15 Gifts For The Power Tool Sale Lover In Your Life
Power Tool Sales and Marketing Strategies for B2B Retailers
Power tools are crucial for both professionals and consumers. Despite an expected slowdown in 2021 due to the COVID-19 virus, the demand is still at or near levels prior to the pandemic.
In terms of dollar share, Home Depot leads all outlets in power tool sales. Lowe's follows closely behind. Both are competing with power tools manufactured in China.
Tip 1: Be committed 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 of back-and-forth communication and a thorough understanding of the product. This type of communication is not suitable for emotional marketing strategies.
But, companies that produce industrial tools should rethink their marketing strategy. The digital age has outpaced traditional manufacturers who depend on a small group of retailers and distributors for sales.
One of the most important factors in power tool sales is brand loyalty. When a customer is loyal to a particular brand, they will be less prone to messages from competitors. They are also more likely to purchase the products of the brand they are loyal to and to recommend them to others.
It is essential to have a well-planned strategy to have an impact on the US market. This means adjusting your tools to meet local requirements and positioning your brand in a strategic way, and leveraging distribution channels and marketing platforms. Collaboration with local authorities and associations, as well as experts is also essential. In this way you can be sure that your power tools will comply with the country's regulations and standards.
Tip 2: Be aware of Your Products
In a world where product quality is so important, retailers should know the products they offer. This will allow them to make informed decisions about what they are selling. This information can be the difference between a successful or bad sale.
Knowing that a certain tool is suitable for a particular project will assist you in matching the perfect tool to the requirements of your customer. This will aid in building trust and loyalty with your customers. This will ensure that you are offering a complete service.
Understanding DIY culture trends can help you better understand the needs of your customers. For instance, a rising number of homeowners are undertaking home improvement projects that require power tools. This can lead to a spike in the sale of these tools.
According to DurableIQ, DeWalt is the leader in power tool units at 16%. However, Ryobi and Craftsman have seen their shares decrease year-overyear. Despite this, online and in-store sales are on the increase.
Tip 3: Offer Full-Service Repair
The most common reason a consumer makes a power purchase is to either replace one that has broken down or to take on the task of a new one. Both provide opportunities for upsells or add-on 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 may require an upgrade to better performing models.
If your customer is an experienced DIYer or just starting out in the hobby, they'll likely need to replace their carbon brushes for power tools drive belts, drive belts, and power cords over time. Keeping up with these essentials will help your customer get the most out of their investment.
When buying power tools, technicians consider three aspects: the tool's application the power source, and security. These factors allow technicians to make informed decisions when choosing the right tools for maintenance and repair work. This helps them optimize the performance of their tools and lower the cost of ownership.
Tip 4: Always Keep Up with Technology
For example, the latest power tools offer smart technology that improves users' experience and differentiates them from other brands that still rely on old battery technology. Wholesalers in B2B who carry and sell these tools can increase sales by targeting professionals and contractors who are tech-savvy.
Karch's company, which has more than 30 years of experience and a 12,000 square foot department for tools is a testimony to the importance of keeping up-to-date with the latest technology. He states that manufacturers are constantly changing their product designs. "They were able to hold their designs for five or 10 years, but now they are changing their designs every year."
In addition to embracing latest technologies, B2B wholesalers should also be looking to improve existing models. For instance, by incorporating adjustable handles and lightweight materials, they can reduce the fatigue that comes from prolonged use. These features are important for a lot of professionals who must use the tools for long durations. The industry of power tools is divided into consumer and professional groups which means that the major players are always working on enhancing their designs and creating new features that will appeal to an even larger audience.
Tip 5: Create a Point of Sales
The e-commerce landscape has transformed the power tools market. Data collection techniques have improved and business professionals can gain a better understanding of the market. This allows them to develop more efficient inventory and marketing strategies.
Point of sale (POS) information, for instance, allows you to track the types of projects that DIYers are working on when purchasing power tools and accessories. Knowing the type of projects your customers are working on allows you to offer add-on sales and upsell opportunities. It allows you to anticipate your customers' needs to ensure that you have the appropriate products on your shelves.
Moreover, transaction data enables you to spot trends in the market and adjust production cycles accordingly. You can, for example, use this data to monitor changes in your retail partners' and brand's market share. This allows you to align your strategy for product to consumer preferences. POS data can also be utilized to optimize inventory levels, which reduces the risk of stocking up. It can also be used to determine the effectiveness of promotions.
Tip 6 Tip 6: Be a good neighbor
Power tools is a lucrative complex market that requires substantial marketing and sales efforts to stay competitive. The most common methods of gaining a strategic advantage in this field were by establishing pricing or positioning of products, but these tactics no longer work in the omnichannel world of today where information is shared so quickly.
Retailers who provide a high level of providing excellent service are more likely to keep customers and build brand loyalty. Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin has a 12,000 square-foot department for power tools. Initially, her explanation featured a sampling of brands, but as he began to listen to the customers of contractors and found that the majority were loyal to a particular brand.
To be successful in their business, Karch and his team first ask their customers what they'd like to achieve using the tool, before showing them the tools they have available. This gives them the confidence to recommend the most effective tool for the job and builds trust with the customer. Customers who know their product well are less likely to blame their retailer for a malfunctioning tool during the course of work.
Tip 7: Be a master of customer service
Power tool retailers face an extremely competitive market. Those who have seen the most success in this market tend to make a firm commitment to a particular brand instead of simply carrying a few manufacturers. The size of the space that a retailer needs to devote to the category may also play a role in the amount of brands it is able to carry.
Customers frequently require assistance when they come in to purchase a power device. Sales associates can provide expert advice to customers who are seeking to replace a damaged tool or undertaking the renovation of their home.
Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin, says his store's sales associates are trained to ask the right questions to make an offer. They begin by asking the customer what he or she plans to do with the item. "That's the key to determining the kind of tool to offer them," he adds. Then they ask about the customer's experience with different types of projects as well as the project.
Tip 8: Make a Point of Warranty
The manufacturers of power tools differ greatly in their warranty policies. Some are completely comprehensive, while others are stingy or even do not cover certain components of the tool at all. It's crucial for retailers to be aware of the distinctions before purchasing, as customers will purchase tools from firms that provide them with a warranty.
Mike Karch, president of Nue's Hardware and Tools in Menomonee Falls, Wisconsin, has a 12,000 square-foot power tools department as well as an repair shop within the premises that can handle 50 lines of tools. He has learned that many of his contractors are brand loyal. So, he chooses to carry only a few brands rather than offer samples of various products.
He also likes the fact that his employees meet with vendors one-on-one to discuss new products and share feedback. This type of personal interaction is crucial because it helps to build trust between the store and the customers. Good relationships with suppliers can even result in discounts for future purchases.