Power Tool Sales and Marketing Strategies for B2B Retailers
Power tools are a staple for both professional and personal use. Despite an expected slowdown in 2021 due to the COVID-19 pandemic, the demand is still at or near pre-pandemic levels.
In terms of dollar share, Home Depot leads all outlets in sales of power tools. Lowe's is second in line. But both companies are facing stiff competition from China-manufactured power tools.
Tip 1: Make a Brand Commitment
Many industrial product manufacturers place a higher priority on sales and marketing. This is because the long-term sales process involves a lot of back and forth communication and a thorough understanding of the product. This kind of communication does not permit emotional marketing tactics.
However, companies that manufacture industrial equipment should reconsider their marketing strategy. The digital age has accelerated past traditional manufacturers who rely on a few retailers and distributors for sales.
Brand loyalty is a major factor in power tool sales. If a customer is loyal to a particular brand they are less prone to the messages of competitors. Moreover, they are more likely to buy the product of the client repeatedly and recommend it to others.
It is essential to have a well-planned strategy to be successful in the US market. This includes adapting your tools to meet the local requirements, positioning your brand in a competitive manner, and leveraging distribution channels and marketing platforms. It is also important to cooperate with local authorities and industry associations as well as experts. In this way you can be sure that the power tools you purchase be in compliance with the regulations of the country and standards.
Tip 2: Be aware of Your Products
Retailers need to be knowledgeable about the products they sell especially in a marketplace which places a great value on product quality. This will help them make informed choices about the products they sell. This knowledge can make the difference between a successful or a poor sale.
For instance, knowing that a tool is suitable for specific projects will allow you to match your client with the appropriate tool to meet their requirements. This will allow you to build trust and loyalty with your customers. It will also give you confidence that you're providing an entire solution.
Also, knowing the latest trends in DIY culture can 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 can lead to an increase in sales of these tools.
According to Durable IQ, DeWalt leads in power tool unit share at 16%, while Ryobi and Craftsman brands have seen their share decline year-over-year. Despite this, online and in-store sales are on the increase.
Tip 3: Offer Full-Service Repair
Most consumers purchase power tools to repair an old one or tackle the new 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 power tools are the result of planned replacements. These customers typically require additional accessories, or need to upgrade to higher quality models.
Whether your customer is a seasoned DIYer or just starting out in the hobby, they'll require replacement of their carbon brushes for power tools drive belts, drive belts, and power cords as time goes by. Being on top of these important items will help your customer get the most out of their investment.
When purchasing power tools, technicians take into consideration three factors: the application, the power source and safety. These factors allow technicians to make informed decisions when choosing the appropriate tools for their maintenance and repair work. This helps them maximize the efficiency of their tools as well as reduce the cost of ownership.
Tip 4: Keep Keeping Up with Technology
For example, the latest power tools offer intelligent technology that enhances the user experience and sets them apart from other tools that rely on older battery technology. Wholesalers in B2B who carry and sell these tools could increase sales by focusing on tech savvy contractors and professionals.
For Karch, whose business has more than three years of experience and a 12,000 square-foot tool department, keeping up with the latest technologies is crucial. He says that manufacturers are constantly changing their product designs. "They used to keep their designs for five or 10 years, but they're now changing them every year."
In addition to embracing most recent technologies, B2B wholesalers should also focus on improving existing models. For instance, by adding adjustable handles and lightweight materials, they can lessen the fatigue caused by prolonged use. These features are crucial for a large number of professionals who have to make use of the tools for long durations. The power tools industry is divided into consumer and professional groups which means that the major players are constantly enhancing their designs and creating new features that will appeal to an even larger audience.
power tools online uk : Create a Point of Sales
The e-commerce landscape has transformed the power tools market. Modern methods for data collection allow business professionals to get an entire perspective of market trends and help them develop strategies for inventory and marketing more effectively.
Point of sale (POS) data, for instance, allows you to track the types of projects DIYers undertake when purchasing tools and accessories. Knowing the kinds of projects your customers are working on enables you to offer additional sales and upsell opportunities. It allows you to anticipate the needs of your customers to ensure that you have the right products in your shelves.
You can also utilize transaction data to identify trends in the market, and then adjust production cycles accordingly. For buy power tools online uk , you can make use of this information to track changes in your brand's and retail partner market shares and help you match your product strategies to consumer preferences. In the same way, you can utilize POS data to optimize inventory levels and reduce the risk of overstocking. It can also help you to evaluate the effectiveness of promotions.
Tip 6: Make an Point of Service
Power tools are a tangled market with high profits that requires a significant amount of sales and marketing effort to remain competitive. The most common methods of gaining an advantage in this field have been by establishing pricing or positioning of products, but these tactics no longer work in the omnichannel world of today where information is shared rapidly.
Retailers who provide a high level of providing a high-quality 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 department. The department was initially home to several brands. However when he talked to contractors, he noticed that they were loyal to their favorite brand.
Karch and his staff members ask their customers what they would like to do with a tool prior to showing them the alternatives. This gives them the confidence to recommend the appropriate tool for a job, and it increases trust with their customers. Customers who know their product are less likely to blame their retailer for a tool failure during the course of work.
Tip 7: Be a guru in customer service
The power tool market has become a highly competitive category for hardware retailers. The retailers that have had the most success in this market tend to make a firm commitment to a brand instead of simply carrying a few manufacturers. The size of the space a retailer has to dedicate to this category could also affect the amount of brands it is able to carry.
Customers usually require assistance when they visit to buy a power tool. Sales associates can offer professional guidance to customers seeking to replace a damaged tool or undertaking a renovation project.
Mike Karch, the president of Nue's Hardware and Tools, located in Menomonee Falls, Wisconsin, said that the employees at his store are educated to ask questions that will lead to the sale. They start by asking what the customer is planning to use the tool, he says. "That's the best way to determine the type of tool they require," he says. The next step is to inquire about the project and the level of experience the client has with various types of projects.
Tip 8: Be sure to make mention of your warranty
The manufacturers of power tools differ greatly in their warranty policies. Some companies offer a complete warranty, whereas others are more limited or refuse to cover certain tools. Before making a purchase it's important that retailers know the differences. Customers will only buy tools from companies that will guarantee their products.
Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin, has a 12,000-square-foot power tool department and an repair shop within the premises that can handle 50 kinds of tools. He has realized through the years that a majority of his customers who are contractors are loyal to a particular brand, so the company prefers to stick to the most popular brands rather than offer a variety of products.
He also appreciates that his employees are able to meet with vendors one-on-one to discuss new products and give feedback. This type of personal interaction is essential since it builds trust between the customers and employees. Building strong relationships with suppliers can even result in discounts on future purchases.