Power Tool Sales and Marketing Strategies for B2B Retailers
Power tools are a staple for both professional and personal use. The demand for power tools remains at or near pre-pandemic levels despite a slowdown owing to the COVID-19 outbreak in 2021.
Home Depot is the leader in power tool sales by dollar share. Lowe's follows closely. But both companies are confronting stiff competition from Chinese-made power tools.
Tip 1: Make a commitment to a brand
A lot of manufacturers of industrial products place emphasis on sales over marketing. This is because the long-term selling process requires a lot back-and-forth communication as well as a detailed understanding of the product. This kind of communication does not allow for emotional consumer marketing tactics.
Nevertheless, industrial tools manufacturing companies should think about rethinking their approach to marketing. The digital age has outpaced traditional companies that rely on a few retailers and distributors for sales.
A key to power tool sales is brand loyalty. When power tools stores near me www.powertoolsonline.uk is committed to a certain brand, they are less sensitive to the messages of competitors. Additionally, they are more likely to buy the product of the client repeatedly and recommend it to others.
To be successful on the United States market, you must develop an organized strategy. This means adapting your tools to meet the local requirements and positioning your brand in a strategic way, and leveraging distribution channels and marketing platforms. It is also crucial to cooperate with local authorities, industry associations, and experts. You can be certain that your power tool is in line with the standards and regulations of the country if you follow these guidelines.
Tip 2: Be aware of Your Products
In a market where quality of the product is so important, retailers should know the products they offer. This will help them make informed choices about the products they offer. This information can make the difference between a successful deal and a bad one.
Knowing which tool is perfect for a project will help you match the right tool to your customer's needs. You will build trust and loyalty among your customers. It will also give you assurance that you're offering a complete solution.
Understanding DIY culture trends can also help you understand your customers' needs. For instance, a growing number of homeowners are undertaking home improvement projects which require power tools. This can result in an increase in the sales of these tools.
According to DurableIQ, DeWalt is the leader in power tool units with 16 percent. However, Ryobi and Craftsman have seen their shares decrease year-overyear. However, both online and in-store purchases are increasing.
Tip 3: Offer Full-Service Repair
The most common reason that a buyer makes a purchase is to replace one that has been damaged or broken, or to embark on an entirely new project. Both of these tools offer the possibility of upselling or adding 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. These customers may require additional accessories or upgrade to a better-performing model.
If your customer is experienced 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. Keeping up with these essentials will help your customer make the most of their investment.
Technicians consider three key items when purchasing power tools applications, how it will be used and safety. These factors allow technicians to make informed decisions when choosing the appropriate tools for their maintenance and repair work. This enables them to maximize the efficiency of their tools and reduce the expense of owning it.
Tip 4: Continue to Keep Up With Technology
For instance, the latest power tools offer smart technology that improves the user experience and differentiates them from other tools that rely on old battery technology. Wholesalers of B2B who stock and sell these tools could increase sales by targeting professionals and contractors who are tech-savvy.
For Karch, whose business has more than three decades of experience and a 12,000 square-foot tool department, staying current with new technologies is essential. He states that manufacturers are constantly changing their designs for their products. "They used hold their designs for five or ten years, but now they change them each year."
B2B wholesalers need to not only take advantage of the latest technologies, but also upgrade their existing models. By adding lightweight materials and adjustable handles, wholesalers can reduce fatigue from prolonged use. These features are important for many professionals who have to make use of the tools for long periods. The market for power tools is divided into consumer and professional groups, which means that major players are constantly improving their designs and introducing new features to appeal to a wider audience.
Tip 5: Make an Point of Sale
The e-commerce market has changed the power tools market. Data collection techniques have improved and business professionals can gain a better understanding of the market. This allows them to create more effective marketing and inventory strategies.
Point of sale (POS) information can, for example, allow you to track the types of projects DIYers tackle when purchasing tools and accessories. Knowing the kinds of projects that your customers are working on allows you to offer additional sales and opportunities for upselling. It also helps you to anticipate the needs of your customers making sure you have the appropriate products in stock.
Furthermore, transaction data allows you to detect trends in the market and adjust your production cycles accordingly. You can, for example utilize this data to monitor changes in your retail partners' and brand's market share. This will allow you to align your strategy for product with consumer preferences. Additionally, you can make use of POS data to optimize levels of inventory and decrease the risk of overstocking. It can also be used to evaluate the effectiveness of promotions.
Tip 6 Tip 6: Be a good neighbor
Power tools are a tangled, high-profit market that requires a substantial amount of marketing and sales effort to remain competitive. In the past a competitive advantage in this market was accomplished by establishing prices or positioning of products. But these methods are not effective in today's omnichannel environment where information is easily available to be shared.
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, in Menomonee falls, Wisconsin, runs a 12,000 square-foot power tool section. The department was initially home to various brands. However, as he listened to contractors, he realized that they were loyal to their favorite brand.
Karch and his staff members ask their customers what they intend to do with a tool before presenting them with the options. This gives them confidence to recommend the best tool for the job and also builds trust with the customer. Customers who know their product well are less likely to blame their vendor for a malfunctioning tool during the course of work.
Tip 7: Create a point of customer service
The power tool market has become a very competitive area for retailers of hardware. Those who have seen success in this category tend to have a strong commitment to a particular brand instead of simply carrying a few manufacturers. The amount of space that a retailer needs to dedicate to this category could also affect how many brands it can carry.
When customers visit a store to purchase an electric tool, they often need help choosing a product. Sales associates can offer expert advice to customers who are looking to replace a broken tool or undertaking the renovation of their home.
Mike Karch, the president of Nue's Hardware and Tools, located in Menomonee Falls, Wisconsin, said that the employees at his store are trained to ask questions that can lead to an offer. He says they begin by asking the buyer what he or she plans to use the product. "That's the best way to determine what kind of tool you need," he says. Next, they ask about the project and the level of experience they have with different types of projects.
Tip 8: Make sure to be sure to mention your warranty
The warranty policies of the power tool makers are very different. Some are completely comprehensive, while others are stingy, or refuse to cover certain parts of the tools at all. Before buying a product, it is essential that retailers understand the differences. Customers will only purchase tools from companies that back them up.
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 models of tools. He has discovered over time that a lot of his contractors are loyal to their brands, which is why he prefers to focus on only a few brands rather than offer a variety of products.
He is also happy that his employees have the ability to meet with vendors one-on-one to discuss new products and exchange feedback. This kind of interaction is vital because it helps build trust between the store's customers and employees. Good relationships with suppliers could even lead to discounts for future purchases.