Power Tool Sales and Marketing Strategies for B2B Retailers
Power tools are vital for both professionals and consumers. The demand for power tools is at or near pre-pandemic levels, despite a slowdown due to the COVID-19 outbreak in 2021.
Home Depot is the leader in the sales of power tools based on dollar share. Lowe's is not far behind. Both are competing against power tools made in China.
Tip 1: Make a Brand Commitment
Many manufacturers of industrial products place more emphasis on sales over marketing. This is because the long-term selling process involves a lot of back and forth communication as well as a detailed understanding of the product. This kind of communication isn't conducive to emotional marketing tactics.
But, companies that produce industrial tools should rethink their marketing strategy. The digital world has raced past traditional manufacturers who rely on a few distributors and retailers for sales.
The key to selling power tools is brand loyalty. If a client is adamant about a particular brand they are less receptive to the messages of competitors. They are also more likely to buy the client's products again and to recommend them to others.
To have a positive impact on the United States market, you need to have an organized strategy. This means adapting your tools to local needs and positioning your brand in a way that is competitive, and leveraging marketing platforms and distribution channels. It is also essential to cooperate with local authorities, industry associations, and experts. 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: Know Your Products
Retailers must be aware of the products they offer especially in a marketplace that places such a high value on the quality of the product. This will help them make informed decisions about what they are selling. This knowledge could also be the difference between a successful sale and a bad one.
For example knowing which tool is best suited to the particular task will allow you to match your customer with the right tool to meet their needs. This will help you build trust and loyalty with your customers. This will help you feel confident that you are offering an entire service.
In addition, understanding the trends in DIY culture can help you comprehend what your customers want. As an example the increasing number of homeowners are taking on home renovation projects requiring the use of power tools. This can result in a surge in sales of power tools.
According to Durable IQ, DeWalt leads in power tool unit share at 16%, however Ryobi and Craftsman brands have seen their share decline year-over-year. However, online and in-store sales are growing.
Tip 3: Offer Full-Service Repair
The majority of people purchase power tools to repair the broken one or tackle an upcoming project. Both provide opportunities for upsells or 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. Customers often require additional accessories or may require upgrading to better performing models.
Whether your customer has experience 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 over time. These basic items will ensure that your customer reaps the maximum benefit from their investment.
Technicians consider three key items when buying power tools applications, how it will be powered and safety. These aspects help technicians make informed decisions when choosing the right tools for their maintenance and repair work. This enables them to maximize the efficiency of their tools and reduce the cost of owning it.
power tool price : Stay up-to-date with the latest technologies.
The most recent battery tools, for instance, offer smart technology which enhances user experience and differentiates them from those who rely upon old battery technology. B2B wholesalers who stock and sell these devices can increase sales by focusing on professionals and contractors who are tech-savvy.
Karch's company, which has more than 30 years of experience and a 12,000 square foot tooling department, is a testament to the importance of keeping current with the latest technologies. He says that manufacturers are constantly changing their designs for their products. "They used to hold their designs for five or ten years, but they're now changing them every year."
In addition to embracing modern technologies, B2B wholesalers should also be looking to improve existing models. By incorporating lightweight materials as well as adjustable handles, wholesalers can reduce fatigue due to long-term use. These features are crucial for professionals who employ the tools for a long period of time. The industry of power tools is divided into consumer and professional groups, which means that major players are constantly improving their designs and developing new features to appeal to more people.
Tip 5: Make a Point of Sale
The e-commerce landscape has transformed the power tools market. The advancements in data collection techniques have enabled business professionals to get an entire perspective of market trends, allowing them to shape strategies for inventory and marketing more efficiently.
By utilizing data from the point of sale (POS), you can track DIY projects that customers are completing when purchasing power tools and other accessories. Knowing the type of projects your customers are undertaking enables you to offer additional sales and opportunities for upselling. It also helps you anticipate the needs of your customers and ensure that you have the appropriate products available.
You can also use transaction data to spot trends in the market, and then adjust production cycles in line with these trends. For example, you can use this data to monitor fluctuations in your brand and retail partner market shares which allows you to align your product strategies with consumer preferences. POS data can also be used to optimize levels of inventory, reducing the chance of overstocking. It can also be used to evaluate the effectiveness of promotional campaigns.
Tip 6 Tip 6: Be a good neighbor
Power tools is a high-profit, complex market that requires significant marketing and sales efforts in order to stay competitive. In the past, getting an advantage in this market was achieved through pricing or positioning products. However, these strategies are not as effective in the current world of omnichannels where information is readily shared.
Retailers who are committed to providing a high level of providing excellent service are more likely to keep customers coming back and build brand loyalty. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin has a 12,000 square-foot power tool department. At first, the department offered various brands, but when he began listening to the customers of contractors, he learned that most were brand loyal.
To make a mark in their customers' business, Karch and his team first ask customers what they would like to accomplish using the tool, before showing them what they have available. This gives them the confidence to recommend the right tool for a job, and builds trust with customers. Customers who are familiar with their product are less likely than others to blame the retailer for a malfunction of a tool for the job.
Tip 7: Create an effort to be a Point of Customer Service
Power tool retailers are in an extremely competitive market. People who succeed in this market tend to be more devoted to a specific brand rather than to carry a variety of manufacturers. The amount of space retailers can dedicate to a particular category can influence how many brands they are able to carry.
Customers frequently require assistance when they go in to buy a power tool. Sales associates can provide expert advice to customers who are looking to replace a damaged tool or undertaking an upgrade project.
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 can lead to a sale. They begin by asking what the customer is planning to use the tool, he says. "That's the most important factor to consider when deciding the type of tool to offer them," he adds. Then, they inquire about the customer's experience with different types of projects as well as the project.
Tip 8: Be sure to make mention of your warranty
The makers of power tools vary widely in their warranty policies. Some manufacturers offer a comprehensive warranty, whereas others are more limited or refuse to cover certain tools. Before purchasing a tool, it is essential that retailers understand the differences. Customers will only purchase tools from companies that will 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 and an repair shop within the premises that can handle 50 models of tools. He has discovered over the years that many of his contractor customers are brand loyal, so he focuses on a limited number of brands rather than attempting to offer a variety of products.
He also likes that his employees can meet with vendors one-on-one to discuss new products and provide feedback. This type of personal interaction is essential because it builds trust between the customers and employees. Good relationships with suppliers can even result in discounts for future purchases.