Power Tool Sales and Marketing Strategies for B2B Retailers
Power tools are vital for both professionals and consumers. Despite the fact that 2021 will see a slowdown due to the COVID-19 pandemic demand remains near or at pre-pandemic levels.
In terms of dollar share, Home Depot leads all outlets in power tool sales. Lowe's is close behind. But both companies are being pushed by China-made power tools.
Tip 1: Commit to a brand
A lot of manufacturers of industrial products place emphasis on sales over marketing. This is because a long-term purchase requires a lot back-and forth communication and in-depth knowledge of the product. This kind of communication doesn't lend itself to emotional consumer marketing strategies.
However, companies that manufacture industrial equipment should reconsider their marketing strategy. The digital age has outpaced traditional manufacturing companies that rely on a small group of distributors and retail outlets for sales.
One of the most important factors in selling power tools is brand commitment. When a customer is committed to a specific brand, they are less sensitive to competitor's messages. In addition they are more likely to buy the item of the customer time and time again and recommend it others.
To have a positive impact on the United States market, you need to have an organized strategy. This includes adapting tools to local requirements, positioning brands in a way that is competitive, and leveraging marketing platforms and distribution channels. Collaboration with local authorities as well as associations and experts is also essential. When you do this, you can be confident that your power tools be in compliance with the regulations of the country and standards.
Tip 2: Know Your Products
Retailers must be aware of the products they offer especially in a marketplace that places such a high value on product quality. This will help them make informed decisions about the products they can offer their customers. This knowledge can make the difference between a successful or a bad purchase.
Knowing which tool is suitable for a specific project will assist you in matching the perfect tool to the requirements of your customer. You'll build trust and loyalty with your customers. This will ensure that you are offering an entire service.
Also, knowing the latest trends in DIY culture will help you know what your customers are looking for. For instance 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 Durable IQ, DeWalt leads in power tool share of 16%, although Ryobi and Craftsman brands have seen their share decline year-over-year. Despite this the fact that both in-store and online purchases are on the rise.
Tip 3: Offer Full-Service Repair
The majority of consumers purchase power tools to replace an old one or tackle a new project. Both offer opportunities for upsells and add-on sales.
According to the Home Improvement Research Institute (HIRI) 2020 Tracking Study of Power Tools and Accessories, 35 percent of all purchases for power tools are the result of planned replacements. Customers may require additional accessories or upgrade to a more powerful model.
No matter if your customer is an experienced DIYer or new to the hobby, they will likely require replacing their carbon brushes for power tools drive belts, drive belts, and power cords over time. Being on top of these important items will help your customer get the most out of their investment.
Technicians consider three key items when buying power tools the application, the way it will be operated and safety. These factors allow technicians to make informed choices when it comes to selecting the appropriate tools for their maintenance and repair tasks. This enables them to maximize the performance of their tool and lower the expense of owning it.
Tip 4: Always Keep Up With Technology
The most recent power tools, like, offer smart technology which improves the user's experience and sets them aside from those who rely on old-fashioned battery technology. Wholesalers in B2B who carry and sell these devices can increase sales by focusing on professionals and contractors who are technologically advanced.
For Karch, whose business has more than three decades of experience and a 12,000 square-foot tool department, staying current with the latest technologies is crucial. "Manufactures are constantly changing the design of their products" Karch says. "They were able to hold their designs for five or 10 years, but now they alter them every year."
In addition to embracing the modern technologies, B2B wholesalers should also concentrate on improving 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 many professional contractors who need to use the tools for long periods. The power tools industry is divided into professional and consumer groups, which means that major players are constantly improving their designs and introducing new features that will appeal to more people.
Tip 5: Create a point of Sale
The ecommerce landscape has changed the power tool market. Data collection techniques have improved, allowing business professionals to gain a better understanding of the market. This allows them to create more efficient inventory and marketing strategies.
Point of sale (POS) information, for instance, allows you to track the types of projects DIYers tackle when purchasing power tools and accessories. Knowing the kinds of projects that your customers are undertaking enables you to provide additional sales and upsell opportunities. It also allows you to anticipate the requirements of your clients, ensuring that you have the appropriate products on hand.
Moreover, transaction data enables you to spot trends in the market and adjust production cycles accordingly. You could, for instance, use this data to track fluctuations in your retail partners' and brand's market shares. This allows you to align product strategies to the preferences of consumers. POS data can also be used to optimize inventory levels, reducing the risk of stocking up. It is also used to evaluate the effectiveness of promotions.
the best power tools to buy : Be a good neighbor
Power tools is a lucrative, complex market that requires substantial marketing and sales efforts in order to stay competitive. The traditional methods to gain an advantage in this industry were through pricing or product positioning--but these strategies are no longer effective in today's multichannel marketplace where information is shared so quickly.
Retailers who provide 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 when he began to listen to contractor customers and found that the majority were brand loyal.
Karch and his staff members ask their customers what they intend to do with a tool before presenting them with the possibilities. This gives them the confidence to recommend the best tool for the job and it builds trust with customers. Customers who are familiar with their product are less likely to blame the retailer for the failure of a tool for the job.
Tip 7: Become a guru in customer service
Power tool retailers are facing an extremely competitive market. People who succeed in this area tend to be more devoted to a single brand rather than to carry a variety of brands. The amount of space a retailer can devote to a category may also influence how many brands they can carry.
Customers usually require assistance when they come in to purchase a power tool. Whether they are replacing an old tool that is broken or tackling a renovation project Customers need advice from sales representatives.
Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin, says his sales staff is trained to ask the right questions in order to make a sale. They begin by asking questions about what the customer is planning to do with the tool according to him. "That's the most important factor to consider when deciding what kind of tool to market them," he adds. Then they ask about the customer's experience with different types of projects as well as the project.
Tip 8: Make sure to be sure to mention your warranty
The manufacturers of power tools differ greatly in their warranty policies. Some manufacturers offer a comprehensive warranty, while others offer a limited warranty or do not cover certain tools. Before purchasing a tool, it is crucial that the retailer understands the differences. Customers will only purchase 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 as well as an repair shop within the premises that can handle 50 lines of tools. He has learned that many of his contractor clients are brand loyal. Therefore, he prefers to carry a select few brands instead of trying to carry a variety of products.
He also appreciates that his employees can get one-on-one time with vendors to discuss new products and give feedback. This type of personal interaction is essential because it helps build trust between the store's customers and employees. Building strong relationships with suppliers could result in discounts on future purchases.