to be more devoted to a specific brand rather than to carry a variety of manufacturers. The amount of space a retailer must devote to the category may be a factor in the amount of brands it is able to carry.
Customers often need assistance when they come in to purchase a power device. Sales associates can provide professional advice to customers who are seeking to replace a damaged tool or are planning a renovation project.
Mike Karch, the president of Nue's Hardware and Tools, in Menomonee falls, Wisconsin, said that the staff at his store is trained to ask questions that will lead to an offer. They begin by asking what the customer is planning to do with the tool according to him. " power tools store near me 's the way to decide what kind of tool they require," he says. The next step is to inquire about the project and the level of experience they have with different kinds of projects.
Tip 8: Make an End of Warranty
The manufacturers of power tools differ greatly in their warranty policies. Some are completely comprehensive, while some are stingy, or refuse to cover certain parts of the tool at all. Before purchasing a tool, it is crucial that the retailer understands the distinctions. Customers will only buy 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 as well as repair shop on site that repairs 50 different lines of tools. He has discovered that a lot of his contractors are brand loyal. Therefore, he prefers to carry only a few brands rather than carry samples of different products.
He also likes that his employees can get one-on-one time with vendors to discuss new products and give feedback. This kind of interaction is essential as it helps establish trust between the store and its customers. Building strong relationships with suppliers could lead to discounts on future purchases.