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Power Tool Sales and Marketing Strategies for B2B Retailers Power tools are a staple for both professional and personal use. Despite power tools sale uk that 2021 will see a slowdown due to the COVID-19 pandemic demand remains near or at pre-pandemic levels. Home Depot is the leader in power tool sales by dollar share. Lowe's is not far behind. But both companies are confronting stiff competition from Chinese-made power tools. Tip 1: Commit to a brand Many manufacturers of industrial products put an emphasis on sales over marketing. This is due to the fact that the long-term sales process requires a lot back-and-forth communication and a thorough understanding of the product. This kind of communication isn't suitable for emotional marketing strategies. But, companies that produce industrial equipment should reconsider their marketing strategy. The digital age has accelerated over traditional manufacturers who depend on a few retailers and distributors to sell their products. A key to power tool sales is brand loyalty. When a buyer is adamant about a particular brand they are less receptive to competitors' communications. Moreover they are more likely to buy the item of the customer again and recommend it to others. You need a well-planned plan to have an impact on the American market. This means adjusting your tools to meet local requirements, positioning your brand in a strategic manner, and leveraging distribution channels and marketing platforms. Collaboration with local authorities as well as associations and experts is also crucial. You can be certain that your power tool will be in compliance with the requirements and standards of the country when you do this. Tip 2: Be aware of Your Products Retailers should be familiar with the products they sell, especially in a market that places such a high value on the quality of the product. This will enable them to make informed choices about the products they offer their customers. This knowledge could also be the difference between a successful sale and a bad one. Knowing that a certain tool is ideal for a project will assist you in matching the perfect tool to the needs of your customer. This will help you build trust and loyalty with your customers. This will give you confidence that you are offering an entire service. In addition, understanding the trends in DIY culture will help you know what your customers are looking for. For instance, more homeowners are undertaking home renovations that require the use of power tool. This could lead to an increase in sales of these tools. According to DurableIQ, DeWalt is the leader in power tool sales with 16%. 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 frequent reason why that a buyer makes a purchase is to replace one that is failed or to embark on the task of a new one. Both offer opportunities for upsells and additional sales. According to the Home Improvement Research Institute's (HIRI) 2020 Power Tools and Accessories Product Purchase Tracking Study, 35 percent of purchases for power tools were the result of an anticipated replacement. These customers typically require additional accessories or require an upgrade to better quality models. Whether your customer is a seasoned DIYer or new to the hobby, they will likely require replacement of their power tools' carbon brushes 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 value from their investment. Technicians must consider three important aspects when buying power tools the application, the way it will be powered and safety. These factors aid technicians in making educated decisions about the most suitable tools to use for their maintenance and repairs. This enables them to maximize the performance of their tool and reduce the cost of owning it. Tip 4: Stay current with the latest technology For instance, the most recent power tools offer advanced technology that enhances users' experience and differentiates them from other tools that rely on older battery technology. Wholesalers in B2B who carry and sell these tools could increase sales by targeting professional and tech-savvy contractors. Karch's company, which has more than 30 years of experience and a 12,000 square foot department for tools, is a testament to the importance of keeping up-to-date with the latest technology. “Manufactures are constantly changing the design of their products,” he says. “They used to keep their designs for five or ten years, but they're now changing them each year.” B2B wholesalers need to not only take advantage of the latest technologies, but also upgrade their existing models. For instance, by adding adjustable handles and lightweight materials, they can help reduce the strain caused by long use. These features are essential for a lot of professional contractors who need to make use of the tools for long periods of time. The market for power tools is divided into professional and consumer groups. This means that the biggest players are always working to improve their designs and develop new features in order to reach a wider audience. Tip 5: Create a point of Sale The e-commerce landscape 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 helps them develop more efficient inventory and marketing strategies. Utilizing information from the point of sale (POS) You can track DIY projects your customers are completing when purchasing power tools and other accessories. Knowing the type of projects that your customers are undertaking enables you to offer additional sales and opportunities to upsell. It also helps you to anticipate the requirements of your clients making sure you have the appropriate products in stock. Moreover, transaction data enables you to detect trends in the market and adjust your production cycles accordingly. For instance, you can utilize this information to track changes in your brand's and the market share of your retail partners, enabling you to align your product strategies with consumer preferences. Additionally, you can make use of POS data to optimize inventory levels and reduce the risk of overstocking. It can also help you to evaluate the effectiveness of promotional campaigns. Tip 6: Make an Point of Service Power tools are a complicated, high-profit market that requires a substantial amount of marketing and sales effort to remain competitive. In the past an advantage in this market was accomplished by pricing or positioning products. But these methods are no longer effective in today's multichannel environment, where information is readily available to be shared. Retailers that focus on customer service are more likely to keep customers and build 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. In the beginning, his store featured a sampling of brands, but when he listened to the customers of contractors and found that the majority were brand loyal. To be successful in their customers' business, Karch and his team first ask their customers what they would like to accomplish with the tool, then show them what they have available. This gives them the confidence to recommend the right tool for a job, and also builds trust with customers. Customers who are familiar with their product are less likely than others to blame the store for a malfunction of a tool for the job. Tip 7: Be a master of customer service The market for power tools has become a highly competitive category for hardware retailers. Those who are successful in this area tend to be more devoted to a single brand rather than to carry a variety of brands. The size of the space a retailer has to devote to the category may also play a role in how many brands it can carry. When customers go in to purchase an electric tool, they often need help selecting the right product. Sales associates can provide the best advice to customers who are looking to replace a broken tool or are planning a renovation project. Mike Karch, the president of Nue's Hardware and Tools, located in Menomonee Falls, Wisconsin, said that his store's staff is educated to ask questions that could lead to the sale. They start by asking what the buyer is planning to do with the tool according to him. “That's the key to determining the type of tool to sell them,” he adds. Then, they inquire about the experience of the customer with various types of projects and the project. Tip 8: Make a Point of Warranty The warranty policies of the manufacturers of power tools are very different. Certain manufacturers offer a full warranty, while others offer more limited warranties or refuse to cover certain tools. Before buying a product, 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 repair shop on site that repairs 50 different brands of tools. He has realized through the years that a majority of his customers who are contractors are brand loyal, so he prefers to focus on a limited number of brands rather than offer a wide range of products. He also appreciates that his employees have the ability to meet with vendors in person to discuss new products and give feedback. This personal contact is crucial because it helps build trust between the store's clients and employees. Good relationships with suppliers may even result in discounts for future purchases.