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 due to the COVID-19 epidemic in 2021.
Home Depot is the leader in power tool sales in terms of dollar share. Lowe's is not far behind. But both companies are facing stiff competition from China-manufactured power tools.
Tip 1: Make a commitment to a brand
Many manufacturers of industrial products put more emphasis on sales over marketing. This is because a long-term sale requires a lot of back-and-forth communication and in-depth knowledge of the product. This type of communication does not permit emotional marketing strategies.
However, companies that make industrial tools should rethink their marketing strategy. The digital age has raced past traditional companies that rely on a small group of distributors and retailers for sales.
Brand commitment is a key element in the sale of power tools. When a buyer is adamant about a particular brand, they are less sensitive to the messages of competitors. They are also more likely to buy the product of the customer again and to recommend them to friends and family.
To have a positive impact in the United States market, you must develop an organized strategy. This includes adapting your tools to meet local needs, positioning your brand in a competitive way, and making use of distribution channels and marketing platforms. It is also crucial to work with local authorities, industry associations, and experts. You can be sure that your power tool is in line with the requirements and standards of the country when you do this.
Tip 2: Know Your Products
In a world where quality of the product is so important, retailers must be aware of the products they offer. This will allow them to make informed decisions about what they are selling. This knowledge could make the difference between making a successful or a poor sale.
For example, knowing that a tool is ideal for a particular project can help you connect your client with the appropriate tool to meet their needs. This will allow you to build trust and loyalty with your customers. This will help you feel confident that you are offering a complete service.
Understanding DIY culture trends can help you understand your customers' needs. For instance, a growing number of homeowners are undertaking home improvement projects that require power tools. This can result in a surge in the sales of power tools.
According to DurableIQ, DeWalt is the leader in power tool sales with 16%. However, Ryobi and Craftsman have seen their share decrease year-over-year. However, both online and in-store purchases are increasing.
Tip 3: Offer Full-Service Repair
The majority of people purchase power tools to repair a broken one or to tackle the new project. Both present 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 power tool purchases are the result of planned replacements. These customers may require additional accessories or upgrade to a better-performing model.
Whether your customer is a seasoned DIYer or www.Powertoolsonline.uk new to the hobby, they will likely require replacing their carbon brushes for power tools as well as drive belts and power cords as time goes by. These basic items will ensure that your customer gets the most from their investment.
When buying power tools, technicians consider three aspects: the tool's application, the power source and safety. These factors allow technicians to make informed choices when selecting the right tools for their maintenance and repair work. This will help them maximize the efficiency of their tools as well as reduce the cost of ownership.
Tip 4: Always Keep Up with Technology
The most modern power tools, like, offer smart technology which enhances user experience and sets them aside from those who depend on older battery technology. Wholesalers of B2B who stock and sell these tools could increase sales by targeting professionals and contractors who are tech-savvy.
Karch's business, which has more than 30 years of experience and a 12,000 square feet department for tools is a testimony to the importance of keeping up-to-date with new technologies. "Manufactures are constantly changing the look of their products" Karch says. "They used to keep their designs for five or ten years, but now they're changing them every year."
In addition to embracing modern technologies, B2B wholesalers should also concentrate on improving their existing models. By incorporating lightweight materials as well as adjustable handles, wholesalers can reduce fatigue due to long-term use. These features are essential to professionals who employ the tools over a long period of time. The power tools industry is divided into professional and consumer groups, which means that major players are always working on improving their designs and developing new features to appeal to a wider audience.
Tip 5: Create a Point of Sale
The online marketplace has transformed the market for power tools. Data collection techniques have improved and business professionals can get a better understanding of the market. This helps them develop more effective marketing and inventory strategies.
By utilizing data from the point of sale (POS) You can track DIY projects your customers undertake when buying power tools and accessories. Knowing the type of projects your customers are working on enables you to offer add-on sales and opportunities to upsell. It helps you anticipate your customers' needs to ensure that you have the appropriate products on hand.
Furthermore, transaction data allows you to identify market trends and adjust production cycles accordingly. For instance, you could use this data to monitor fluctuations in your brand and retail partner market shares and help you adapt your product strategies to consumer preferences. Similarly, you can use POS data to improve levels of inventory and decrease the risk of stocking up. It is also used to evaluate the effectiveness of promotions.
Tip 6 Tip 6: Be a good neighbor
Power tools are a complex market with high profits that requires a significant amount of marketing and sales effort to remain competitive. The traditional methods to gain an advantage in this field were by establishing pricing or positioning of products, but these strategies are no longer effective in today's multichannel marketplace where information is distributed rapidly.
Retailers who make a point of service are better able to keep customers and build brand loyalty. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin, operates a 12,000-square-foot power tool department. At first, the department offered several brands, but as he began listening to the customers of contractors, he learned that most were brand loyal.
To win their customers, Karch and his team first ask their customers what they would like to accomplish with the tool before showing them what they have available. This gives them confidence to recommend the right tool for the job, and builds trust with the customer. Customers who are familiar with their product are less likely to blame the store for a malfunction of a device on the job.
Tip 7: Be a master of customer service
Power tool retailers face an extremely competitive market. Those who are successful in this market tend to be more committed to a single brand than to carry a variety of brands. The amount of space a retailer can devote to a specific category could influence how many brands they are able to carry.
When customers visit a store to purchase an electric tool they may need assistance selecting the right product. Whether they are replacing an old one damaged or undertaking a renovation project, customers need expert advice from sales associates.
Mike Karch, the president of Nue's Hardware and Tools, in Menomonee falls, Wisconsin, said that his store's staff is educated to ask questions that could lead to the sale. They begin by asking what the customer plans to do with the tool according to him. "That's the primary factor in deciding the kind of tool to sell them," he adds. The next step is to inquire about the project and the level of experience they have with various types of projects.
Tip 8: Create a Point of Warranty
The warranties of power tool manufacturers are quite different. Certain manufacturers offer a full warranty, whereas others offer more limited warranties or refuse to cover certain tools. It is crucial for retailers to be aware of the distinctions before making a purchase, because buyers will 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 lines of tools. He has discovered that a lot of his contractors are loyal to their brands. Therefore, he prefers to carry a select few brands rather than offer samples of various products.
He is also happy that his employees are able to meet with vendors in person to discuss new products and share feedback. This type of personal interaction is crucial because it helps establish trust between the store and its customers. Good relationships with suppliers may lead to discounts on future purchases.